Orleans Homebuilders Announces Notice From The NYSE Amex LLC

BENSALEM, Pa., Dec. 7 /PRNewswire-FirstCall/ -- Orleans Homebuilders, Inc. (the "Company") (Amex: OHB) announced today that on December 1, 2009 the Company received a written notice from NYSE Amex LLC (the "Exchange") stating that the Company is not in compliance with certain of the Exchange's continued listing criteria.  

On November 2, 2009, the Company received a written notice from the Exchange stating that the Company is not in compliance with the Exchange's continued listing criteria set forth in Sections 134 and 1101 of the NYSE Amex LLC Company Guide (the "Company Guide") because it failed to timely file its Annual Report on Form 10-K (the "Form 10-K") for the fiscal year ended June 30, 2009 and such failure constitutes a material violation of its listing agreement with the Exchange authorizing the Exchange to suspend and, unless prompt corrective action is taken, remove the Company's common stock from the Exchange pursuant to Section 1003(d) of the Company Guide.  The Company submitted a plan of compliance to the Exchange on November 16, 2009 advising the Exchange of the actions the Company intends to take to bring the Company into compliance with the applicable provisions of the Company Guide by February 2, 2010.  

On December 1, 2009, the Company received a written notice from the Exchange stating that the Company is not in compliance with the Exchange's continued listing criteria set forth in Sections 134 and 1101 of the Company Guide because it failed to timely file its Quarterly Report on Form 10-Q (the "Form 10-Q") for the fiscal quarter ended September 30, 2009 and such failure constitutes a material violation of its listing agreement with the Exchange authorizing the Exchange to suspend and, unless prompt corrective action is taken, remove the Company's common stock from the Exchange pursuant to Section 1003(d) of the Company Guide.  While the plan of compliance submitted by the Company on November 16, 2009 also addressed the Company's failure to file the Form 10-Q, the Company may submit a revised plan of compliance to the Exchange on or before December 15, 2009 advising the Exchange of the actions the Company intends to take to bring the Company into compliance with the applicable provisions of the Company Guide by February 2, 2010.