Contact Information: CONTACTS: Corporate John Thompson AeroGrow International, Inc. (303) 444-7755
AeroGrow Halts Nasdaq Appeals
Company Expects Shares Will Trade on the OTCBB
| Source: AeroGrow International, Inc.
BOULDER, CO--(Marketwire - May 1, 2009) - AeroGrow International, Inc. (NASDAQ : AERO )
("AeroGrow" or the "Company"), makers of the AeroGarden® line of indoor
gardening products, announced that effective Monday, May 4, 2009, trading
in AeroGrow shares will be suspended on the Nasdaq capital markets.
AeroGrow will instead seek to have its common stock traded on the OTC
Bulletin Board (OTCBB).
"Given the ongoing financial crisis and limited access to capital for
growth companies, maintaining our listing on Nasdaq has required more and
more of our resources, both financially and in terms of management focus,"
said Jerry Perkins, CEO of AeroGrow. "After a prolonged series of notices
and appeals with Nasdaq, we have halted our efforts to remain listed and
are allowing Nasdaq's delisting process to continue without further action
on our part. We believe that the continued financial and administrative
burden associated with our Nasdaq listing outweighs the diminishing
benefits of remaining listed in the current market conditions. We
anticipate a listing on the OTCBB, which we believe will provide a
reasonable trading market for our shares. We expect we will become listed
on the OTCBB shortly and, in the interim, will be quoted on the Pink Sheets
OTC market (www.pinksheets.com)."
AeroGrow's shares traded on the OTCBB until June 2007.
About the OTC Bulletin Board
The OTC Bulletin Board® (OTCBB) is a regulated quotation service that
displays real-time quotes, last-sale prices and volume information in
over-the-counter (OTC) equity securities. An OTC equity security generally
is any equity that is not listed or traded on NASDAQ® or a national
securities exchange. See www.otcbb.com.
About AeroGrow International, Inc.
Founded in 2002 in Boulder, Colorado, AeroGrow International, Inc. is
dedicated to the research, development and marketing of the AeroGarden line
of foolproof, dirt-free indoor gardens. AeroGardens allow anyone to grow
farmer's market fresh herbs, salad greens, tomatoes, chili peppers, flowers
and more, indoors, year-round, so simply and easily that no green thumb is
required. See www.aerogrow.com.
FORWARD-LOOKING STATEMENTS
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Statements by Jerry Perkins, and/or the Company, statements
regarding growth of the AeroGarden product line, optimism related to the
business, expanding sales, a potential listing on the OTCBB and other
statements in this press release are forward-looking statements within the
meaning of the Securities Litigation Reform Act of 1995. Such statements
are based on current expectations, estimates and projections about the
Company's business. Words such as expects, anticipates, intends, plans,
believes, sees, estimates and variations of such words and similar
expressions are intended to identify such forward-looking statements. These
statements are not guarantees of future performance and involve certain
risks and uncertainties that are difficult to predict. Actual results could
vary materially from the description contained herein due to many factors
including continued market acceptance of the Company's products or the need
to raise additional capital. In addition, actual results could vary
materially based on changes or slower growth in the indoor garden market;
the potential inability to realize expected benefits and synergies;
domestic and international business and economic conditions; changes in
customer demand or ordering patterns; changes in the competitive
environment including pricing pressures or technological changes;
technological advances; shortages of manufacturing capacity; future
production variables impacting excess inventory and other risk factors
listed from time to time in the Company's Securities and Exchange
Commission (SEC) filings under "risk factors" and elsewhere. The
forward-looking statements contained in this press release speak only as of
the date on which they are made, and the Company does not undertake any
obligation to update any forward-looking statement to reflect events or
circumstances after the date of this press release.