BEDFORD, Mass., April 1 /CNW/ -- GSI Group Inc. (the "Company") (Nasdaq:
GSIG), a supplier of precision technology and semiconductor systems, today
announced that it received a Delinquency Compliance Alert Letter from The
Nasdaq Stock Market ("Nasdaq") dated March 27, 2009, indicating that the
Company is not in compliance with the filing requirements for continued
listing under Nasdaq Marketplace Rule 4310(c)(14) (the "Rule"). The Nasdaq
letter, which the Company expected, was issued in accordance with standard
Nasdaq procedures due to the delayed filing of the Company's Annual Report on
Form 10-K for the year ended December 31, 2008 (the "Annual Report").
As previously disclosed, on November 13, 2008, the Company received a
letter from Nasdaq indicating that the Company was not in compliance with the
Rule due to failure to timely file its Quarterly Report on Form 10-Q for the
three month period ended September 26, 2008 (the "Quarterly Report").
Following receipt of such letter, the Company timely submitted a plan to
Nasdaq, outlining the Company's planned actions to regain compliance with the
Rule. Nasdaq subsequently granted the Company an extension to allow the
Company until May 4, 2009 to regain compliance with the Rule by filing the
The Company is required to submit an update to its compliance plan to
Nasdaq by no later than April 13, 2009, and any additional time to regain
compliance with Nasdaq's filing requirements will be limited to a maximum of
180 calendar days from the due date of the Quarterly Report, or May 4, 2009.
The Company intends to timely submit such an update.
The Company's Audit Committee is working diligently to complete its
previously announced review of sales transactions in the Company's
Semiconductor Systems Segment, along with other sales transactions that
contain arrangements with multiple deliverables, for fiscal years 2006, 2007
and 2008 so that the Company can complete the preparation and filing of its
Quarterly Report and Annual Report. During this time, and for the extension
period which may be granted to the Company by the Nasdaq Listing
Qualifications Department to file the Annual Report, the Company's securities
will continue to be listed on Nasdaq.
About GSI Group Inc.
GSI Group Inc. supplies precision technology to the global medical,
electronics, and industrial markets and semiconductor systems. GSI Group
Inc.'s common shares are listed on Nasdaq (GSIG).
Forward Looking Information
Certain statements in this release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995 and
are based on current expectations and assumptions that are subject to risks
and uncertainties. All statements contained in this news release that do not
relate to matters of historical fact should be considered forward-looking
statements, and are generally identified by words such as "anticipate,"
"believe," "estimate," "expect," "intend," "plan," "objective" and other
similar expressions. These forward-looking statements include statements
regarding the Company's ability to file its Form 10-Q and Form 10-K and other
statements that are not historical facts. These forward looking statements are
subject to risks, uncertainties and changes in financial condition, unknown
factors and other items described in the Company's annual report on Form 10-K
for the fiscal year ended December 31, 2007 and the Company's quarterly
reports on Form 10-Q filed with the Securities and Exchange Commission. Such
statements are based on the Company's management's beliefs and assumptions and
on information currently available to the Company's management. The Company
disclaims any obligation to update any forward-looking statements as a result
of developments occurring after the date of this document.
For more information contact: Sergio Edelstein, GSI Group Inc.,
For further information:
For further information: Sergio Edelstein, GSI Group Inc.,
+1-781-266-5700 Web Site: http://www.gsig.com