American Spectrum Realty, Inc. (NYSE/MKT: AQQ) – a real estate investment management and leasing company – today announced that it will submit to the NYSE MKT LLC ("NYSE MKT" or Exchange") no later than April 30, 2014 a plan of compliance (the "Plan") setting forth the steps intended to be taken by the Company to regain compliance with the NYSE MKT Company Guide no later than July 15, 2014. The submission of the Plan is in response to a letter received on April 16, 2014 from the Exchange advising the Company that it is not in compliance with the continued listing standards of the Exchange.
On March 31, 2014, the Company filed a Form 12b-25 with the Securities and Exchange Commission disclosing that it was unable to file with the SEC its annual report on Form 10-K for the year ended December 31, 2013 by April 1, 2014 and that it expected to file its annual report as soon as practicable. In the 12b-25 the Company disclosed, among other things that, as a result of the departure of the Company's Chief Financial Officer, the Company is working with its accountants and consultants and reviewing its financial records, including journal entries and account balances related to the Company's financial statements for the period ended December 31, 2013. In addition, the Company disclosed that the Company and its consultants are continuing to evaluate the purchase price allocation and disclosures related to the transaction reported in the 8-K filed on January 7, 2014 (the "Purchase Price Allocation Issue"). The Company continues to work diligently to review its financial records and resolve the Purchase Price Allocation Issue and intends to file the 2013 10-K as soon as practicable.
ABOUT AMERICAN SPECTRUM REALTY, INC.
American Spectrum Realty, Inc. is a real estate investment company that owns, through an operating partnership, interests in office, industrial, retail, self-storage, RV parks, retail, multi-family properties and undeveloped land throughout the United States. American Spectrum Management Group, Inc., a wholly-owned subsidiary of the Company, manages and leases all properties owned by American Spectrum Realty, Inc. as well as for third-party clients totaling 10 million square feet in multiple states. Website:
FORWARD LOOKING STATEMENTS
Certain matters discussed in this release are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including the risks and uncertainties of acquiring, owning, operating and disposing of real estate. Such risks and uncertainties are disclosed in the Company's past and current filings with the U.S. Securities and Exchange Commission.