LOS ANGELES--(BUSINESS WIRE)--May. 14, 2009--
SouthWest Water Company (NASDAQ:SWWC), a leading provider of water,
wastewater and public works services,
today said that as expected, it received a Nasdaq Staff Determination
letter on May 12, 2009 indicating that the company's common stock is
subject to potential delisting as of May 21, 2009. The company is not in
compliance with Nasdaq Marketplace Listing Rule 5250(c)(1) due to its
failure to timely file its quarterly reports on Form 10-Q for the
quarters ended September 30, 2008 and March 31, 2009, as well as its
annual report on Form 10K for the year ended December 31, 2008. The
delay in filing results is due to the previously announced restatement
of prior period financials.
SouthWest Water intends to request a hearing before a Nasdaq Listing
Qualifications Panel to review the Staff determination. In its
determination letter, Nasdaq informed the company that the hearing
request will stay the delisting of the company's common stock for an
additional fifteen days, or until June 3, 2009. The company, in its
request for a hearing, will also request an additional stay until it is
able to file all of its delinquent filings to regain compliance.
About SouthWest Water Company
SouthWest Water Company provides a broad range of operations,
maintenance and management services, including water production,
treatment and distribution; wastewater collection and treatment;
customer service; and utility infrastructure construction management.
The company owns regulated public utilities and also serves cities,
utility districts and private companies under contract. More than a
million people in 9 states depend on SouthWest Water for high-quality,
reliable service. Additional information may be found on the company’s
website: www.swwc.com.
Forward-Looking Statements
This document contains “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements, including expectations relating to the anticipated timing of
SEC filings, involve risks and uncertainties, as well as assumptions
that, if they prove incorrect or never materialize, could cause the
results of the company to differ materially from those expressed or
implied by such forward-looking statements. Actual results may differ
materially from these expectations due to unexpected developments
discovered in the process of the expanded review of the financial
statements and other factors. The company assumes no obligation to
update these forward-looking statements to reflect any change in future
events.
Source: SouthWest Water Company
SouthWest Water Company
DeLise Keim
VP Communications
213-929-1846
www.swwc.com