HOLLYWOOD, Calif., Feb. 12, 2013 /PRNewswire/ -- Frederick's of
Hollywood Group Inc. (NYSE MKT: FOH) ("Company") today announced
that on February 6, 2013, it received
a notice from the NYSE MKT (the "Exchange") of its intent to delist
the Company's common stock based on the Company's continued
non-compliance with the stockholders' equity requirements for
continued listing as set forth in Sections 1003(a)(i-iii) of the
Exchange Company Guide.
The Company has decided not to request a hearing to appeal the
delisting determination, and its common stock is expected to be
suspended from the Exchange effective at the open of the market on
February 22, 2013. The Company
intends to remain current in its SEC reporting obligations, and
expects that its common stock will be quoted and traded on the
OTCQB Marketplace upon delisting from the Exchange, or as soon as
practicable thereafter, under a new four-character symbol that the
Company will announce prior to the opening of trading. The
OTCQB is a market tier operated by the OTC Market Group Inc. for
qualifying companies that are not listed on a national securities
exchange.
"Although we are disappointed with the Exchange's decision to
move forward with delisting proceedings, we will continue to be a
fully reporting company with the SEC and do not expect our move to
the OTCQB to impact our business. We remain committed to
unlocking the value of the Frederick's of Hollywood brand for our
shareholders," stated Thomas Lynch,
the Company's Chairman and Chief Executive Officer.
Forward Looking Statement
Certain of the matters set
forth in this press release are forward-looking and involve a
number of risks and uncertainties. These statements are based
on management's current expectations or beliefs. Actual
results may vary materially from those expressed or implied by the
statements herein. Among the factors that could cause actual
results to differ materially are the following: competition;
business conditions and industry growth; rapidly changing consumer
preferences and trends; general economic conditions; working
capital needs; continued compliance with government regulations;
loss of key personnel; labor practices; product development;
management of growth, increases in costs of operations or inability
to meet efficiency or cost reduction objectives; timing of orders
and deliveries of products; risks of doing business abroad; the
ability to protect our intellectual property; and the other risks
that are described from time to time in the Company's SEC
reports. The Company is under no obligation to, and expressly
disclaims any obligation to, update or alter its forward-looking
statements, whether as a result of new information, future events,
changes in assumptions or otherwise.
About Frederick's of Hollywood Group Inc.
Frederick's
of Hollywood Group Inc., through its subsidiaries, sells women's
apparel and related products under its proprietary Frederick's of
Hollywood® brand
through 118 specialty retail stores, a catalog and an online shop
at http://www.fredericks.com/. With its exclusive product
offerings including Seduction by Frederick's of Hollywood and the Hollywood Exxtreme
Cleavage® bra, Frederick's of Hollywood is the Original Sex
Symbol®.
Our press releases and financial reports can be accessed on our
corporate website at http://www.fohgroup.com.
This release is available on the KCSA Strategic Communications
Web site at http://www.kcsa.com.
CONTACT:
|
Investor
Contacts:
|
Frederick's of Hollywood Group
Inc.
|
Todd
Fromer / Garth Russell
|
Thomas
Rende,
CFO
|
KCSA
Strategic
Communications
|
(212)
779-8300
|
212-896-1215 / 212-896-1250
|
|
tfromer@kcsa.com /
grussell@kcsa.com
|
SOURCE Frederick's of Hollywood Group Inc.