SOURCE: Action Products International, Inc.

March 29, 2006 17:00 ET

Action Products Announces Notice of Receipt of Nasdaq Staff Deficiency Letter

ORLANDO, FL -- (MARKET WIRE) -- March 29, 2006 --Action Products International, Inc. (NASDAQ: APII), a leading toy designer and manufacturer of educational and positive, non-violent branded toys, received, on March 23, 2006, a Nasdaq Staff Deficiency Letter indicating that the company fails to comply with Audit Committee requirements for continued listing as set forth in marketplace rules 4350.

Nasdaq Marketplace Rule 4350(d)(2) requires that a Company must have an audit committee of at least three members, comprised solely of independent directors. As a result of Mr. Alan Stone's resignation, the audit committee is comprised of two independent directors. The Company is permitted to regain compliance by the earlier of, its next annual shareholders meeting, or March 17, 2007. The Company plans to add a qualified, independent director to its audit committee by the date of its next annual meeting.

About Action Products International, Inc.

Action Products International, Inc., based in Orlando, Florida is a toy manufacturer, emphasizing educational and positive play brands, including JAY JAY THE JET PLANE Wooden Adventure System, the I DIG™ series, Space Voyagers® "The most authentic Space Toys on the Earth," ToddWorld™ soft play toys, Climb@Tron™ window-climbing robots, Curiosity Kits® and I MADE THAT™. Its products are marketed and sold to toy stores, specialty retailers, Internet retailers, museums, zoos, theme parks, attractions, catalog companies and education markets in the United States and worldwide.

Visit the Company's web sites at www.apii.com and www.imadethat.com

Any statements that are not historical facts contained in this release are forward-looking statements. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements may involve risks and uncertainties, including but not limited to those relating to product demand, pricing, market acceptance, the effect of economic conditions, intellectual property rights, the outcome of competitive products, risks in product development, the results of financing efforts, the ability to complete transactions, and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made.

Contact Information

  • Contact:
    Ray Oliver
    Investor Relations Officer
    321/439-2120

    Adam Ben-Evi
    SBW Alliance Group
    407/547-7309