Phoenix Footwear looks to regain NYSE listing

CARLSBAD, Calif. Phoenix Footwear Group previously announced it had received a notice on Oct. 9, 2009 from the NYSE Amex LLC indicating that as of its quarter ended July 4, 2009, the company failed to meet the continued listing standards of the NYSE Amex. Specifically, the letter stated that the company was not in compliance with Section 1003(a)(ii) of the NYSE Amex Company Guide, with stockholders' equity of less than $4,000,000 and losses from continuing operations and/or net losses in three of its four most recent fiscal years.

Phoenix Footwear was afforded the opportunity to submit a plan to the NYSE Amex addressing how it intends to regain compliance with this continued listing standard, and on Nov. 9, 2009, the company presented its plan to the Exchange.

On Dec. 24, 2009, the company received notice from the Exchange that it has accepted the company's plan of compliance. Accordingly, the Exchange has granted the company an extension until April 11, 2011 to regain compliance with its continued listing standards. The company will be subject to periodic review by the Exchange staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the company being delisted from the NYSE Amex.