(Source: Business Wire)
Orion Energy Systems, Inc. (NYSE Amex: OESX), a leading power technology
enterprise, today announced that it has received a notice from NYSE Amex
LLC (the "Exchange"), indicating that the Company was not in compliance
with the Exchange's continued listing criteria set forth in Sections134
and 1101 of the NYSE Amex LLC Company Guide because it did not timely
file its Annual Report on Form 10-K for the year ended March31, 2011.
In order to maintain its Exchange listing, the Company has submitted a
plan of compliance to the Exchange that will bring the Company into
compliance with the listing standards no later than September 28, 2011.
The Company's plan of compliance explained that, as previously reported,
due to the complexities and complications associated with the
restatement of its financial statement to account for transactions under
its historical Orion Throughput Agreements as sales-type capital leases
period afforded by SEC Rule 12b-25. However, the Company expects to file
its fiscal 2011 Annual Report on instead of the Company's current
accounting treatment of such transactions as operating leases, the
Company was not able to file its Annual Report on Form 10-K for its
fiscal year ended March 31, 2011 within the 15-day extension of fiscal
2011 and 2010.
The Corporate Compliance Department of the Exchange will evaluate the
plan, and will make a determination as to whether the Form 10-K by
mid-July and as promptly thereafter as possible file its amended Form
10-Qs for the first three quarters Company has made a reasonable
demonstration of an ability to regain compliance with the continued
listing standards by September 28, 2011, in which case the plan will be
accepted. If the plan is accepted, the Company will remain listed during
the plan period ending September 28, 2011, during which time it will be
subject to periodic review to determine whether it is making progress
consistent with the plan.
About Orion Energy Systems
Orion Energy Systems, Inc. (NYSE Amex: OESX) is a leading power
technology enterprise that designs, manufactures and deploys energy
management systems ? consisting primarily of high-performance, energy
efficient lighting platforms, intelligent wireless control systems and
direct renewable solar technology for commercial and industrial
customers ? without compromising their quantity or quality of light.