SOURCE: Law Enforcement Associates

April 23, 2008 13:42 ET

Law Enforcement Associates Receives Notice From American Stock Exchange

YOUNGSVILLE, NC--(Marketwire - April 23, 2008) - Law Enforcement Associates Corporation (LEA) (AMEX: AID) today announced it has received an anticipated notice from the American Stock Exchange, which informed the Company that it was in violation of Sections 134 and 1101 of the American Stock Exchange Company Guide for failure to file in a timely manner its Form 10-K for the year ended December 31, 2007. The Notice goes on to state that in order to maintain its listing on the American Stock Exchange, the Company must submit a plan by May 1, 2008, advising the Exchange of action it has taken, or will take, to bring the Company into compliance with Sections 134 and 1101 of the Company Guide by no later than July 17, 2008. The Notice further states that pursuant to Section 1003(d) of the Company Guide, the Exchange is authorized to suspend and remove the Company's securities from the Exchange.

As previously announced, the delay in filing the Form 10-K is related to issues associated with the valuations of LEA's patents and its fourth-quarter acquisition of the assets of Advanced Vehicle Systems LLC. The Company is in the process of addressing the issues, as well as completing its audited financial statements for the year ended December 31, 2007. The Company anticipates the audit to be completed in the coming days, and intends to file its Form 10-K shortly thereafter, at which point it expects to be back in compliance with the American Stock Exchange rules.

About Law Enforcement Associates Corporation

LEA is a leading security and surveillance technology company that manufactures and markets a diverse product line to the worldwide law enforcement, military, security and corrections markets. The company's Audio Intelligence Devices (AID) division has been serving the law enforcement sector for more than 30 years and is one of the most respected names in the surveillance equipment industry. LEA's products are used by a wide variety of government and non-governmental agencies, as well as public and private companies. These include military bases, nuclear facilities, embassies, government installations, oil refineries, United Nations and NATO locations. The company enjoys close working relationships with other prominent players in the security and surveillance industry, such as Smith & Wesson (NASDAQ: SWHC), one of the world's largest manufacturers of quality firearms and firearm safety/security products; and FLIR Systems, Inc., a world leader in the design, manufacture and marketing of thermal imaging and stabilized camera systems. LEA's products have been used at high-profile events such as the Summer & Winter Olympics, Super Bowl, U.S. Golf Championship, and the Democratic and Republican National Conventions. Its products include the Under Vehicle Inspection System (UVIS), Smith & Wesson-branded UVIS Swift, EDK123 (Explosive Detection Kit), Bloodhound and Birddog GPS Tracking Systems, Graffiti Cam, Letter-bomb Visualizer Spray, and a wide variety of Audio & Video Surveillance Equipment. Headquartered in Youngsville, N.C., the company has been featured in many industry publications and websites. For more information, please visit www.leacorp.com.

Forward-Looking Information:

The statements in this news release contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that use words such as "believe," "anticipate," "estimate," "intend," "could," "plan," "expect," "project," "predict," "forecast," "outlook," "potential," "continue," "may," "future," "can," "enhance," and "should," or the negative of these, as well as similar expressions, can be used to identify forward-looking statements. Such forward-looking statements involve certain risks, assumptions and uncertainties, including the inability to generate and secure the necessary product sales, or the lack of acceptance of the company's products by its customers. In each case actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or modified) will not be realized.

Contact Information

  • CONTACT:
    Pfeiffer High Investor Relations, Inc.
    Geoff High
    303-393-7044