Saflink Receives NASDAQ Deficiency Notice Related to Minimum Bid Price
No Effect on Listing While Company Has a Minimum of 180 Days to Cure Deficiency
BELLEVUE, WA – (December 22, 2005) Saflink® Corporation (NASDAQ:SFLK) a leading provider of solutions for secure access, identity assurance and productivity announced today that on December 16, 2005, it received a deficiency letter from The NASDAQ Stock MarketÒ indicating that it is not in compliance with the continued listing requirements on the NASDAQÒ Capital Market because, for the previous 30 consecutive business days, the bid price of its common stock had closed below the $1.00 minimum per share requirement for continued listing as set forth in Marketplace Rule 4310(c)(4). It is NASDAQ’s customary practice to issue a deficiency letter when a listed company does not meet the minimum bid price requirement. By NASDAQ rule, Saflink will be provided 180 calendar days, or until June 14, 2006, to regain compliance with the bid price requirement. The deficiency letter has no effect on the listing of Saflink common stock at this time and its common stock will continue to trade on the NASDAQ Capital Market under the symbol “SFLK.”
The letter also stated that Saflink can regain compliance with the bid price requirement if, at any time before June 14, 2006, the bid price of its common stock closes at or above $1.00 per share for a minimum of ten consecutive business days. If Saflink cannot demonstrate compliance by June 14, 2006, NASDAQ will determine whether it meets the NASDAQ Capital Market initial listing criteria set forth in Marketplace Rule 4310(c), except for the bid price requirement. If Saflink meets the initial listing criteria, it will be provided an additional 180 calendar-day period to comply with the bid price requirement. If it is not eligible for this additional compliance period, Saflink will be provided written notice that its securities will be delisted. At that time, Saflink would have the right to appeal NASDAQ’s determination to delist its securities to a listing qualifications panel, which would stay the effect of the delisting pending a hearing on the matter before the panel.
About Saflink
Saflink Corporation offers biometric security and smart card solutions that protect intellectual property, secure information assets and eliminate passwords. Saflink Identity Assurance Management solutions allow administrators to verify identity and control access to computer networks, physical facilities and applications. Saflink also offers protection and privacy for email, web applications and electronic documents. For more information, please visit http://www.saflink.com or call 800-762-9595.
NOTE: “Saflink” is a registered trademark of Saflink Corporation. “NASDAQ” and “The NASDAQ Stock Market” are registered trademarks of The NASDAQ Stock Market, Inc.
This release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to significant risks and uncertainties and actual results may differ materially from historical results or those indicated by these forward-looking statements as a result. In particular, the statements related to Saflink’s expectation that its stock will continue to trade on the Nasdaq Capital Market are based on management’s current expectations and involve risks and uncertainties. Factors that may affect these statements include, but are not limited to, the fact that despite the compliance periods and the appeal process, Saflink’s stock may still be subject to delisting from the Nasdaq Capital Market, which could affect the value and the liquidity of Saflink’s common stock. For more information regarding other risks and uncertainties, please see those described in Saflink’s most recent Quarterly Report on Form 10-Q and its most recent Annual Report on Form 10-K, as well as other documents periodically filed with the Securities and Exchange Commission.
Saflink PRESS CONTACT:
Sterling Communications
Rachel Berry
(253) 853-5030
rberry@sterlingpr.com
INVESTOR RELATIONS CONTACT:
Investor Awareness, Inc.
Tony Schor
(847) 945-2222
tony@investorawareness.com