MOORE, Okla., Sept. 18, 2009 (GLOBE NEWSWIRE) -- Vaughan Foods, Inc. (Nasdaq:FOOD) reported it has received a notification from Nasdaq Listing Qualifications that its common stock has failed to maintain the minimum bid price of US $1.00 per share over a period of 30 consecutive trading days, as required by Nasdaq's Marketplace Rules. Nasdaq has provided Vaughan with a grace period of 180 calendar days, or until March 15, 2010, to regain compliance with this requirement or be delisted from trading on The Nasdaq Capital Market. To regain compliance, Vaughan's common stock must achieve a minimum closing bid price of at least US $1.00 for at least ten consecutive trading days unless the NASDAQ staff requires the stock to satisfy this requirement for a longer period (which would generally not be more than 20 consecutive trading days).
Vaughan intends to monitor the bid price for its common stock between now and March 15, 2010. If the stock does not trade at a level that is likely to regain compliance, Vaughan's Board of Directors will consider other options available to the Company to achieve compliance. If Vaughan is unable to come into compliance with the bid price requirement by March 15, 2010, Nasdaq Listing Qualifications will provide written notification that Vaughan's common stock will be delisted, which the Company may appeal to a Listing Qualifications Panel. Alternatively, the Company may be eligible for an additional grace period if it meets the initial listing standards, with the exception of bid price, for The Nasdaq Capital Market. If it meets the initial listing criteria, Staff will notify the Company that it has been granted an additional 180 calendar day compliance period.
About Vaughan Foods, Inc.
Vaughan Foods is an integrated manufacturer and distributor of value-added, refrigerated foods. We are uniquely able to distribute fresh-cut produce items along with a full array of value-added refrigerated prepared foods multiple times per week. We sell to both food service and retail sectors. Our products consist of fresh-cut vegetables, fresh-cut fruits, salad kits, prepared salads, dips, spreads, soups, sauces and side dishes. Our primary manufacturing facility is in Moore, Oklahoma. Our soups and sauces are manufactured in our facility in Fort Worth, Texas.
The Vaughan Foods, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4726
Safe Harbor Statement
This press release contains forward-looking statements about the future performance of Vaughan Foods, Inc. based on Management's assumptions and beliefs in light of information currently available to it. There are a variety of factors that could cause actual and future results to differ materially from those anticipated by the statements made above. These factors are outlined in the Company's Form 10-Q and other reports filed with the Securities and Exchange Commission. Furthermore, Vaughan Foods, Inc. undertakes no obligation to update, amend or clarify forward-looking statements whether as a result of new information, future events, or otherwise.