SearchMedia Holdings Limited (“SearchMedia” or the “Company”) (NYSE Amex: IDI) (NYSE Amex: IDI.WS), one of China's leading nationwide multi-platform media companies, today disclosed receipt of a notice from NYSE Amex LLC (“NYSE Amex” or the “Exchange”), dated March 7, 2012, extending the period from January 17, 2012 to May 21, 2012 in which the Company must meet the Exchange’s financial impairment standard and reiterating the deadline to meet the Exchange’s minimum stockholders’ equity requirement standard by January 15, 2013 (collectively, the “Plan Periods”).
On July 15, 2011, the Exchange notified the Company that it was not in compliance with (1) Section 1003(a)(i) of the NYSE Amex Company Guide (the "Company Guide") because it reported stockholders' equity of less than $2,000,000 as of December 31, 2010 and losses from continuing operations and net losses in two of its three most recent fiscal years ended December 31, 2010, (2) Section 1003(a)(ii) of the Company Guide because it reported stockholders' equity of less than $4,000,000 as of December 31, 2010 and losses from continuing operations and net losses in three of its four most recent fiscal years ended December 31, 2010 and (3) Section 1003(a)(iv) of the Company Guide because, in the opinion of the Exchange, the Company's losses and its existing financial resources, bring into question whether it will be able to continue operations and/or meet its obligations as they mature.
On October 6, 2011, the Exchange notified the Company that its plan to regain compliance had been accepted and that its listing would continue to be subject to the Company demonstrating compliance with the financial impairment standard in Section 1003(a)(iv) by January 17, 2012, and the minimum stockholders’ equity requirements in Sections 1003(a)(i) and 1003(a)(ii) by January 15, 2013. Based on the information provided by the Company to the Exchange, the Exchange in a letter dated March 7, 2012, notified the Company that the Company had made significant progress towards regaining compliance with Sections 1003(a)(iv), 1003(a)(i) and 1003(a)(ii) of the Company Guide and that the Company must demonstrate it had regained compliance with the financial impairment standard included in Section 1003(a)(iv) of the Company Guide by May 21, 2012 and the stockholders’ equity standards included in Sections 1003(a)(i) and 1003(a)(ii) by January 15, 2013.
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