SAN DIEGO, June 14, 2007 (PRIME NEWSWIRE) -- WFI (Nasdaq:WFII) today announced it received a letter dated June 12, 2007 from the NASDAQ Stock Market informing the Company that the NASDAQ Listing Qualifications Panel has granted the Company's request for an extension for continued listing on the NASDAQ Stock Market. The extension is subject to the Company filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2006 by July 31, 2007, and its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2007 by August 15, 2007. The Panel has advised the Company that should it be unable to meet the deadlines, the Company's shares may be delisted from the NASDAQ Stock Market.
About WFI
Headquartered in San Diego, CA, WFI is a leading provider of professional services in the areas of defense, technology, security solutions and wireless network deployment. With approximately 2,000 professionals, WFI specializes in IT services, command and control systems, weapon systems operations and maintenance, security solutions and the deployment and management of 3G, 4G, WiMAX and other wireless broadband communication networks. WFI performs work for a range of federal government agencies, including the U.S. Department of Defense, various state and local agencies, Fortune 1000 enterprise companies and wireless carriers. News and information are available at www.wfinet.com. (code: WFI-mb)
Notice Regarding Forward-Looking Statements
This news release contains certain forward-looking statements including, without limitation, expressed or implied statements concerning the Company's expectations regarding the timing and anticipated results of its internal review that involve risks and uncertainties. Such statements are only predictions, and the Company's actual results may differ materially. Factors that may cause the Company's results to differ include, but are not limited to: risks that the stock option review will not be completed in a timely manner; risks that the Company will not be able to file its required reports with the SEC by the deadlines established by the NASDAQ and, that the Nasdaq will not grant the Company's request for a further extension, and therefore it will become subject to delisting; risks that the review and the announcement thereof will cause disruption of the Company's operations and distraction of its management; risks that the review will identify other issues not currently being considered that could delay or alter the results of the review; risks of adverse regulatory action or litigation; risk that the Company's lender will declare a default under the Company's line of credit. The Company undertakes no obligation to update any forward-looking statements. These and other risk factors are more fully discussed in the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2006 and in other filings made with the Securities and Exchange Commission.