Alliance One International Announces Notice of Noncompliance with NYSE Continued Listing Standards for Failure to File Form 10-K

MORRISVILLE, N.C., July 1, 2016 /PRNewswire/ -- Alliance One International, Inc. (NYSE: AOI)  today announced that on June 30, 2016 it received a notice from NYSE Regulation, Inc. ("NYSE Regulation") indicating that the company is not in compliance with the continued listing requirements of the New York Stock Exchange (the "NYSE") under the timely filing criteria outlined in Section 802.01E of the NYSE Listed Company Manual as a result of its failure to timely file with the Securities and Exchange Commission (the "SEC") its Annual Report on Form 10-K for the fiscal year ended March 31, 2016 (the "Form 10‑K").  Under the NYSE rules, the company will have six months to file the Form 10-K with the SEC and can regain compliance with the NYSE listing standards at any time prior to such date by filing the Form 10-K with the SEC.  If the company fails to file its Form 10-K prior to such date, then NYSE Regulation may grant, at its discretion, a further extension of up to six additional months, depending on the specific circumstances.  The letter from the NYSE Regulation also notes that the NYSE Regulation may commence delisting proceedings at any time if the circumstances warrant.

As disclosed by Alliance One in its Form 12b-25/A filed with the SEC on June 29, 2016, on May 25, 2016, the company filed with the SEC its Amendment No. 1 on Form 10-K/A for the fiscal year ended March 31, 2015 (the "Form 10-K/A") to amend its Annual Report on Form 10 K for such fiscal year, its amendment No. 1 on Form 10-Q/A for the period ended June 30, 2015 (the "Form 10-Q/A") to amend its Quarterly Report on Form 10-Q for such period, its Quarterly Report on Form 10-Q for the period ended September 30, 2015 (the "Second Quarter Form 10-Q") and its Quarterly Report on Form 10-Q for the period ended December 31, 2015 (the "Third Quarter Form 10-Q").  The Form 10-K/A and Form 10-Q/A were filed to correct errors  the company discovered in its accounting at its Kenya subsidiary; certain details regarding those errors and adjustments are discussed in Note 1A "Restatement of Previously Issued Consolidated Financial Statements" of Notes to Consolidated Financial Statements (As Restated) included in Item 8 of the Form 10-K/A and in Note 1A "Restatement of Previously Issued Condensed Consolidated Financial Statements" of Notes to Condensed Consolidated Financial Statements (As Restated) included in Item 1 of the Form 10 Q/A.  The effort required to file the 10-K/A, the Form 10-Q/A, the Second Quarter Form 10-Q and Third Quarter Form 10-Q has delayed the preparation and completion of the company's Form 10-K for the fiscal year ended March 31, 2016.  As a result,the company was unable to file the Form 10-K within the prescribed time period and intends to file the Form 10-K as soon as practicable.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995.  These statements are based on current expectations of future events and may be impacted by the current investigation noted herein. Such statements include, but are not limited to, statements about its filing with the SEC of the Form 10-K, and other plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based on the current beliefs and expectations of management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results may differ materially from those currently anticipated expected or projected.  The following factors, among others, could cause actual results to differ from those expressed or implied by the forward-looking statements:  the occurrence of unanticipated events or developments that could delay its filing with the SEC of the Form 10-K and Alliance One's ability to satisfy the NYSE's continued listing standards.  Additional factors that could cause the company's results to differ materially from those expressed or implied by forward-looking statements can be found in Alliance One's most recent Annual Report on Form 10-K and the other filings with the SEC which are available at the SEC's Internet site (http://www.sec.gov).

About Alliance One International, Inc.

Alliance One International is a leading independent global leaf merchant. For more information about the company, visit Alliance One's website at www.aointl.com.

SOURCE Alliance One International, Inc.

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