DALLAS, May 9, 2001 (PRIMEZONE) -- Fresh America Corp. (Nasdaq:FRESE), a major North American fresh produce distribution company, announced today that it has received a Nasdaq Staff Determination indicating that the Company fails to comply with the market value of public float requirement found in Marketplace Rule 4450(a)(2), and that its securities are, therefore, subject to delisting from the Nasdaq National Market.
The Company believes there are numerous factors to support its position that its common stock should continue to be listed on the Nasdaq National Market, and it currently has a written hearing before a Nasdaq Listing Qualifications Panel scheduled for May 10, 2001 to review this Staff Determination. There can be no assurance that the Panel will grant the Company's request for continued listing.
This news release contains forward-looking statements that are subject to significant risks and uncertainties, including statements related to the future operating and financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Important risk factors that could cause actual results to differ materially from those reflected in the Company's forward-looking statements include the Company's continued dependence on key customers, risks associated with new business opportunities, volatility of produce prices and quality, the availability and costs of borrowed funds and covenant requirements of its lenders, general economic and market conditions, competition, dependence on key personnel and seasonality, as well as the risk factors and uncertainties disclosed in the Company's filings with the Securities and Exchange Commission.