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Gulfstream International Group Receives NYSE Amex Non-Compliance Notice
FORT LAUDERDALE, Fla., July 2, 2010 -- Gulfstream International Group, Inc. (NYSE Amex:GIA) announced today that on June 30, 2010, it received a deficiency letter from the NYSE Amex LLC indicating that, based on a review of publicly available information, the Company is not in compliance with the minimum stockholders' equity requirements for continued listing on the Exchange as set forth in Section 1003(a) of the NYSE Amex Company Guide Specifically, the Company is not in compliance with Section 1003(a)(i)(ii) of the Company Guide with stockholders' equity of less than $4,000,000 and losses from continuing operations and/or net losses in three out of its four most recent fiscal years.
The Company has been afforded the opportunity to provide, by July 14, 2010, a supplemental plan to achieve and sustain compliance with all of the Exchange's listing requirements, including a time frame for regaining compliance with Section 1003(a)(i)(ii) of the Company Guide by November 12, 2010 (the "Plan Period"). If the Exchange accepts the supplemental plan, the Company may be able to continue its listing during the Plan Period, during which time the Company will continue to be subject to periodic review to determine if it is making progress consistent with the supplemental plan. If the Company does not submit a supplemental plan, or if the supplemental plan is not accepted, the Company will be subject to delisting proceedings. The Company may appeal a Staff determination to initiate delisting proceedings.
The Company currently intends to prepare and submit a supplemental plan within the time frame required by the Exchange. Prior to filing the supplemental plan and, if the supplemental plan is timely filed, while the supplemental plan is under review by Exchange, the Company expects that its common stock will continue to trade without interruption on Exchange; however, the trading symbol for the Company's common stock will continue to have an indicator (.BC) added as an extension to signify noncompliance with the continued listing standards. In addition, the Company will continue to be included in a list on the Exchange website of issuers that do not comply with the listing standards. The .BC indicator will remain as an extension on the Company's trading symbol until it has regained compliance with all applicable continued listing standards.
About Gulfstream International Group, Inc.
Gulfstream is a regional air carrier based in Fort Lauderdale, Florida, operating for 20 years. The Company specializes in providing travelers with access to niche locations not typically covered by major carriers. Gulfstream International Airlines, Inc. operates more than 150 scheduled flights per day, serving nine destinations in Florida, ten destinations in the Bahamas, five destinations from Continental Airline's Cleveland hub under the Department of Transportation's Essential Air Service Program and charter service to Cuba. For more information on the company, visit the company's website at http://www.gulfstreamair.com