lrad corp (LRAD) Snapshot

LRAD Corporation announced it has received a $1.98 million LRAD systems order from the United States Navy. The order, comprised of LRAD 100X(TM), LRAD 500X(TM) and LRAD 1000Xi(TM) systems, is scheduled for delivery before September 30, 2013. At distances up to 3,500 meters, LRAD systems have proven highly effective in anti-terrorism/force protection missions by broadcasting powerful deterrent tones and live or pre-recorded multi-language warnings, commands and instructions with unprecedented clarity and range. By communicating clearly over distance, LRAD systems create large standoff zones, unequivocally determine intent, resolve uncertain situations peacefully and save lives on both sides of the Long Range Acoustic Device(R). LRAD systems are deployed in more than 60 nations around the world including by U.S. and international naval forces and other military and security organizations.

LRAD Corporation announced it has been awarded a multi-year $12.2 million firm-fixed-price, indefinite-delivery/indefinite-quantity contract for small, medium and large LRAD AHDs from the United States Navy's Naval Surface Warfare Center located in Crane, Indiana. The contract was competitively bid with LRAD Corporation being awarded the contract over two other companies. United States Navy contract funds in the amount of $1,988,785 will be obligated at time of award.

On May 28, 2013, LRAD Corporation received a written notice from the Listing Qualifications department of The Nasdaq Stock Market (Nasdaq) indicating that the company is not in compliance with the $1.00 Minimum Bid Price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market. The Nasdaq Listing Rules require listed securities to maintain a minimum bid price of $1.00 per share and, based upon the closing bid price for the last 30 consecutive business days, the company no longer meets this requirement. The notice indicated that the company will be provided 180 calendar days in which to regain compliance. If at any time during this period the bid price of the company’s common stock closes at or above $1.00 per share for a minimum of ten consecutive days, the Nasdaq Staff will provide the company with a written confirmation of compliance and the matter will be closed. In the event the company does not regain compliance with Rule 5550(a)(2) prior to the expiration of the 180 calendar day period, the Nasdaq Staff will provide the company with written notification that its securities are subject to delisting from The Nasdaq Capital Market. At that time, the company may appeal the delisting determination to a Hearings Panel. Alternatively, if the company fails to regain compliance with Rule 5550(a)(2) prior to the expiration of the 180 calendar day period, but meets the continued listing requirement for market value of publicly held shares and all of the other applicable standards for initial listing on The Nasdaq Capital Market, with the exception of the minimum bid price, and provides written notice of its intention to cure the deficiency during the second compliance period, then the company may be granted an additional 180 calendar days to regain compliance with Rule 5550(a)(2). The company intends to actively monitor its performance with respect to the listing standards and will consider available options to resolve the deficiency and regain compliance with the Nasdaq Listing Rules. However, there is no assurance that the company will be eligible for an additional compliance period or that its common stock will not be delisted.