MELVILLE, N.Y., April 23, 2010 (GLOBE NEWSWIRE) -- P&F Industries, Inc. (Nasdaq:PFIN) today announced that on April 19, 2010, it received a letter from The NASDAQ Stock Market stating that the Company no longer complies with NASDAQ Marketplace Rule 5250(c)(1) because the Company had not yet filed its Annual Report on Form 10-K for the year ended December 31, 2009. The letter was issued by NASDAQ under NASDAQ Listing Rule 5810(b) for the Company's failure to comply with NASDAQ Listing Rule 5250(c)(1). The Company has 60 calendar days to submit to NASDAQ a plan to regain compliance with the NASDAQ listing rules. The Company intends to file its Form 10-K as soon as possible, and before the plan has to be submitted, to regain compliance.
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P&F Industries, Inc., through its two wholly-owned subsidiaries, Continental Tool Group, Inc. and Countrywide Hardware, Inc., manufactures and/or imports air-powered tools sold principally to the industrial, retail and automotive markets, and various residential hardware such as staircase components, kitchen and bath hardware, fencing hardware and door and window hardware. P&F's products are sold under their own trademarks, as well as under the private labels of major manufacturers and retailers.