SOURCE: Law Enforcement Associates

September 18, 2008 10:49 ET

Law Enforcement Associates Receives Notice From American Stock Exchange Regarding Stockholders' Equity Deficiency

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.

Contact Information

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