CHARLOTTE, N.C., Dec. 12, 2012 (GLOBE NEWSWIRE) -- Swisher Hygiene ("Swisher Hygiene") (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential hygiene and sanitation products and services, announced today that after meeting with the NASDAQ Hearings Panel to review its plan of compliance to complete its public filings, the NASDAQ Stock Market ("NASDAQ") has granted Swisher Hygiene's request to remain listed on NASDAQ, subject to meeting specific conditions for continued listing.
The conditions to remain listed on NASDAQ are as follows:
On or before December 31, 2012, Swisher Hygiene must provide a written update to NASDAQ regarding the status of the work toward compliance.
On or before January 15, 2013, the audit field work for the delinquent filings must be completed, and a further update shall be provided to NASDAQ regarding the status of work toward compliance.
On or before February 19, 2013, Swisher Hygiene must file with the Securities and Exchange Commission its restated 2011 Form 10-Qs and 2011 Form 10-K.
On or before February 28, 2013, Swisher Hygiene must file all 2012 Form 10-Qs, as well as provide NASDAQ with an update with respect to its progress on its audit and filing of its Form 10-K for the year ended December 31, 2012.
In order to fully comply with the terms of the extension, Swisher Hygiene must be able to demonstrate compliance with all requirements for continued listing on NASDAQ. In the event Swisher Hygiene is unable to do so, its securities may be delisted from NASDAQ. During the process of regaining compliance with NASDAQ, and provided Swisher Hygiene meets the conditions set forth above, Swisher Hygiene expects that its common stock will continue trading on NASDAQ under the symbol "SWSH." Swisher Hygiene is working to file its delinquent filings as promptly as possible; however, Swisher Hygiene can provide no assurance as to when it will complete these filings.
"We are pleased with the Hearings Panel's decision and we anticipate meeting the conditions to maintain Swisher Hygiene's listing on NASDAQ," said Thomas Byrne, Interim President and Chief Executive Officer of Swisher Hygiene. "We remain committed to finalizing our statements as expeditiously as possible and providing our shareholders with properly reviewed, audited and current financials. While this process is completed, we remain dedicated to serving our customers nationwide on a day-to-day basis with our comprehensive core chemical program as well as our complementary hygiene and sanitation services."
"As our financial reporting team continues to review and finalize the restated 2011 quarterly periods, we note that the anticipated aggregate adjustments are not expected to exceed the previously announced $4.6 million in increases to net loss before income taxes," added Mr. Byrne. "We are not currently able to provide estimated results for the full fiscal year 2011, and we cannot assure shareholders that the estimated adjustments for the first three quarters of 2011 will be indicative of our net loss for the year."
Cautionary Statement on Forward-Looking Information
All statements other than statements of historical fact contained in this press release constitute "forward-looking information" or "forward-looking statements" within the meaning of the U.S. federal securities laws and the Securities Act (Ontario) and are based on the expectations, estimates and projections of management as of the date of this press release, unless otherwise stated. All statements other than historical facts are, or may be, deemed to be forward looking statements. The words "plans," "expects," "is expected," "scheduled," "estimates," or "believes," or similar words or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," and similar expressions identify forward-looking statements.
Forward-looking statements in this press release include those regarding: (a) the ability of Swisher Hygiene to comply with the conditions of the NASDAQ Hearings Panel, and regain compliance with NASDAQ listing standards, (b) potential adjustments to Swisher Hygiene's financial statements, (c) the potential impact on any such adjustments on Swisher Hygiene's previously reported results of operations, including its previously reported net loss, and (d) the results of Swisher Hygiene's full fiscal year ended December 31, 2011. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Swisher Hygiene as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Swisher Hygiene contained in this press release, which may prove to be incorrect, include but are not limited to, the various assumptions set forth herein. All of these assumptions have been derived from information currently available to Swisher Hygiene including information obtained by Swisher Hygiene from third-party sources. These assumptions may prove to be incorrect in whole or in part. All of the forward-looking statements made in this press release are qualified by the above cautionary statements and those made in the "Risk Factors" section of Swisher Hygiene's Annual Report on Form 10-K for the year ended December 31, 2010 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, both filed with the Securities and Exchange Commission, available on www.sec.gov, and with Canadian securities regulators available on Swisher Hygiene's SEDAR profile at www.sedar.com, and Swisher Hygiene's other filings with the Securities and Exchange Commission and with Canadian securities regulators available on Swisher Hygiene's SEDAR profile at www.sedar.com. The forward-looking information set forth in this press release is subject to various assumptions, risks, uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking information. Swisher Hygiene disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events and circumstances, except to the extent required by applicable law.
About Swisher Hygiene Inc.
Swisher Hygiene Inc. is a NASDAQ and TSX listed company that provides essential hygiene and sanitation solutions to customers throughout much of North America and internationally through its global network of company-owned operations, franchises and master licensees operating in countries across Europe and Asia. These essential solutions include cleaning and sanitizing chemicals, foodservice and laundry products, restroom hygiene programs and a full range of related products and services. This broad set of offerings is designed to promote superior cleanliness and sanitation in all commercial environments, enhancing the safety, satisfaction and well-being of employees and patrons. Swisher Hygiene's customers include a wide range of commercial enterprises, with a particular emphasis on the foodservice, hospitality, retail, industrial and healthcare industries.
CONTACT: Swisher Hygiene Inc.
Phone: (704) 602-7116
Garrett Edson, ICR
Phone: (203) 682-8331
Alecia Pulman, ICR
Phone: (203) 682-8224