Contact Information: CONTACT: Pfeiffer High Investor Relations, Inc. Geoff High 303-393-7044
Law Enforcement Associates Receives Notice From American Stock Exchange
| Source: Law Enforcement Associates
YOUNGSVILLE, NC--(Marketwire - April 23, 2008) - Law Enforcement Associates Corporation
(LEA) (AMEX : AID ) today announced it has received an anticipated notice
from the American Stock Exchange, which informed the Company that it was in
violation of Sections 134 and 1101 of the American Stock Exchange Company
Guide for failure to file in a timely manner its Form 10-K for the year
ended December 31, 2007. The Notice goes on to state that in order to
maintain its listing on the American Stock Exchange, the Company must
submit a plan by May 1, 2008, advising the Exchange of action it has taken,
or will take, to bring the Company into compliance with Sections 134 and
1101 of the Company Guide by no later than July 17, 2008. The Notice
further states that pursuant to Section 1003(d) of the Company Guide, the
Exchange is authorized to suspend and remove the Company's securities from
the Exchange.
As previously announced, the delay in filing the Form 10-K is related to
issues associated with the valuations of LEA's patents and its
fourth-quarter acquisition of the assets of Advanced Vehicle Systems LLC.
The Company is in the process of addressing the issues, as well as
completing its audited financial statements for the year ended December 31,
2007. The Company anticipates the audit to be completed in the coming
days, and intends to file its Form 10-K shortly thereafter, at which point
it expects to be back in compliance with the American Stock Exchange rules.
About Law Enforcement Associates Corporation
LEA is a leading security and surveillance technology company that
manufactures and markets a diverse product line to the worldwide law
enforcement, military, security and corrections markets. The company's
Audio Intelligence Devices (AID) division has been serving the law
enforcement sector for more than 30 years and is one of the most respected
names in the surveillance equipment industry. LEA's products are used by a
wide variety of government and non-governmental agencies, as well as public
and private companies. These include military bases, nuclear facilities,
embassies, government installations, oil refineries, United Nations and
NATO locations. The company enjoys close working relationships with other
prominent players in the security and surveillance industry, such as Smith
& Wesson (NASDAQ : SWHC ), one of the world's largest manufacturers of
quality firearms and firearm safety/security products; and FLIR Systems,
Inc., a world leader in the design, manufacture and marketing of thermal
imaging and stabilized camera systems. LEA's products have been used at
high-profile events such as the Summer & Winter Olympics, Super Bowl, U.S.
Golf Championship, and the Democratic and Republican National Conventions.
Its products include the Under Vehicle Inspection System (UVIS), Smith &
Wesson-branded UVIS Swift, EDK123 (Explosive Detection Kit), Bloodhound and
Birddog GPS Tracking Systems, Graffiti Cam, Letter-bomb Visualizer Spray,
and a wide variety of Audio & Video Surveillance Equipment. Headquartered
in Youngsville, N.C., the company has been featured in many industry
publications and websites. For more information, please visit
www.leacorp.com.
Forward-Looking Information:
The statements in this news release contain forward-looking information
within the meaning of the Private Securities Litigation Reform Act of 1995.
Statements that use words such as "believe," "anticipate," "estimate,"
"intend," "could," "plan," "expect," "project," "predict," "forecast,"
"outlook," "potential," "continue," "may," "future," "can," "enhance," and
"should," or the negative of these, as well as similar expressions, can be
used to identify forward-looking statements. Such forward-looking
statements involve certain risks, assumptions and uncertainties, including
the inability to generate and secure the necessary product sales, or the
lack of acceptance of the company's products by its customers. In each case
actual results may differ materially from such forward-looking statements.
The company does not undertake to publicly update or revise its
forward-looking statements even if experience or future changes make it
clear that any projected results (expressed or modified) will not be
realized.