BRAINERD, Minn., June 17, 2009 (GLOBE NEWSWIRE) -- Nature Vision, Inc. (the Company) (Nasdaq:NRVN) today announced the resignation of Philip M. McLaughlin, a member of its board of directors. Mr. McLaughlin was a member of the audit committee and was the chair of the compensation/nominating committee. The resignation was received by Nature Vision, Inc. on June 11, 2009.
The Company notified the Nasdaq Stock Market ("Nasdaq") on June 16, 2009 regarding the resignation of Philip M. McLaughlin from the Company's board of directors and audit committee. On June 16, 2009, the Company received a written notification from Nasdaq that the Company no longer complies with Nasdaq's audit committee requirements as set forth in Listing Rule 5605. Consistent with Listing Rule 5605(c)(4)(A), Nasdaq will provide the Company a cure period in order to regain compliance as follows:
* Until the earlier of the Company's next annual shareholders' meeting or June 11, 2010; or * If the next annual shareholders' meeting is held before December 8, 2009, then the Company must evidence compliance no later than December 8, 2009.
The Nasdaq letter further states the Company must submit to Nasdaq documentation, including biographies of any new directors, evidencing compliance with the rules no later than this date. In the event the Company does not regain compliance by this date, Nasdaq rules require it to provide written notification to the Company that Nature Vision's securities will be delisted. At that time, the Company may appeal the delisting determination to a Listing Qualifications Panel.
Nature Vision, Inc., NRVN, a publicly held corporation headquartered in Brainerd, Minnesota, is a multi-branded outdoor recreation products company. Their current portfolio includes Aqua Vu, Marcum, Fish TV, Cass Creek, Fish Hawk, Castaic and others. Founded in 1997, Nature Vision continues to reinvent the outdoor experience with true innovation.