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Tag-It Pacific gets notification of noncompliance from AMEX
20 May '06
2 min read
Tag-It Pacific Inc, owner of Talon zippers and a full service trim management supplier for manufacturers of fashion apparel, announced that the company received a letter from The American Stock Exchange LLC (or AMEX) informing the company that it was in noncompliance with certain AMEX continued listing requirements.
Specifically, the AMEX letter cited our failure, as of December 31st 2005, to comply with: Section 1003(a)(i) and (2) Section 1003(a)(ii) of the company Guide that currently requires that we have shareholders' equity of not less than $4,000,000.
In order to maintain our AMEX listing, we are required to submit a plan by June 15th 2006 advising AMEX of the actions we have taken or plan to take to regain compliance with the AMEX continued listing requirements within 18 months. This plan is subject to the review and approval by AMEX. If we fail to timely submit this plan, AMEX does not accept the plan, or we fail to perform in accordance with the plan, we will be subject to delisting procedures.
Tag-It distributes zippers under its Talon brand name to manufacturers for apparel brands and retailers such as Levi Strauss & Co, Wal-Mart and JC Penney. It also supplies a full range of trim items to manufacturers of fashion apparel, specialty retailers, mass merchandisers, brand licensees and major retailers, including Levi Strauss & Co, Motherworks, Express, The Limited, New York & Co, Victoria's Secret and House of Dereon, among others.
Specifically, the AMEX letter cited our failure, as of December 31st 2005, to comply with: Section 1003(a)(i) and (2) Section 1003(a)(ii) of the company Guide that currently requires that we have shareholders' equity of not less than $4,000,000.
In order to maintain our AMEX listing, we are required to submit a plan by June 15th 2006 advising AMEX of the actions we have taken or plan to take to regain compliance with the AMEX continued listing requirements within 18 months. This plan is subject to the review and approval by AMEX. If we fail to timely submit this plan, AMEX does not accept the plan, or we fail to perform in accordance with the plan, we will be subject to delisting procedures.
Tag-It distributes zippers under its Talon brand name to manufacturers for apparel brands and retailers such as Levi Strauss & Co, Wal-Mart and JC Penney. It also supplies a full range of trim items to manufacturers of fashion apparel, specialty retailers, mass merchandisers, brand licensees and major retailers, including Levi Strauss & Co, Motherworks, Express, The Limited, New York & Co, Victoria's Secret and House of Dereon, among others.
Tag-It Pacific Inc
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