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PPT VISION Regains Compliance with Nasdaq Bid Price Rules
Datalogic USA, Inc. Posted 04/28/2005
MINNEAPOLIS, April 27 /PRNewswire-FirstCall/ -- PPT VISION, Inc. (Nasdaq: PPTVD - News) announced today that it has received formal notification from Nasdaq that it has regained full compliance with the $1.00 bid price rule for continued listing on the Nasdaq Small Cap Market. On November 2, 2004, Nasdaq had notified the Company that the bid price of its common stock had closed at less than $1.00 for 30 consecutive trading days and therefore the Company was in violation of the rules for continuous listing on the Nasdaq Small Cap Market. The Company, however, continued to be listed on Nasdaq pursuant to a series of exemptions as provided in the Nasdaq regulations. To regain full compliance with the Nasdaq listing rules, the Company's closing bid price for its common stock had to be $1.00 or greater for ten consecutive days.
On March 10, 2005, the Company announced that its Board of Directors approved a 1-for-4 reverse split of its common stock effective as of the close of business on March 31, 2005 and the conversion to book-entry share registration also effective as of March 31, 2005. As a result of the 1-for-4 reverse split, the Company successfully achieved compliance with the Nasdaq 10-day, $1.00 bid price requirement on April 19, 2005.
About PPT VISION
PPT VISION, Inc. ('the Company') designs, manufactures, and markets camera-based intelligent systems for automated inspection in manufacturing applications. The Company's products, commercially known as machine vision systems, enable manufacturers to realize significant economic paybacks by increasing the quality of manufactured parts and improving the productivity of manufacturing processes. The Company's machine vision product line is sold on a global basis to end-users, system integrators, distributors and original equipment manufacturers (OEM's) primarily in the electronic and semiconductor component, automotive, medical device, and packaged goods industries. The Company's Common Stock trades on the Nasdaq Small Cap Market tier of The Nasdaq Stock Market under the symbol PPTV. For more information, please see the PPT VISION, Inc. web site at http://www.pptvision.com.
The discussion above contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectations, beliefs, intentions and strategies regarding the future. Forward-looking statements include, without limitation, statements regarding the extent and timing of future revenues and expenses and customer demand. All forward-looking statements included in this document are based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any such forward- looking statements. The Company's actual results are subject to risks and uncertainties and could differ materially from those discussed in the forward- looking statements. These statements are based upon the Company's expectations regarding a number of factors, including those contained in the Company's Form 10-KSB for the year ended October 31, 2004 and other reports filed with the Securities and Exchange Commission.