NORCROSS, Ga., March 18, 2009 (GLOBE NEWSWIRE) -- Intelligent Systems Corporation (NYSE Alternext:INS) (intelys.com) has received notice from the NYSE Alternext US exchange (the "Exchange") that the Exchange has accepted the company's compliance plan and has granted Intelligent Systems an extension until June 18, 2010 to regain compliance with the continued listing standards.
J. Leland Strange, President and Chief Executive Officer of Intelligent Systems Corporation, stated, "The plan we submitted to the Exchange is consistent with our company's long-term strategy and history. We are pleased that the Exchange agrees that it provides a reasonable basis for regaining compliance with continued listing standards."
As previously disclosed, on December 18, 2008, the Exchange notified the company that it was not in compliance with certain continued listing standards with respect to shareholders' equity below $4 million and losses from continued operations in three of its four most recent fiscal years. On January 19, 2009, the company submitted to the Exchange its plan to regain compliance with the applicable continued listing standards.
During the extension period, our Common Stock will continue to trade on the Exchange under the symbol INS with an indicator .BC added as an extension. The .BC indicator signifies noncompliance with the continued listing standards and will remain as an extension on our trading symbol until we have regained compliance with applicable listing standards. The Exchange will periodically review our progress consistent with our plan and could initiate delisting proceedings with respect to our Common Stock if we fail to make progress or fail to regain compliance before June 18, 2010.
About Intelligent Systems Corporation
For over thirty years, Intelligent Systems Corporation (NYSE Alternext:INS) has identified, created, operated and grown early stage technology companies. The company's consolidated subsidiaries include CoreCard Software, Inc. (www.corecard.com) and ChemFree Corporation (www.chemfree.com). Further information is available on the company's website at www.intelsys.com, or by calling the company at 770/381-2900.
In addition to historical information, this news release may contain forward-looking statements relating to Intelligent Systems and its subsidiary and affiliated companies. These statements include all statements that are not statements of historical fact regarding the intent, belief or expectations of Intelligent Systems and its management with respect to, among other things, results of operations, product plans, and financial condition. The words "may," "will," "anticipate," "believe," "intend," "expect," "estimate," "plan," "strategy" and similar expressions are intended to identify forward-looking statements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. The company does not undertake to update or revise any forward-looking statements whether as a result of new developments or otherwise. Among the factors that could cause actual results to differ materially from those indicated by such forward-looking statements are delays in product development, undetected software errors, competitive pressures (including pricing), changes in customers' requirements or financial condition, market acceptance of products and services, changes in financial markets, changes in the performance, financial condition or valuation of affiliate companies, the risks associated with investments in privately-held early stage companies, and general economic conditions, particularly those that cause business or government to delay or cancel purchase decisions. Factors that affect the company's success are more fully disclosed in the company's most recent filings with the Securities and Exchange Commission, including its annual report on Form 10-K and its subsequent filings.