Winland Electronics, Inc. (NYSE Amex: WEX) today announced that on March 6, 2013, the Company received written notification from the NYSE Regulation, Inc. (“NYSE Regulation”) staff (the “Staff”) stating that the Company’s Common Stock is subject to delisting from the Exchange (the “Staff Determination”). The Company had previously received notice from the Staff and disclosed that it was not in compliance with certain of the NYSE MKT’s (the “Exchange”) continued listing standards as set forth in Part 10 of the Exchange’s Company Guide. Specifically, the Company was advised that it was not in compliance with the following Sections of the Company Guide:
- Section 1003(a)(ii) because the Company reported stockholders’ equity of less than $4,000,000 and has incurred losses from continuing operations and/or net losses in three of its four most recent fiscal years; and
- Section 1003(a)(iii) because the Company reported stockholders’ equity of less than $6,000,000 and has incurred losses from continuing operations and/or net losses in each of its last five consecutive fiscal years ended December 31, 2011.
The Company could appeal the Staff Determination, but it does not intend to request an appeal. Therefore, the Staff Determination will become final and the Company’s Common Stock will be scheduled for delisting from the Exchange, and trading in the Company’s Common Stock on the Exchange will be discontinued effective at the close of business on Wednesday March 20, 2013.The Company will make an application and take the necessary steps so that the Company’s Common Stock will be traded on the OTC Bulletin Board as soon as practicable after March 20, 2013. About Winland Electronics Winland Electronics, Inc. ( www.winland.com), is an industry leader of critical condition monitoring devices. Products including EnviroAlert, WaterBug, TempAlert, Vehicle Alert and more are designed in-house to monitor critical conditions for industries including health/medical, grocery/food service, commercial/industrial, as well as agriculture and residential. Proudly made in the USA, Winland products are compatible with any hard wire or wireless alarm system and are available through distribution worldwide. Headquartered in Mankato, MN, Winland currently trades on the NYSE Amex Exchange under the symbol WEX but anticipates it will shortly be listed on the OTC Bulletin Board.