FORT LAUDERDALE, Fla., April 3 /PRNewswire-FirstCall/ -- eDiets.com, Inc. , a leading provider of convenient at-home diet, fitness and healthy lifestyle solutions, today announced that it received a notice from the NASDAQ Stock Market indicating that the market value of the Company's listed securities has fallen below $35 million, the minimum level required for listing on the NASDAQ Capital Market, in compliance with NASDAQ Marketplace Rule 4310(c)(3)(B). The Company will have until June 30, 2009 to regain compliance by establishing a market value of listed securities of at least $35 million for a minimum of 10 consecutive business days, in accordance with Marketplace Rule 4310(c)(8)(C). The Company may appeal and request a hearing before the NASDAQ Listing Qualifications Panel for a further extension if they cannot be in compliance by June 30, 2009. The common stock would continue to be listed at least until the conclusion of the appeal process.
Additionally, the notice from the NASDAQ Stock Market indicated that the Company does not comply with Marketplace Rules 4310(c)(3)(A) or 4310(c)(3)(C), which require minimum stockholders' equity of $2.5 million or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years.
The Company will explore every option available to address their current listing options.
About eDiets
eDiets.com, Inc. is a leading provider of personalized nutrition, fitness and weight-loss programs. eDiets currently features its award-winning, fresh-prepared diet meal delivery service as one of the more than 20 popular diet plans sold directly to members on its flagship site, http://www.ediets.com/. The company also provides a broad range of customized wellness and weight management solutions for Fortune 500 clients. eDiets.com's unique infrastructure offers businesses, as well as individuals, an end-to-end solution strategically tailored to meet its customers' specific goals of achieving a healthy lifestyle. For more information, please call 310-954-1105 or visit http://www.ediets.com/.
Safe Harbor Statement
Statements which are not historical in nature are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties which could cause the actual results, performance or achievements to be materially different from those which may be expressed or implied by such statements. These risks and uncertainties include, among others, that we will not be able to obtain sufficient and/or acceptable outside financing (when and if required);, changes in general economic and business conditions; changes in product acceptance by consumers; a decline in the effectiveness of sales and marketing efforts; loss of market share and pressure on prices resulting from competition; significant investments in our technology platform, marketing plans, and product development to remain competitive with other online providers of healthy living and weight loss plans, many of which may be found to offer superior and more varied features than our plans and may also be offered for free; volatility in the advertising markets; any delay, disruption, or suspension of our supply of prepared meals from our vendor; changes in consumer preferences and discretionary spending; product liability and other risks from the sale of ingested products; regulatory actions affecting our marketing activities; and the outcome of litigation pending against us. For additional information regarding these and other risks and uncertainties associated with eDiets.com's business, reference is made to our Annual Report on Form 10-K for the year ended December 31, 2008, and other reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements are current only as of the date on which such statements are made. We do not undertake any obligation to publicly update any forward-looking statements.
eDiets.com, Inc.
CONTACT: Investor Relations: John Mills of ICR, Inc., +1-310-954-1105,
John.Mills@icrinc.com
Web Site: http://www.ediets.com/
