ATLANTA, Sept. 21, 2009 (GLOBE NEWSWIRE) -- Premier Exhibitions, Inc. today announced that it has been notified by Nasdaq that, as a result of the price of its common stock falling below $1.00 for more than 30 days, it faces delisting of its shares on the Nasdaq Global Market. The Company has 180 days to regain compliance with the exchange's minimum bid requirements.

Premier also announced preliminary results of operations for its second fiscal quarter ended August 31. Preliminary results are summarized below.

Additionally, Premier has added two directors to its existing Board, bringing the total number of directors to nine, from seven previously. Bios for the new directors are given below.

Finally, the Company has authorized a share repurchase program of up to 1 million shares.

Delisting Notice

On Tuesday, August 15, 2009, the Company received notice from Nasdaq that a deficiency exists with regard to the Company's compliance with the listing rules. The rules require listed securities to maintain a minimum bid price of $1.00, based upon the closing price of the Company's stock for the last 30 days. The rules provide a grace period of 180 days to regain compliance. If at any time during the grace period the bid price of the Company's stock closes at $1.00 per share or more for a minimum of ten consecutive business days, Nasdaq will provide the Company written confirmation of compliance. The Board of Directors prefers to maintain the Company's listing with Nasdaq and is considering available choices to regain compliance and maintain its listing.

Chairman Mark Sellers commented, "Premier has a strong interest in maintaining compliance with Nasdaq's listing requirements. The Board of Directors is in agreement that we will take every step necessary to regain compliance and maintain Premier's Nasdaq listing, including, if appropriate, a reverse stock split. However, the turnaround is going very well, as shown in this quarter's preliminary results, and I'm hopeful such extreme action won't be necessary."

Preliminary Second Quarter Results

 -- Total revenue increased approximately 20% sequentially from the
    first quarter of fiscal 2009 to roughly $13 million in the second
    quarter of fiscal 2010.
 -- Gross profit margin increased from 53% in the first quarter of
    fiscal 2010 to roughly 60% in the second quarter of fiscal 2010.
 -- On August 31, 2009 total cash and marketable securities were $10.9
    million, up from $9.1 million at the end of the first quarter.

Full results of second quarter operations will be released on October 7, 2009 after the market closes, and will be followed by an earnings call with investors at 8 a.m. on October 8, 2009.

"I'm thrilled with the positive developments in the business, as indicated by the preliminary second quarter results," said Sellers. "This is only the second full quarter that new management has been at the helm, but we've made significant progress in turning things around and we expect to make further significant progress in upcoming quarters. As previously announced, Chris Davino has joined Premier as CEO on a permanent basis.