Sonic Solutions®
(NASDAQ:SNIC) today announced that it has received notification that the
Nasdaq Listing and Hearing Review Council (the "Listing
Council”) has determined to call for review
the decision by the NASDAQ Listing Qualifications Panel (the "Panel”)
dated June 20, 2007. In that decision, the Panel had decided to continue
the Company’s listing, provided that the
Company file its Form 10-Q for the quarter ended December 31, 2006 and
its Form 10-K for the period ended March 31, 2007, and solicit proxies
and hold an annual meeting for its fiscal year ended March 31, 2006, on
or before July 23, 2007. As previously announced, the Company’s
filings and holding of an annual meeting were delayed due to its
voluntary review of its historical and current stock option grant
practices and related accounting. Concurrent with the call for review,
the Listing Council determined to stay the suspension of the Company’s
securities by the Panel. Accordingly, pending further action by the
Listing Council, Sonic’s shares will remain
listed on The Nasdaq Global Select Market. The Listing Council has
invited Sonic to make a submission on or before August 31, 2007.
While Sonic’s common stock will remain listed
on The Nasdaq Global Select Market pending the conclusion of the Listing
Council’s review, there can be no assurance
that the Listing Council will determine that Sonic’s
shares should remain listed on The Nasdaq Global Select Market following
the completion of its review.
About Sonic Solutions
Sonic Solutions (NASDAQ:SNIC) (http://www.sonic.com)
is the leader in digital media software, providing a broad range of
interoperable, platform-independent software tools and applications for
creative professionals, business and home users, and technology
partners. Sonic's products range from advanced DVD authoring systems and
interactive content delivery technologies used to produce the majority
of Hollywood DVD film releases, to the award-winning Roxio®-branded
CD and DVD creation, playback and backup solutions that have become the
premier choice for consumers, prosumers and business users worldwide.
Sonic products are globally available from major retailers as well as
online at Sonic.com and Roxio.com, and are bundled with PCs,
after-market drives and consumer electronic devices. Sonic's digital
media creation engine is the de facto standard and has been licensed by
major software and hardware manufacturers, including Adobe, Microsoft,
Scientific-Atlanta, Sony, and many others. Sonic is headquartered in
Marin County, California.
Sonic, the Sonic logo, Sonic Solutions, and Roxio are trademarks or
registered trademarks of Sonic Solutions in the U.S. and/or other
countries. All other company or product names are trademarks or
registered trademarks of their respective owners and, in some cases, are
used by Sonic under license.
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995: All statements included or incorporated by reference in this release,
other than statements or characterizations of historical fact, are
forward-looking statements. These forward-looking statements are based
on our current expectations, estimates and projections about our
business and industry, management's beliefs, and certain assumptions
made by us, all of which are subject to change. Forward-looking
statements can often be identified by words such as "anticipates,"
"expects," "intends," "plans," "predicts," "believes," "seeks,"
"estimates," "may," "will," "should," "would," "could," "potential,"
"continue," "ongoing," similar expressions, and variations or negatives
of these words. These forward-looking statements are not guarantees of
future results and are subject to risks, uncertainties and assumptions
that could cause our actual results to differ materially and adversely
from those expressed in any forward-looking statement.
These risks and uncertainties include, but are not limited to, our
ability to persuade the Listing Council to favorably conclude its call
for review of the Panel’s June 20, 2007
decision and to continue to maintain the stay allowing for the continued
listing on The Nasdaq Global Select Stock Market; the scope of the
equity awards for which accounting measurement dates will change; the
amount and timing of stock-based compensation and other additional
expenses to be recorded, and the corresponding restatement of our
financial statements; other accounting adjustments that may result from
review of our financial statements for the periods in question; other
ramifications of our inability to file required reports with the SEC on
a timely basis; potential claims and proceedings relating to such
matters, including shareholder litigation and action by the SEC or other
governmental agencies; other actions taken or required as a result of
the review; and negative tax or other implications for Sonic resulting
from the accounting adjustments and other factors.
Our Annual Report on Form 10-K, subsequent Quarterly Reports on Form
10-Q, recent Current Reports on Form 8-K, and other SEC filings discuss
important risk factors that could contribute to such differences or
otherwise affect our business, results of operations and financial
condition. The forward-looking statements in this release speak only as
of the date they are made. We undertake no obligation to revise or
update publicly any forward-looking statement for any reason.
