Banks.com, Inc. (AMEX: BNX)
announced today that the NYSE Alternext US (the “Exchange”) Staff has
accepted its plan of compliance and that its listing is being continued
pursuant to an extension. As previously disclosed, Banks.com, Inc. (the
“Company”) received notice from the Exchange on October 10, 2008
indicating that the Company is below certain of the Exchange’s continued
listing standards. Specifically, the Company is not in compliance with
Section 1003(a)(iv) of the Exchange’s Company Guide in that it has
sustained losses which are so substantial in relation to its overall
operations or its existing financial resources, or its financial
condition has become so impaired that it appears questionable, in the
opinion of the Exchange, as to whether the Company will be able to
continue operations and/or meet its obligations as they mature.
The Company was afforded the opportunity to submit a plan of compliance
to the Exchange and on November 17, 2008 presented its plan to the
Exchange. In a letter dated January 6, 2009 the Exchange notified the
Company that it accepted the Company’s plan of compliance and granted
the Company an extension until April 10, 2009 to regain compliance with
the continued listing standards. The Company will be subject to periodic
review by the Exchange Staff during the extension period. Failure to
make progress consistent with the plan or to regain compliance with the
continued listing standards by the end of the extension period could
result in the Company being delisted from the Exchange.
Forward Looking Statements
This press release contains forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that
involve substantial risks and uncertainties. Forward looking statements,
which are based on management’s current expectations, are generally
identifiable by the use of terms, such as “anticipates,” “believes,”
“could,” “estimates,” “expects,” “intends,” “may,” “plans,” “possible,”
“potential,” “predicts,” “projects,” “should,” “would” and similar
expressions. Such forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from
those stated or implied by such forward-looking statements. The
potential risks and uncertainties include, but are not limited to, the
risk that the Company will not make progress consistent with its plan of
compliance and, as a result, will have its shares of common stock
delisted from the Exchange. Further information on risks that we face is
included in our filings with the Securities and Exchange Commission,
including our Annual Report on Form 10-KSB for the fiscal year ended
December 31, 2007, our quarterly reports on Form 10-Q and our Current
Reports on Form 8-K. Except as required by law, we assume no
responsibility to update these forward looking statements publicly, even
if new information becomes available in the future.
About Banks.com
Banks.com is a Financial Services portal containing a unique breadth and
depth of products and services. Our mission is to bring our users and
subscribers the most relevant financial information on the web.
Banks.com provides access to thousands of pages of current financial
content, including: articles, stock quotes, audio, video, blogs and much
more. In addition, Banks.com provides free tools to assist visitors with
their financial decision-making including stock tracking and financial
calculators. Our site contains information and products on a variety of
topics such as Banking, Stocks & Bonds, Taxes, Mortgages, Personal
Finance, Credit Cards, Insurance and Retirement Planning. Banks.com,
Inc. is headquartered in San Francisco, California at 222 Kearny Street,
Suite 550 and can be reached at 415.962.9700. More information about
Banks.com, Inc. can be found at: www.Banks.com.
Banks.com, Inc.
Daniel O’Donnell, 415-962-9700
President and
Chief Executive Officer
