PHOENIX, Ariz., March 26, 2013 (GLOBE NEWSWIRE) -- On January 8, 2013, InnSuites Hospitality Trust (NYSE:IHT) (the "Trust") received a letter from the NYSE MKT LLC (f/k/a AMEX) (the "NYSE MKT") informing the Trust that the staff of the NYSE MKT's Corporate Compliance Department has determined that the Trust is not in compliance with Section 1003(a)(ii) of the NYSE MKT Company Guide due to the Trust having stockholders' equity of less than $4.0 million and net losses in three of its four most recent fiscal years.
The Trust was afforded the opportunity to submit a plan of compliance to the NYSE MKT and submitted its plan on February 5, 2013. On March 21, 2013, the NYSE MKT notified the Trust that it accepted the Trust's plan of compliance and granted the Trust an extension until April 30, 2014 to regain compliance with the continued listing standards. The Trust will be subject to periodic review by the NYSE MKT's staff during this extension period. Failure to make progress consistent with the plan or to regain compliance with continued listing standards by the end of the extension period could result in the Trust being delisted from the NYSE MKT.
The matters discussed in this news release may include "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements, including the Trust's continued listing on the NYSE MKT, are not guarantees of future performance due to numerous risks and uncertainties and are described in greater detail in our filings with the Securities and Exchange Commission. We can give no assurance that our expectations will be attained.
|NEWS BULLETIN||RE: INNSUITES HOSPITALITY TRUST|
|FROM||INNSUITES HOTEL CENTRE|
|INNSUITES HOSPITALITY TRUST||1625 E. NORTHERN AVENUE, # 105|
|NYSE MKT: IHT||Phoenix, Arizona 85020|
|FISCAL 2013||Phone: 602-944-1500|
|FOR FURTHER INFORMATION:|
|Marc Berg, Executive Vice President|
|FOR IMMEDIATE RELEASE|
|March , 2013|
Source:InnSuites Hospitality Trust