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NASDAQ Issues Staff Deficiency Letter

^{Published on 2008-12-17 15:23:25 - Market Wire}
 

MINERAL WELLS, Texas--([ BUSINESS WIRE ])--PHAZAR CORP (NASDAQ:ANTP), Mineral Wells, Texas, reports that NASDAQ informed the Company in a letter dated December 16, 2008, that it was no longer in compliance with Marketplace Rule 4350(c) in that the Board of Directors lacks a majority of independent directors. Specifically, NASDAQ stated that under Rule 4200(15)(A) that Gary Havener would not qualify as an independent director until October 19, 2009, three years after he ceased being an officer or employee of the Company and that the Company now has three independent directors on its six-member board. NASDAQ did not reference any other independence standard disqualification for Mr. Havener other than time elapsed since serving as a Company officer or employee. On September 9, 2008, Garland P. Asher, previously an independent director, became a Company officer leading to the current distribution of independent and non-independent directors.

NASDAQ also stated that should the Company regain compliance with Rule 4350(c) by the earlier of the Company's next shareholder meeting or October 14, 2009, or, alternatively, if the next annual shareholder's meeting is held on or before April 13, 2009, compliance with Rule 4350(c) is regained by April 13, 2009, no further delisting action will be taken. If the Company does not regain compliance with Rule 4350(c) during this cure period, ending October 14, 2009, NASDAQ staff will provide it with a delisting notice which may be appealed to the NASDAQ Listing Qualifications Panel.

Product information is available at [ www.antennaproducts.com ], [ www.truemeshnetworks.com ] and [ www.phazar.com ].

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The common stock of PHAZAR CORP is listed on the NASDAQ Capital Market under the trading symbol "ANTP". This press release contains forward-looking information within the meaning of Section 29A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performances and underlying assumption and other statements, which are other than statements of historical facts. Certain statements contained herein are forward-looking statements and, accordingly, involve risks and uncertainties, which could cause actual results, or outcomes to differ materially from those expressed in the forward-looking statements. The Company's expectations, beliefs and projections are expressed in good faith and are believed by the Company to have a reasonable basis, including without limitations, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties, but there can be no assurance that management's expectations, beliefs or projections will result, or be achieved, or accomplished.