SOURCE: Law Enforcement Associates

November 17, 2008 16:05 ET

Law Enforcement Files to Have Its Common Stock Listed on the OTC Bulletin Board

RALEIGH, NC--(Marketwire - November 17, 2008) - Law Enforcement Associates Corporation (LEA) (AMEX: AID), the largest U.S. developer and manufacturer of undercover surveillance equipment, today announced that it filed a Form 25 with the Securities and Exchange Commission, which is the official form giving notice that the Company has elected to voluntarily withdraw its listing on the American Stock Exchange. As a result of the filing, the Company is set to be removed from trading on the AMEX at the open of business on November 28, 2008. A market maker has filed a Form 211 with FINRA to have the Company's common stock re-listed on the Over-The-Counter Bulletin Board.

Management said the decision to withdrawal its AMEX listing was motivated by a projected $100,000 in annual cost savings opportunities. "We are making significant progress in our efforts to improve our financial performance, reduce costs and ultimately deliver sustained profitability," said Paul Feldman, president. "Unfortunately, with the current turmoil in the markets, we do not believe that the benefits of our AMEX listing have offset the associated expenses. Moreover, we do not believe that the AMEX's request that we execute a reverse split of our common stock would have been in the best interest of our shareholders."

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, including Smith & Wesson, one of the world's largest manufacturers of quality firearms and firearm safety/security products. 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 Raleigh, 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