SOMERSET, N.J., Dec. 22 /PRNewswire-FirstCall/ -- TeamStaff, Inc. (Nasdaq: TSTF), a national provider of healthcare and administrative staffing services, today announced that on December 17, 2009, it received a notice from the Listing Qualifications Department of The Nasdaq Stock Market (Nasdaq) stating that for the last 30 consecutive business days, the Company's common stock has not maintained a minimum bid price of $1.00 per share, as required by the continued listing requirements of the Nasdaq Capital Market set forth in Listing Rule 5550(a)(2) (the " Listing Rule") and that the Company is not in compliance with this requirement. This notification has no immediate effect on the Company's listing on the Nasdaq Capital Market or on the trading of the Company's common stock.
In accordance with the Nasdaq Listing Rules, the Company has been provided a grace period of 180 days to regain compliance with the Listing Rule. To regain compliance, the closing bid price of the Company's securities must meet or exceed $1.00 per share for a minimum of ten consecutive business days during the grace period. If the Company's common stock does not regain compliance with the Listing Rule during this grace period, Nasdaq will provide written notice that the Company's securities may be delisted from The Nasdaq Capital Market. In that event, the Company may appeal the decision to a Nasdaq Listing Qualifications Panel. There can be no guarantee that the Company will be able to regain compliance with this requirement.
TeamStaff's management and Board of Directors are considering alternatives to address compliance with the Listing Rule.
About TeamStaff, Inc.Headquartered in Somerset, New Jersey, TeamStaff serves clients and their employees throughout the United States as a full-service provider of medical and administrative staffing through its two subsidiaries, TeamStaff GS and TeamStaff Rx. TeamStaff GS specializes in providing medical, logistic, information technology and office administration professionals through nationwide Federal Supply Schedule contracts with both the United States General Services Administration and the United States Department of Veterans Affairs. TeamStaff Rx is a leading provider of travel nursing and travel allied healthcare professionals. TeamStaff Rx operates throughout the U.S. and specializes in the supply of travel allied medical employees and travel nurses typically placed on 13 week assignments. For more information, visit the TeamStaff web site at www.teamstaff.com.