Streamline Health® Receives NASDAQ Listing Compliance Letter Due To Delay In Filing Quarterly Report On Form 10-Q
ATLANTA, June 16, 2014 /PRNewswire/ -- Streamline Health Solutions, Inc. (NASDAQ: STRM), a leading provider of transformational data-driven solutions to help healthcare providers reduce exposure to risk, enhance clinical, financial, and operational performance, and improve patient care, today announced that it received a letter from The NASDAQ Stock Market LLC ("NASDAQ") on June 12, 2014 notifying the Company that it is not in compliance with NASDAQ Listing Rule 5250(c)(1). The NASDAQ letter, which the Company expected, was issued because the Company did not timely file its Quarterly Report on Form 10-Q for the quarter ended April 30, 2014 with the Securities and Exchange Commission ("SEC"). This notification was issued in accordance with standard NASDAQ procedures and has no immediate effect on the listing or trading of the Company's common stock on NASDAQ.
As previously announced, on May 2, 2014, the Company received a letter from NASDAQ stating that the Company was not in compliance with NASDAQ Listing Rule 5250(c)(1) because the Company did not timely file its Annual Report on Form 10-K for the year ended January 31, 2014 with the SEC. On June 13, 2014, the Company filed this Form 10-K with the SEC.
The Company is in the process of preparing the Form 10-Q for the quarter ended April 30, 2014 and will file it with the SEC as soon as practicable. If the Company is unable to file this Form 10-Q with the SEC by July 1, 2014, the Company will submit a plan to NASDAQ on that date to regain compliance with NASDAQ Listing Rule 5250(c)(1). In the event the Company submits a compliance plan, NASDAQ can grant the Company up to 180 calendar days from the initial due date of the Form 10-K, or October 28, 2014, to regain compliance with this listing rule.
About Streamline Health
Streamline Health Solutions, Inc. (NASDAQ: STRM) is a healthcare industry leader in capturing, aggregating, and translating enterprise data into knowledge – actionable insights that reduce exposure to risk, enhance operational performance, and improve patient care. Through our Looking Glass™ Platform we provide clients with meaningful, intelligent SaaS-based solutions from patient engagement to reimbursement. We share a common calling and commitment to advance the quality of life and the quality of healthcare – for society, our industry, our clients, the communities they serve, and the individual patient. For more information, please visit our website at www.streamlinehealth.net.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995
Statements made by Streamline Health Solutions, Inc. that are not historical facts are forward-looking statements that are subject to risks and uncertainties and are no guarantee of future performance. Forward-looking statements contained in this press release include, without limitation, statements regarding the timing of the Company's Form 10-Q filing, submission of a NASDAQ compliance plan, compliance with NASDAQ's continued listing requirements and related expectations and assumptions.
The forward looking statements contained herein are subject to certain risks, uncertainties and important factors that could cause actual results to differ materially from those reflected in the forward-looking statements, included herein. These risks and uncertainties include, but are not limited to, completion and timing of the audit of the Company's financial statements for the fiscal year ended January 31, 2014, the timing of contract negotiations and execution of contracts and the related timing of the revenue recognition related thereto, the potential cancellation of existing contracts or clients not completing projects included in the backlog, the impact of competitive solutions and pricing, solution demand and market acceptance, new solution development, key strategic alliances with vendors that resell the Company's solutions, the ability of the Company to control costs, availability of solutions from third party vendors, the healthcare regulatory environment, potential changes in legislation, regulation and government funding affecting the healthcare industry, healthcare information systems budgets, availability of healthcare information systems trained personnel for implementation of new systems, as well as maintenance of legacy systems, fluctuations in operating results, effects of critical accounting policies and judgments, changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other similar entities, changes in economic, business and market conditions impacting the healthcare industry generally and the markets in which the Company operates and nationally, and the Company's ability to maintain compliance with the terms of its credit facilities, and other risks detailed from time to time in the Streamline Health Solutions, Inc. filings with the U. S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revision to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
SVP, Chief Marketing Officer
SOURCE Streamline Health Solutions, Inc.