OAKBROOK TERRACE, Ill., Nov. 4, 2013 /PRNewswire/ -- On June 6, 2013, General Employment Enterprises, Inc. (the "Company") (NYSE MKT: JOB) announced that the Company received a letter from NYSE MKT, LLC (the "NYSE MKT") which stated, among other things, that the Company has equity less than $4 million and has sustained losses from continuing operations and/or net losses in three of its four most recent fiscal years and, in the opinion of the Exchange, it is questionable as to whether the Company will be able to continue operations and/or meet its obligations as they mature based on its current overall financial condition, pursuant to Sections 1003(a)(ii) and 1003(a)(iv) of the NYSE MKT's Company Guide, respectively.
On October 29, 2013, the Company received a letter from the NYSE MKT stating that, based on the review of the information provided by the Company, the Company has made significant progress towards regaining compliance with Section 1003(a)(iv) of the Company Guide. Based on the Company's progress to date and actions the Company plans to implement in the future, in accordance with Section 1009 of the Company Guide, the NYSE MKT has determined to extend the Financial Impairment Plan Period, which allowed the Company to demonstrate its ability to regain compliance with Section 1003(a)(iv) of the Company Guide by October 7, 2013. The Financial Impairment Plan Period was extended until February 21, 2014. The plan period for the Company to regain compliance with Section 1003(a)(ii) remains June 6, 2014. The foregoing is subject to the Company making a public announcement by November 4, 2013, continuing to provide updates to the NYSE MKT staff and continuing to show progress in regaining compliance.
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