RESTON, VA, Jan 15, 2008 (MARKET WIRE via COMTEX News Network) -- Comstock Homebuilding Companies, Inc. (NASDAQ: CHCI) ("Comstock" or
the "Company") today announced that it received notice from The
NASDAQ Stock Market ("NASDAQ") stating that for 30 consecutive
business days the Company's common stock has closed below the minimum
$1.00 per share requirement for continued inclusion under Marketplace
Rule 4450(a)(5). The notice has no effect on the listing of the
Company's securities at this time, and its common stock will continue
to trade on the NASDAQ Global Market under the symbol "CHCI."
In accordance with Marketplace Rule 4450(e)(2), the Company has 180
calendar days, or until July 7, 2008, to regain compliance. The
notice states that if, at any time before July 7, 2008, the bid price
of the Company's common stock closes at $1.00 per share or more for a
minimum of 10 consecutive business days, NASDAQ staff will provide
written notification that the Company has achieved compliance with the
minimum bid price requirement. No assurance can be given that the
Company will regain compliance during that period.
If the Company does not regain compliance with the minimum bid price
requirement by July 7, 2008, NASDAQ staff will provide the Company
with written notification that its securities will be delisted. At
that time, the Company may appeal the delisting determination to a
Listings Qualifications Panel. Alternatively, the Company may apply to
transfer its securities to the NASDAQ Capital Market if it satisfies
the requirements for initial inclusion set forth in Marketplace Rule
4310©, other than the minimum bid price requirement of Marketplace
Rule 4310©(4). In the event of such a transfer, the Company will be
afforded an additional 180 calendar days to comply with the minimum
bid price requirement while listed on the NASDAQ Capital Market. No
assurance can be given that the Company will be eligible for the
additional 180-day compliance period, or, if applicable, that it will
regain compliance during any additional compliance period.
The Company has not determined what action, if any, it will take in
response to this notice, although the Company intends to monitor the
closing bid price of its common stock between now and July 7, 2008,
and to consider available options if its common stock does not trade
at a level likely to result in the Company regaining compliance with
the NASDAQ minimum closing bid price requirement.
About Comstock Homebuilding Companies, Inc.
Established in 1985, Comstock Homebuilding Companies, Inc. is a
publically traded, diversified real estate development firm with a
focus on affordably priced for-sale residential products. Comstock
builds and markets single-family homes, townhouses, mid-rise
condominiums, high-rise condominiums, mixed-use urban communities and
active adult communities. The company currently markets its products
under the Comstock Homes brand in the Washington, D.C.; Raleigh,
North Carolina; and Atlanta, Georgia metropolitan areas. Comstock
Homebuilding Companies Inc. trades on Nasdaq under the symbol CHCI.
For more information on the Company or it projects please visit
www.comstockhomebuilding.com.
Cautionary Statement Regarding Forward-Looking Statements
This release contains "forward-looking" statements that are made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Statements that are predictive in
nature, that depend upon or refer to future events or conditions, or
that include words such as "may," "will," "expects," "projects,"
"anticipates," "estimates," "believes," "intends," "plans," "should,"
"seeks," and similar expressions, including statements related to
Comstock's expected future financial results and anticipated growth
in the Washington, D.C. housing market, are forward-looking
statements. Forward-looking statements involve known and unknown
risks and uncertainties that may cause actual future results to
differ materially from those projected or contemplated in the
forward-looking statements. These risks and uncertainties include,
but are not limited to, economic, market and competitive conditions
affecting Comstock and its operations and products, risks and
uncertainties relating to the market for real estate generally and in
the areas where Comstock has projects, the availability and price of
land suitable for development, materials prices, labor costs,
interest rates, Comstock's ability to service its significant debt
obligations, fluctuations in operating results, anticipated growth
strategies, continuing relationships with affiliates, environmental
factors, government regulations, the impact of adverse weather
conditions or natural disasters and acts of war or terrorism.
Additional information concerning these and other important risks and
uncertainties can be found under the heading "Risk Factors" in the
Company's most recent form 10-K, as filed with the Securities and
Exchange Commission on March 16, 2007. Comstock specifically
disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, future
developments or otherwise.
SOURCE: Comstock Homebuilding Companies, Inc.