Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Irvine Sensors -- Ignore unavailable to you. Want to Upgrade?

To: jetcityrandy who wrote (1635)	9/10/2001 1:39:54 PM
From: Dan Hamilton	Respond to of 1673

Reverse splits are rarely good for shareholders -- the decline will resume after the shares are consolidated... Irvine Sensors Receives Nasdaq Notification COSTA MESA, Calif., Sep 6, 2001 /PRNewswire via COMTEX/ -- Irvine Sensors Corporation (Nasdaq: IRSN chart, msgs; Boston:ISC) announced that it has received notification from Nasdaq that it is not currently in compliance with market capitalization, net worth or stockholder equity listing requirements and must cure one or more of these criteria to maintain its Nasdaq SmallCapMarket(R) listing. If the Company can demonstrate such compliance before October 1, the Nasdaq notice will be satisfied. After that date, the Company may receive a delisting notice that the Company would have the right to appeal based on a plan of re-compliance. However, there is no guarantee that Nasdaq would approve such a plan. As previously disclosed, Nasdaq has also given notice that the Company's stock must trade above $1 per share for 10 consecutive trading days before October 10 in order to avoid a delisting notice. The Company has scheduled a Special Stockholders' Meeting on September 24 in Costa Mesa, California to obtain stockholder authority to meet the price per share requirement by way of a reverse split. Robert G. Richards, President and Chief Executive Officer of Irvine Sensors, said, "Both the $1 per share issue and the market capitalization issue are the direct result of the recent market decline in the price of our stock. Our net worth deficiency and stockholders' equity is the result of many factors, including the accounting rules that require us to consolidate the development expenses of our subsidiaries without being able to consolidate their net worth. "We are taking action in an effort to maintain our Nasdaq listing," continued Richards. "We have proposed the reverse split since we believe that will enable us to meet Nasdaq's price per share criterion. Simultaneously, we are exploring ways to meet Nasdaq's balance sheet criteria. Neither stockholder approval of the reverse split or our success in balance sheet improvement is guaranteed, but both must be accomplished if we are to continue trading on Nasdaq." Irvine Sensors Corporation, headquartered in Costa Mesa, California, is primarily engaged in the development and sale of high density electronics and interconnects, MicroElectroMechanical systems (MEMS), sensors and sensor readout circuits, miniature cameras, electro-optical switches, image processing hardware and software, wireless infrared communications products, and low-power analog and mixed-signal integrated circuits for diverse systems applications. It generally seeks to commercialize its technologies through independently financed and managed subsidiaries. Except for historical information contained herein, the matters set forth in this press release are forward-looking statements that are dependent on risks and uncertainties including such factors, among others, as the unpredictable nature of securities market and, the Company's ability to attract investment in a timely manner. Further information on Irvine Sensors Corporation is contained in publicly filed disclosures available through the SEC's EDGAR database (www.sec.gov) or from the Company's Investor Relations Department. For further information please contact Lynn O'Mara of Irvine Sensors Corporation, +1-714-444-8718, lomara@irvine-sensors.com.