NEW YORK, July 20 /PRNewswire-FirstCall/ -- Atari, Inc. , an interactive entertainment company, announced today that it has received a NASDAQ Staff Determination stating that it is not in compliance with Marketplace Rule 4310(c)(14), and its securities are subject to delisting from the Nasdaq Global Market because it did not file its Annual Report on Form 10-K for the year ended March 31, 2007 within the prescribed time period. Receipt of the Determination does not result in immediate delisting of its common stock. Atari has made a timely request for a hearing with The NASDAQ Listing Qualifications Panel to appeal the NASDAQ Staff Determination. This request will stay the delisting pending the Panel's decision. Atari has not filed its Form 10-K because it is still determining what, if any, accounting entries it needs to make with respect to certain severance matters. Atari will endeavor to make that determination as quickly as possible and therefore file its Form 10-K prior to the hearing date. If Atari does not, there can be no assurance the Panel will grant its request for continued listing.
About Atari, Inc.
New York-based Atari, Inc. develops interactive games for all platforms and is a third-party publisher of interactive entertainment software in the U.S. The Company's 1,000+ titles include hard-core, genre- defining franchises such as Test Drive(R); and mass-market and children's franchises such Dragon Ball Z(R). Atari, Inc. is a majority-owned subsidiary of France-based Infogrames Entertainment SA (Euronext - ISIN: FR-0000052573), an interactive games publisher in Europe. For more information, visit http://www.atari.com/.
Safe Harbor Statement
With the exception of the historical information contained in this release, the matters described herein contain certain "forward-looking statements" that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this release are not promises or guarantees and are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. These statements are based on management's current expectations and assumptions and are naturally subject to uncertainty and changes in circumstances. We caution you not to place undue reliance upon any such forward-looking statements. Actual results may vary materially from those expressed or implied by the statements herein. Some of the factors which could cause our results to differ materially include the following: the loss of key customers, such as Wal-Mart, Best Buy, Target, and GameStop; delays in product development and related product release schedules; inability to secure capital; adapting to the rapidly changing industry technology, including new console technology; maintaining relationships with leading independent video game software developers; maintaining or acquiring licenses to intellectual property; fluctuations in the Company's quarterly net revenues and results of operations based on the seasonality of our industry; the termination or modification of our agreements with hardware manufacturers; and other factors described in our SEC filings.
The Company undertakes no duty to update any forward-looking statements to conform the statement to actual results or changes in the Company's expectations.
