|[July 14, 2014]
Corporate Resource Services Receives Extension to Regain Compliance with NASDAQ Listing Rules
NEW YORK --(Business Wire)--
Corporate Resource Services, Inc. (NASDAQ:CRRS), a diversified
technology, staffing, recruiting and consulting services firm, today
announced that NASDAQ has granted an exception to enable the Company to
regain compliance with its filing requirements set forth in Listing
Rules 5250(c)(1) (the "Rule").
On June 23, 2014, the Company submitted to NASDAQ its plan to regain
listing compliance. On July 1, 2014, the Company filed its Form 10-K for
the period ended January 3, 2014 but has not as yet filed its quarterly
report on Form 10-Q for the period ended April 4, 2014 . On July 9,
2014, the Company was notified that based on the review of the
submission, an exception was granted to enable the Company to regain
compliance with the Rule. The exception requires the Company to file on
or before September 29, 2014 all delinquent reports, as required by the
Rule. The Company continues to work diligently on executing its plan to
regain compliance with the NASDAQ Listing Rule within the timeframe of
the exception granted by NASDAQ. In the event the Company does not
satisfy the terms, NASDAQ will provide written notification that its
securities will be delisted. At that time, the Company may appeal
NASDAQ's determination to a Hearings Panel.
About Corporate Resource Services, Inc.
Corporate Resource Services, Inc. provides cloud-base enterprise
applications and hosting services to PEO and staffing companies, as well
as diversified staffing, recruiting, and consulting services. The
Company offers trained employees in the areas of Insurance, Information
Technology, Accounting, Legal, Engineering, Science, Healthcare, Life
Sciences, Creative Services, Hospitality, Retail, General Business and
Light Industrial work. The company's blended staffing solutions are
tailored to our customers' needs and can include customized employee
pre-training and testing, on-site facilities management, vendor
management, risk assessment and management, market analyses and
productivity/occupational engineering studies.
The Company's ability to deliver broad-based solutions provides its
customers a "one stop shop" to fulfill their staffing needs from
professional services and consulting to clerical and light industrial
positions. Depending on the size and complexity of an assignment,
Corporate Resource Services can create an on-site facility for
recruiting, training and administration at the customers' location.
Company recruiters have the latest state of the art recruiting resources
available to help customers secure the best candidates in today's
ever-changing marketplace. CRS's national network of recruiters has
staffing experts that get excellent results by focusing within their
areas of expertise. The Company operates 244 staffing and on-site
facilities in 42 states and the District of Columbia and it offers its
services to a wide variety of clients in many industries, ranging from
sole proprietorships to Fortune 1000 companies. To learn more, visit http://www.crsco.com.
This press release contains forward-looking statements, which are
subject to risks and uncertainties. Such statements are based on
assumptions and expectations which may not be realized and are
inherently subject to risks and uncertainties, many of which cannot be
predicted with accuracy and some of which might not even be anticipated.
Future events and actual results, financial and otherwise, may differ
from the results discussed in the forward-looking statements. A number
of these risks and other factors that might cause differences, some of
which could be material, along with additional discussion of
forward-looking statements, are set forth in the Company's Annual Report
on Form 10-K filed with the Securities and Exchange Commission.
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