CAMPBELL, Calif., June 21, 2012 (GLOBE NEWSWIRE) -- Westinghouse Solar, Inc.(Nasdaq:WEST), a designer and manufacturer of solar power systems, announced that it has been granted continued listing on NASDAQ.
On June 19, 2012, the Company received a letter from The NASDAQ Stock Market notifying the Company that a NASDAQ Hearings Panel (the "Panel") granted the Company's request for continued listing of its common stock on the NASDAQ Stock Market. The continued listing is subject to conditions including the following: on or before October 1, 2012, the Company will close the merger transaction with CBD Energy Ltd. Should events occur or information come to light that call into question whether the proposed merger will close by that date or whether CBD will qualify for listing on the NASDAQ Stock Market, the Company is to inform the Panel, which may determine at that time to delist the Company's shares if the Company is not fully in compliance with the requirements for listing.
This notification related to a hearing held on May 24, 2012. The hearing was requested by the Company to request that the Panel grant the Company additional time to regain compliance with the minimum bid price and other listing requirements.
Further information regarding this notification is included in a Current Report on Form 8-K filed by the Company on June 21, 2012.
About Westinghouse Solar (Nasdaq:WEST)
Westinghouse Solar is a designer and manufacturer of solar power systems. In 2007, Westinghouse Solar pioneered the concept of integrating the racking, wiring and grounding directly into the solar panel. This revolutionary solar panel, originally branded "Andalay", quickly won industry acclaim. In 2009, the company again broke new ground with the first integrated AC solar panel, reducing the number of components for a rooftop solar installation by approximately 80 percent and lowering labor costs by approximately 50 percent. This first AC panel, which won the 2009 Popular Mechanics Breakthrough Award, has become the industry's most widely installed AC solar panel. Award-winning Westinghouse Solar Power Systems provide the best combination of safety, performance and reliability, while backed by the proven quality of the Westinghouse name. For more information on Westinghouse Solar, visit www.westinghousesolar.com.
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