SEOUL, South Korea, Nov. 10 /PRNewswire-FirstCall/ -- Pixelplus Co., Ltd. (Nasdaq: PXPL), a fabless semiconductor company in Korea that designs, develops, and markets CMOS image sensors for various consumer electronics applications, today announced that the Company received an equity deficiency notification letter from Nasdaq on November 5, 2008 stating that the Company is failing to comply with Marketplace Rule 4320(e)(2)(B), which requires the Company to have a minimum of $2,500,000 in stockholders' equity or $35,000,000 market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years.
The Company intends to furnish Nasdaq with a plan that will entail specific measures to achieve and sustain compliance with the relevant Marketplace Rule for continued listing on the Nasdaq Capital Market on or before November 19, 2008. However, there can be no assurance that Nasdaq will find such plan sufficient, and it may determine that the Company's plan to meet the Nasdaq Capital Market listing requirements will be considered insufficient. If Nasdaq determines that the Company's plan to achieve compliance is not acceptable, the Company may be required to delist its American Depositary Shares.
About Pixelplus Co., Ltd.
Pixelplus is a South Korea-based developer of high-performance, high-resolution, and cost-effective CMOS image sensors for use primarily in mobile camera phones. In addition to mobile phones, Pixelplus provides CMOS image sensors and SoC solutions for use in webcams and notebook embedded cameras, toys and games, and security and surveillance systems applications.
As a fabless semiconductor company, Pixelplus is focused on creating proprietary design technologies to develop CMOS image sensors with sharp, colorful and enhanced image quality, size efficiency, and low power consumption.
Contact:
Shane Y. Hong
Pixelplus Co., Ltd.
6th Floor, Gyeonggi R&DB Center
906-5 Iui-dong, Yeongtong-gu, Suwon-si
Gyeonggi-do, 443-766, Republic of Korea
+82-31-888-5300
OR
Taylor Rafferty:
London - Emilia Whitbread at +44 (0) 20 7614 2900
New York - Jessica McCormick at +1 212 889 4350
Tokyo - Jason Wagers at +81 (0) 3 3221 9513
E-mail pixelplus@taylor-rafferty.com
SOURCE Pixelplus Co., Ltd.
International News / Press Release source: PR Newswire
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