NASDAQ® Provides Pizza Inn With Revised Cure Period for Compliance Requirements
PIZZA INN, INC.
Pizza Inn fell out of compliance with NASDAQ® requirements following its December 13, 2006 annual meeting, at which an existing board and audit committee member did not stand for reelection. NASDAQ's rules require three qualifying audit committee members.
NASDAQ® had previously instructed the company that it had until April 16, 2007 to add an audit committee member in order to regain compliance with audit committee composition requirements.
Pizza Inn President and CEO Tim Taft stated, "We appreciate the opportunity to address this issue within the framework of time provided by NASDAQ® and will continue working towards a successful resolution of this matter."
Pizza Inn, Inc. (http://www.pizzainn.com/ ) is headquartered in The Colony, Texas, along with its distribution division, Norco Restaurant Services Company. Pizza Inn franchises approximately 363 restaurants and owns three restaurants with annual domestic and international chain-wide sales of approximately $150 million.
Contact: Danny Meisenheimer Vice President of Brand Management Pizza Inn, Inc. 469-384-5000
SOURCE: Pizza Inn, Inc.
CONTACT: Danny Meisenheimer, Vice President of Brand Management of Pizza
Inn, Inc., +1-469-384-5000, or
Web site: http://www.pizzainn.com/