Raining Data Corporation Announces Receipt of Nasdaq Letter of Reprimand
10 Octobre 2007 - 10:15PM
PR Newswire (US)
IRVINE, Calif., Oct. 10 /PRNewswire-FirstCall/ -- Raining Data
Corporation (NASDAQ:RDTA) today announced that it has received a
Nasdaq Letter of Reprimand (the "Letter"), dated October 8, 2007,
closing the matter concerning Raining Data Corporation's
"Controlled Company" status. As previously disclosed on Form 8-K
filed with the Securities and Exchange Commission on August 10,
2007, Raining Data Corporation (the "Company") recently became
aware that as of August 1, 2006, the Company ceased to be a
"Controlled Company" as defined in Nasdaq Marketplace Rule
4350(c)(5). As of such date, Astoria Capital Partners, L.P.'s
("Astoria") voting power was reduced to below 50% due to an
increase in the Company's total shares outstanding. The Company's
definitive proxy statement filed on January 16, 2007 (the "Proxy")
incorrectly stated that the Company was a "Controlled Company"
because more than 50% of its voting power was held by Astoria. The
Proxy also indicated that the Company was relying on the Controlled
Company exemption set forth in Nasdaq Marketplace Rule 4350(c)(5)
to allow Richard Koe, a non-independent director, to serve on both
the Compensation Committee and Nominating and Corporate Governance
Committee. Due to the fact that the Company was no longer eligible
to rely upon the Controlled Company exemption, the Company was out
of compliance with Nasdaq's Compensation and Nominating Committee
requirements since Astoria's voting power declined below 50%. On
August 10, 2007, the Company appointed Gerald Chew, an independent
director, to serve on the Company's Compensation Committee and
Nominating and Corporate Governance Committee, and Richard Koe
remained on such committees in reliance on the exceptional and
limited circumstances exception set forth in Nasdaq Marketplace
Rules 4350(c)(3)(C) and (c)(4)(C). As a result of such appointment,
the Letter confirmed that the Company is now compliant with
Nasdaq's Compensation and Nominating Committee requirements. Due to
Astoria's conversion of outstanding debt in October 2007, Astoria
currently holds more than 50% of the Company's voting power and,
therefore, the Company is once again a "Controlled Company" as
defined in Nasdaq Marketplace Rule 4350(c)(5). About Raining Data
Raining Data Corporation (NASDAQ:RDTA), headquartered in Irvine,
California, offers enterprise-grade XML database management and
information aggregation software solutions and has been providing
reliable data management and rapid application deployment solutions
for ISVs and developers of database applications for more than
three decades. Raining Data's flagship products include: 1) The
High-performance TigerLogic(R) XML Data Management Server (XDMS),
which provides flexible, scalable and extensible XML data storage
as well as query and retrieval of critical business data across a
variety of structured and unstructured information sources,
delivering mid-tier scalability and transactional integrity across
heterogeneous enterprise databases as well as dynamic extensibility
and ease of use, mostly found in repositories and file systems; 2)
Powerful Pick(R) Universal Data Model (Pick UDM) based database
management systems and components, including D3(R), mvEnterprise(R)
and mvBase(R) that are the choice of more than a thousand
application developers worldwide and .NET Integration components
including the Pick Data Provider for .NET and the Pick Reporting
Services Connector; and 3) Omnis Studio(R), a powerful,
cross-platform, object-oriented RAD tool for developing
sophisticated thick-client, Web-client or ultra thin-client
database applications. Raining Data's installed customer base
includes more than 500,000 active users representing over 20,000
customer sites worldwide, with a significant base of diverse
vertical applications. With more than 100 employees and contractors
worldwide, Raining Data offers 24x7 customer support services and
maintains a strong international presence. More information about
Raining Data Corporation and its products can be found at
http://www.rainingdata.com/. Except for the historical statements
contained herein, the foregoing release may contain forward-looking
statements. These forward-looking statements are subject to risks
and uncertainties, and actual results could differ materially due
to several factors, including but not limited to the success of the
Company's research and development efforts to develop new products
and to penetrate new markets, the market acceptance of the
Company's new products and updates, technical risks related to such
products and updates, the Company's ability to maintain market
share for its existing products, the availability of adequate
liquidity and other risks and uncertainties. Please consult the
various reports and documents filed by Raining Data Corporation
with the U.S. Securities and Exchange Commission, including but not
limited to the Company's most recent reports on Form 10-KSB and
Form 10-QSB for factors potentially affecting the Company's future
financial results. All forward-looking statements are made as of
the date hereof and the Company disclaims any responsibility to
update or revise any forward-looking statement provided in this
news release. The Company's results for the quarter ended June 30,
2007 are not necessarily indicative of the Company's operating
results for any future periods. Raining Data, Pick, mvDesigner, D3,
mvEnterprise, mvBase, Omnis, Omnis Studio and TigerLogic are
trademarks of Raining Data Corporation. All other trademarks and
registered trademarks are properties of their respective owners.
DATASOURCE: Raining Data Corporation CONTACT: Thomas G. Lim, Chief
Financial Officer of Raining Data Corporation, +1-949-442-4400,
Fax, +1-949-250-8187, Web site: http://www.rainingdata.com/
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