DALLAS, April 25, 2001 (PRIMEZONE) -- Fresh America Corp. (Nasdaq:FRES), a major North American fresh produce distribution company, announced today that it has received a Nasdaq Staff Determination indicating that the Company has failed to provide Nasdaq with its Form 10-K for the year ended December 29, 2000, as required by Marketplace Rule 4310(c)(14), and that its securities are, therefore, subject to delisting from the Nasdaq National Market.
The Company believes there are numerous factors to support its position that its common stock should continue to be listed on the Nasdaq National Market and has requested a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. There can be no assurance, however, that the Panel will grant the Company's request for continued listing.
This news release contains forward-looking statements that are subject to significant risks and uncertainties, including statements related to the future operating and financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Important risk factors that could cause actual results to differ materially from those reflected in the Company's forward-looking statements include the Company's continued dependence on key customers, risks associated with new business opportunities, volatility of produce prices and quality, the availability and costs of borrowed funds and covenant requirements of its lenders, general economic and market conditions, competition, dependence on key personnel and seasonality, as well as the risk factors and uncertainties disclosed in the Company's filings with the Securities and Exchange Commission.