Contact Information: CONTACT: Pfeiffer High Investor Relations, Inc. Geoff High 303-393-7044
Law Enforcement Associates Receives Notice From American Stock Exchange Regarding Stockholders' Equity Deficiency
| Source: Law Enforcement Associates
RALEIGH, NC--(Marketwire - September 18, 2008) - Law Enforcement Associates Corporation (LEA)
(AMEX : AID ) today announced that on Sept. 12, 2008, it received notice from
the American Stock Exchange informing the Company that it is not in
compliance with Section 1003(a)(ii) of the Exchange's Company Guide because
LEA does not have stockholders' equity of $4,000,000 and has sustained
losses from continuing operations and net losses in three of its four most
recent fiscal years. In addition, the Exchange stated that it is
appropriate that the Company implement a reverse split of its common stock.
The notice goes on to state that the Company must submit a plan to the
Exchange by Oct. 13, 2008, advising of what actions LEA has taken or will
take to bring the Company into compliance with the continued listing
standards identified in the letter. If the plan is accepted, the Company
may be able to continue its listing during the plan period or the AMEX may
decide to delist the Company. In that event, the Company's common stock
would be listed on the Over the Counter Bulletin Board.
"Our board of directors has reviewed this letter, and is convening a
meeting next week to address these issues. We intend to establish a go
forward strategy we believe is in the best interest of LEA and its
shareholders," said Paul Feldman, president of LEA.
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. 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.