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Nasdaq previously notified the Company that its common stock had failed to maintain a minimum bid price of at least $1.00 per share over 30 consecutive trading days as required, and that the Company had 180 days to regain compliance with the bid price requirement.
As a result of the notification, Westaff will continue to trade on the Nasdaq Global Market and is not at this time subject to delisting. On February 12, 2009, the closing price of the Company's common stock was $1.11 per share.
About Westaff
Westaff provides staffing services and employment opportunities for businesses in global markets. Westaff annually employs more than 100,000 people and services thousands of client accounts throughout the United States. For more information, please visit the company Web site at www.westaff.com.
This press release contains forward-looking statements within the meaning of the U.S. securities laws. Forward-looking statements in this release are generally identified by words such as "expects," "believes," "will," "should" and similar expressions that are intended to identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement. Forward-looking statements contained herein include, but are not limited to, statements regarding the continued listing of Westaff's common stock on the Nasdaq Global Market. The forward-looking statements contained herein involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Many of these risks and uncertainties cannot be controlled by the Company. These risks and uncertainties include, but are not limited to, the volatility of the price of Westaff's common stock and the determinations by Nasdaq and its staff. Additional information concerning the risks and uncertainties listed above, and other factors you may wish to consider, is contained in the Company's filings with the Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K for the year ended November 3, 2007 and Quarterly Report on Form 10-Q for the quarterly period ended July 12, 2008.
Forward-looking statements are based on the beliefs and assumptions of the Company's management and on currently available information. The Company undertakes no responsibility to publicly update or revise any forward-looking statement except as required by applicable laws and regulations.
SOURCE: Westaff, Inc.
Westaff, Inc. Meghan Pariso, 925-256-1522 (Media Relations) mpariso@westaff.com
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