DayStar Technologies Receives Letter From Nasdaq
KELOWNA, British Columbia, Jan. 9, 2013 (GLOBE NEWSWIRE) -- As previously
noted, DayStar Technologies Inc. (Nasdaq:DSTI) (the "Company") received notice
from Nasdaq that it was not in compliance with Nasdaq's Listing Rules due to a
failure to hold an annual meeting within one year of the end of the Company's
fiscal year ending on December 31, 2011. DayStar notified Nasdaq that it
believed it had complied with the Listing Rule since it held an annual meeting
of stockholders on December 19, 2012. Daystar has been notified that the
annual meeting held on December 19, 2012 did not meet the requirements of
Nasdaq's Listing Rules because the Company did not file a Proxy Statement on
Form 14A prior to the meeting. Nasdaq noted that since the Company did not
meet the listing requirement it would continue with the previously announced
procedures to delist the Company's securities. Nasdaq has offered the Company
an opportunity to request a hearing to appeal this determination. The Company
intends to request this hearing from Nasdaq. In the event the Company's appeal
is denied, the Company's shares would qualify for listing on the OTCBB.
In addition, on November 20, 2012, Staff notified the Company that it had not
received the Company's Form 10-Q for the period ended September 30, 2012 (the
"Form 10-Q"), as required by Listing Rule 5250(c)(1), and requested the
Company submit a plan to regain compliance by no later than December 5, 2012.
The Company then provided Staff with its compliance plan on December 5, 2012,
the Company citing that it was adversely affected by a change in its Chief
Financial Officer in November 2012 which contributed to its late filing and
the missed 14A. The Company filed its Quarterly Report on Form 10Q on January
The Company plans to appeal Staff's determination to a Hearings Panel,
pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series.
Hearings are typically scheduled to occur approximately 30-45 days after the
date of the hearing request.
About DayStar Technologies, Inc:
DayStar Technologies, Inc. (Nasdaq:DSTI) is a developer of solar photovoltaic
products based upon CIGS thin film deposition technology and is currently
embarked on a strategy of strategic partnerships to enter new markets within
the global renewal energy industry including ownership and construction of
solar and renewable power plants. For more information, visit the DayStar
website at http://www.daystartech.com/.
For further information contact, Peter Lacey, 778.484.5159,
Safe Harbor: Statements contained in this news release which are not
historical facts may be forward-looking statements as that term is defined in
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by the fact that they do not relate strictly to
historical or current facts. They often include words like "believe,"
"expect," "anticipate," "estimate" and "intend" or future or conditional verbs
such as "will," "would," "should," "could" or "may." We undertake no
obligation to update any forward-looking statements.
CONTACT: Peter Lacey, 778.484.5159, info@DayStartech.com
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