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To: Glenn Petersen who wrote (1128)	3/30/2010 5:14:56 PM
From: Glenn Petersen	Respond to of 3862

Argyle Security. Inc. has announced that they are deregistering their securities. The securities will be quoted on the Pink Sheets. Argyle Security, Inc. Announces Deregistration of Common Stock, Warrants and Units Press Release Source: Argyle Security, Inc. On Tuesday March 30, 2010, 4:45 pm SAN ANTONIO, March 30 /PRNewswire-FirstCall/ -- Argyle Security, Inc., (OTC Bulletin Board:ARGL.ob - News) (the "Company"), a service and solutions provider in the physical and electronic security industry, announced that it has voluntarily deregistered its common stock, warrants and units consisting of common stock and warrants and suspended its reporting obligations under the federal securities laws by filing today a Form 15 with the Securities and Exchange Commission ("SEC"). The Company is eligible to deregister these securities because it has fewer than 300 holders of record of each class of these securities. Upon the filing of the Form 15, the Company's obligation to file certain reports with the SEC, including Forms 10-K, 10-Q and 8-K, will be suspended immediately, and deregistration of the securities is expected to be effective within 90 days after the filing of the Form 15. The Company is taking these actions consistent with its heightened focus on cash management and cost and expense containment initiatives stemming from its 2009 financial results that it plans to submit to the OTC Disclosure and News Service not later than mid April 2010 as described below. Deregistration is expected to reduce significant financial and administrative burdens associated with being a SEC reporting company and related regulatory compliance under the Sarbanes-Oxley Act of 2002 ("SOX"), including under Section 404 of SOX that is currently scheduled to be applicable to the Company this year. As a result of deregistration of its securities, the Company will not conduct the proposed rights offering to purchase shares of its common stock as previously reported by the Company. In addition, the Company has no current plans to conduct any other "qualified equity offering" as previously described and reported by the Company in connection with its December 2009 refinancing transactions. In connection with the Company's decision to deregister its securities, the Company and its independent director negotiated a limited standstill agreement through the end of 2010, subject to certain exceptions, with the Company's largest stockholder. In addition, the Company agreed to provide annual and quarterly financial statements through the OTC Disclosure and News Service at least through its 2010 annual financial statements. The Company plans to submit its audited financial statements for the year ended December 31, 2009 for dissemination on the OTC Disclosure and News Service not later than mid April 2010. Due to its prior SEC reporting and the reporting of its annual and quarterly financial statements through the OTC Disclosure and News Service, the Company anticipates that its common stock, units and warrants will continue to be eligible to be quoted on the Pink Sheets in the near term, however, there can be no assurances that any broker will make a market in the Company's common stock or other securities. Sam Youngblood, the President and Chief Executive Officer of the Company, commented: "After careful consideration, the Company took this action because we believe that the costs associated with being a SEC reporting company significantly outweigh the benefits to the Company and our stakeholders, particularly in light of the Company's size, small market capitalization and thin trading of our securities." <snip> finance.yahoo.com