Iteris’ Plan of Compliance Letter Accepted by the NYSE MKT
SANTA ANA, Calif.--(BUSINESS WIRE)--Iteris, Inc. (NYSE MKT: ITI), a leader in providing intelligent traffic management information solutions, announced today that the NYSE has accepted the company’s plan of compliance and granted an extension until October 15, 2014 to regain compliance. Iteris previously announced that, on July 17, 2014, it received a letter from the NYSE MKT LLC (the “Exchange”) indicating that the Exchange has determined that the company was not in compliance with Sections 134 and 1101 of the Exchange’s Company Guide due to the company’s inability to file its Annual Report on Form 10-K for the year ended March 31, 2014 (the “Form 10-K”) with the SEC by the requisite deadline.
The company was afforded the opportunity to submit a plan of compliance to the Exchange, which was completed on July 21, 2014 and accepted on August 8, 2014. Iteris will be subject to periodic reviews by the Exchange staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the company being delisted from the NYSE MKT LLC.
Iteris continues to work diligently with its auditors to complete the fiscal 2014 audit.
About Iteris, Inc.
Iteris, Inc. (NYSE MKT: ITI) is a leader in providing intelligent information solutions to the traffic management market. The company is focused on the development and application of advanced technologies and software-based information systems that reduce traffic congestion, provide measurement, management, and predictive traffic and weather analytics, and improve the safety of surface transportation systems. By combining its unique IP, products, decades of expertise in traffic management, hyper-local weather solutions and information technologies, Iteris offers a broad range of Intelligent Transportation System (ITS) solutions to customers worldwide. The firm is headquartered in Santa Ana, California, with offices nationwide and in the Middle East. For more information, please call 1-888-329-4483 or visit us at www.iteris.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," "will," "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about our ability to complete the audit of our financial statements for fiscal 2014 and achieve and maintain compliance with the NYSE MKT continued listing standards. Such statements are subject to certain risks, uncertainties, and assumptions that are difficult to predict and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, the ability of our auditors to complete the audit of our financial statements on a timely basis; management’s ability to adequately respond to any follow-up inquiries of our auditor; or the completion of any additional procedures and/or testing required by our auditors. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC's website (www.sec.gov).