Philippines Online Journal

Subscribe to Philippines Online Journal: eMailAlertsEmail Alerts newslettersWeekly Newsletters
Get Philippines Online Journal: homepageHomepage mobileMobile rssRSS facebookFacebook twitterTwitter linkedinLinkedIn

Mabuhay Authors: RealWire News Distribution

Related Topics: Philippines, Oracle Journal, Government News, Government Information Technology, Las Vegas on Ulitzer, CIO/CTO Update, Sarbanes Oxley on Ulitzer, Outsourcing on Ulitzer, Poker News on Ulitzer

News Feed Item

Zanett, Inc. Expects to Receive Delisting Notice; Prepares to File Appeal; No Delisting Action To Be Taken by Nasdaq Until Final Decision by Appeal Panel; 60 More Days Expected Before Final Appeal Decision Issued

NEW YORK, March 3 /PRNewswire-FirstCall/ -- Zanett, Inc. (Nasdaq: ZANE) today announced that by March 15, 2010 it expects to receive a delisting determination letter from the Nasdaq Stock Market Listing Qualifications Department, due to Zanett's failure to regain compliance with the Nasdaq Capital Market's minimum bid price requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2). Zanett expects to request a hearing to appeal the Nasdaq Staff's determination within seven days of receipt of the letter. If such a request is made, no delisting action will be taken until the hearing process concludes and the Hearing Panel has issued a written decision.

Failure to request a hearing within seven calendar days will result in the suspension and delisting of Zanett's securities under the terms of the delisting determination letter. There can be no assurance that the Hearing Panel will grant Zanett's request for continued listing.


Oral hearings are held in Washington D.C. and are typically scheduled 30 to 45 days from the company's request for a hearing date. The Hearing Panel generally issues a written decision approximately 35 days after the hearing, but the company could receive a written decision sooner. Based on this timeline, Zanett expects to be issued a written decision from the Hearing Panel no sooner than 60 days from March 15, 2010. Until then, no delisting action will be taken before the hearing process concludes and the Hearing Panel has issued a written decision.


Dennis Harkins, Zanett's President stated, "We at Zanett plan to file an appeal with the Hearing Panel, and to vehemently fight to maintain our current Nasdaq listing. We believe we have a great company, with a great business, and are on track to successfully execute on our business plan. At $43 million in revenues, and a big sales pipeline, we deserve the right to this appeal. Although the outcome of any appeal process is never known, we believe we stand a good chance for success."


Once the delisting determination letter is received from Nasdaq, Zanett plans to issue a press release within the proscribed 4 business days. Such future press release will announce the receipt of Nasdaq's delisting determination and the basis for the delisting, which includes citation of the applicable Listing Rule(s).


On September 17, 2009, Zanett, Inc. (the "Company") received a letter from Nasdaq notifying it that the bid price per share for the Company's common stock has closed below the $1.00 minimum bid price requirement for 30 consecutive trading days and that, as a result, the Company no longer meets minimum bid price requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2). No breach of any other listing requirement was listed in the letter.

Pursuant to Listing Rule 5810(c)(3)(A), the Company had 180 calendar days, or until March 15, 2010, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company's common stock must close above $1.00 for a minimum of ten consecutive trading days. However, Nasdaq may, in its discretion, require the Company to maintain a minimum closing bid price of $1.00 per share for a period in excess of ten consecutive trading days (but generally no longer than 20 consecutive business days) before determining that the Company has demonstrated an ability to maintain long-term compliance with the rule.

About Zanett, Inc.

Zanett is a leading business process outsourcing (BPO), IT enabled services (ITES), and information technology (IT) consulting firm serving Fortune 500 corporations and mid-market organizations in Healthcare, Life Sciences, Manufacturing & Distribution, Retail, Gaming & Hospitality, and State & Local Government.

Zanett helps organizations align business objectives with outsourced technology-enabled services to create Real Enterprise Value. We serve the Fortune 500 and mid-market organizations in Health care, Life Sciences, Manufacturing & Distribution, Retail, Gaming & Hospitality, and State & Local Government with solutions ranging from business consulting as well as custom business solutions that integrate and implement Oracle's full suite of product offerings Oracle, JD Edwards, PeopleSoft, Seibel, including infrastructure technology and managed services together with associated Oracle Fusion technologies. Zanett employs over 225 professionals in North America and Asia with offices in Atlanta, Boston, Cincinnati, Indianapolis, Jacksonville, New York City, North Palm Beach, and Manila. For more information please visit or .

Certain statements in this news release regarding projected results of operations, or, projected results of financial plans or future strategies and initiatives, including, but not limited to, projections of revenue, projections of profitability, any and all future expectation, and plans for future activities may and should be regarded as ``forward-looking statements'' within the meaning of the Securities Litigation Reform Act. These statements involve, among other things, known and unknown risks, uncertainties and other factors that may cause Zanett, Inc.'s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Zanett currently is considering, but in reality may or may not in the future implement any or all of the items and issues listed in any planned budget or strategic initiative, due to, among other things, known and unknown risks, uncertainties and other factors.

Circumstances do change, and if and when the landscape changes, Zanett shall endeavor to remain as flexible as possible, and adjust its strategy accordingly. Zanett, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, change in strategy, or otherwise. The aforementioned listing of risks and uncertainties is not inclusive. For a more detailed discussion of some, but not all, of the risks and uncertainties that may affect Zanett, Inc., see Zanett, Inc.'s filings with the Securities and Exchange Commission.

Neither Zanett, Inc. nor Zanett Oracle Solutions is a part of, a division of, nor a subsidiary of, nor in any other manner connected with Oracle Corporation, and no implication is made whatsoever to suggest as such.

    Brad Gillespie
    Vice President, Marketing
    Zanett, Inc
    (404) 849-7091
    [email protected]

SOURCE Zanett, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.