Escala (Nasdaq: ESCL) receives Nasdaq delisiting notice Some of Escala’s Group companies are Greg Manning Auctions, Ivy & Manning Philatelic Auctions, H.R. Harmer, and Nutmeg Stamp Sales, all of North America. Escala received a Nasdaq delisting notice.
News-Antique.com - Nov 30,-0001 - NEW YORK-Business Wire-Escala Group (Nasdaq: ESCL) today announced that on September 29, 2006 the Company received a Nasdaq Staff Determination notice stating that the Company fails to comply with the requirements for continued listing set forth in Nasdaq's Marketplace Rule 4310(c)(14) because the Company has not yet filed its Annual Report on Form 10-K for its year ended June 30, 2006. As a result, the Company's securities are subject to delisting from the Nasdaq Stock Market. In accordance with Nasdaq rules, Escala intends to request a hearing before a Nasdaq Listing Qualifications Panel for continued listing on the Nasdaq Stock Market. Pending a decision by the Nasdaq Listing Qualifications Panel, the Company's securities will remain listed on the Nasdaq Stock Market. There can be no assurance that the Panel will grant the Company's request for continued listing.
As announced on September 28, 2006, Escala’s delay in filing its Annual Report on Form 10-K is to allow its Board of Directors and Audit Committee additional time to complete their work relating to the previously announced Audit Committee investigation into the Company’s dealings with Afinsa Bienes Tangibles, S.A., its majority shareholder.
About Escala Group, Inc.
Escala Group is a consolidated global collectibles network. The Company is a leading auctioneer of stamps, coins, arms, armor and militaria, and other memorabilia, targeting both collectors and dealers. Escala is also a merchant/dealer of certain collectibles and trader of precious metals. The Company’s collectibles offerings span the modest to ultra high-end price spectrum. Escala conducts its operations in two business segments: collectibles and trading.
Escala’s Group Companies focused on philately are Greg Manning Auctions, Ivy & Manning Philatelic Auctions, H.R. Harmer, and Nutmeg Stamp Sales, all of North America; Corinphila Auktionen of Zurich, Switzerland and the Kohler group of auction companies of Berlin and Wiesbaden, Germany from our European division; and John Bull Stamp Auctions, Ltd, the oldest philatelic auction house in Hong Kong in our Asia division. Escala’s Group Companies in its numismatics division include Teletrade, Bowers and Merena Auctions, North American Certified Trading, and Spectrum Numismatics International, one of the largest wholesalers of rare coins in the U.S. Greg Martin Auctions is in the Company’s art and antiques division.
The trading activities of Escala Group are conducted through A-Mark Precious Metals, one of the largest private sellers of bullion coins and bullion gold, silver and platinum to the wholesale marketplace.
SAFE HARBOR STATEMENT
Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Factors that may cause such differences include changes in market conditions, changes in economic environment, competitive factors and the other factors discussed in the "forward-looking information" or "risk factors" sections included in Escala Group's filings with the