BELLEVUE, Wash.--(BUSINESS WIRE)--eMagin Corporation (NYSE Amex: EMAN, the “Company”), the leader in the development, design and manufacture of Active Matrix OLED microdisplays for high resolution imaging products, announced today that on August 23, 2011 it received a deficiency letter from the NYSE Amex LLC (the “Exchange”) notifying the Company that because it has not yet filed its 10-Q for the quarter ended June 30, 2011 with the Securities and Exchange Commission, which it was required to file by August 22, 2011, it was not in compliance with Sections 134 and 1101 of the NYSE Amex Company Guide (the “Company Guide) and as a result it was in material violation of its listing agreement with the Exchange.
In order to maintain its listing, the Company must submit a plan by September 6, 2011 advising the Exchange of action it has taken, or will take, that will bring the Company into compliance with Sections 134 and 1101 of the Company Guide no later than November 23, 2011 (the “Plan”).
The Company expects that its 10-Q for the quarter ended June 30, 2011 will be filed with the Securities and Exchange Commission in the near future and that it will regain full compliance with the Exchange’s continued listing rules.
About eMagin Corporation
A leader in OLED microdisplay technology and personal display systems, eMagin integrates high-resolution OLED microdisplays with magnifying optics to deliver virtual images comparable to large-screen computer and television displays in portable, low-power, lightweight personal displays. eMagin microdisplays provide near-eye imagery in a variety of products from military, industrial, medical and consumer OEMs. The Company's own Z800 3DVisor provides 3D stereovision and headtracking for PC gaming, training and simulation, immersion therapy, and other applications. More information about eMagin is available at www.emagin.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding eMagin Corporation's expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. Actual events or results may differ materially from those in the forward-looking statements as a result of various important factors, including those described in the Company's most recent filings with the SEC. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. The business and operations of the Company are subject to substantial risks which increase the uncertainty inherent in forward-looking statements. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.