Givat Shmuel, Israel – September 17, 2009 – Cimatron Limited (Nasdaq: CIMT) ("Cimatron" or the "Company"), a leading provider of integrated CAD/CAM solutions for mold, tool and die makers as well as manufacturers of discrete parts, announced today that on September 16, 2009 it received a NASDAQ Staff Deficiency Letter, indicating that the Company has failed to comply with the minimum bid price requirement for continued listing set forth in Listing Rule 5550(a)(2). The letter provides that the Company has until March 15, 2010 to regain compliance. Compliance will be regained if during the period ending on March 15, 2010 the bid price of the Company's ordinary shares closes at $1.00 per share or more for a minimum of 10 consecutive business days. If the Company is not in compliance with Listing Rule 5550(a)(2) by March 15, 2010, then the Company may still be afforded a second 180 calendar day grace period in which to regain compliance, provided that it satisfies the NASDAQ Capital Market's initial listing criteria (except for the bid price requirement), as set forth in Listing Rule 5810(c)(3)(A)(ii). The Company is examining several potential courses of action aimed at supporting the Company in regaining compliance with the requirements for continued listing.
With over 25 years of experience and more than 40,000 installations worldwide, Cimatron is a leading provider of integrated, CAD/CAM solutions for mold, tool and die makers as well as manufacturers of discrete parts. Cimatron is committed to providing comprehensive, cost-effective solutions that streamline manufacturing cycles, enable collaboration with outside vendors, and ultimately shorten product delivery time.
The Cimatron product line includes the CimatronE and GibbsCAM brands with solutions for mold design, die design, electrodes design, 2.5 to 5 axes milling, wire EDM, turn, Mill-turn, rotary milling, multi-task machining, and tombstone machining. Cimatron's subsidiaries and extensive distribution network serve and support customers in the automotive, aerospace, medical, consumer plastics, electronics, and other industries in over 40 countries worldwide.
Cimatron is publicly traded on the NASDAQ exchange under the symbol CIMT. For more information, please visit the company web site at: http://www.cimatron.com/
This press release includes forward looking statements, within the meaning of the Private Securities Litigation Reform Act Of 1995, which are subject to risk and uncertainties that could cause actual results to differ materially from those anticipated. Such statements may relate to the company's plans, objectives and expected financial and operating results. The words "may," "could," "would," "will," "believe," "anticipate," "estimate," "expect," "intend," "plan," and similar expressions or variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of the future performance and involve risks and uncertainties, many of which are beyond the company's ability to control. The risks and uncertainties that may affect forward looking statements include, but are not limited to: currency fluctuations, global economic and political conditions, marketing demand for Cimatron products and services, long sales cycle, new product development, assimilating future acquisitions, maintaining relationships with customers and partners, and increased competition. For more details about the risks and uncertainties of the business, refer to the Company's filings with the Securities and Exchanges Commission. The company cannot assess the impact of or the extent to which any single factor or risk, or combination of them, may cause. Cimatron undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
For More Information Contact:
Chief Financial Officer
Phone: +972 3 531 2121
Email: [email protected]