Halifax Corp., a 41-year-old technology services company based on Alexandria’s West End, said it has received a letter from the American Stock Exchange which indicated that it does not meet certain of the American Stock Exchange’s continued listing standards.
“Specifically, we are not in compliance because our stockholders equity is less than $4 million and we have had losses from continuing operations and/or a net loss in three out of four of our most recent fiscal years,” a spokesperson for the company said in a statement. The stock exchagnge said Halifax company must achieve compliance by Sept. 14 and must provide the American Stock Exchange with a specific plan to achieve and sustain compliance with the listing standards.
Last month, the company announced it has signed a $2 million maintenance and support services contract with a national kiosk vending machine company. We have diligently pursued this new customer and new market and we are enthusiastic regarding our ability to differentiate our nationwide support capabilities,” said Charles McNew, the firm’s president and CEO.
In December, McNew announced that it had been awarded a $5 million services contract with a state agency in Pennsylvania for the maintenance and installation of office and network telecommunications equipment.
Last November, the company announced revenues for the second quarter at $11.9 million versus $12.4 million for the same period a year before. “The revenue decrease was due to the loss of certain low margin service contracts and reductions in product sales,” the spokesperson said.
Halifax is an enterprise logistics and maintenance solutions company founded in 1967. It provides a range of technology services to commercial and government customers. The company’s principal products are enterprise logistics solutions and high availability hardware maintenance services.
A company spokesperson said that if the company fails to submit a plan or if it submits a plan and the staff of the Exchange determines that it does not adequately address these issues, “we may be subject to delisting proceedings. The spokesperson added that it expects to submit a plan to regain compliance with continued listing standards by this month.
