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Nitches, Inc.: Nitches, Inc. Announces Receipt of Nasdaq Letter

^{Published on 2008-12-23 14:28:22, Last Modified on 2008-12-23 14:28:56 - Market Wire}
 

SAN DIEGO, CA--(Marketwire - December 23, 2008) - Nitches, Inc. (NASDAQ: [ NICH ]) announced today the receipt of a letter dated December 17, 2008 from Nasdaq notifying the Company that the Company is not in compliance with Nasdaq Marketplace Rule 4310(c)(14) because the Company did not file its annual report on Form 10-K for the period ended August 31, 2008 by its prescribed due date.

To maintain our Nasdaq listing, we must submit a plan to Nasdaq by February 15, 2009, advising Nasdaq of action we have taken, or will take, to regain compliance. We intend to submit such a plan on or before February 15, 2009. Following a review of the plan we submit, Nasdaq can grant us an exception, until June 15, 2009, to regain compliance.

If we do not submit a plan, or if our plan is not accepted, or if our plan is accepted but we fail to make progress consistent with our plan, or we are not in compliance by June 15, 2009, we will be subject to delisting proceedings. Under Nasdaq rules, we have the right to appeal any determination by Nasdaq to delist our common stock.

About Nitches

Nitches is headquartered in San Diego, California with offices in New York City, Los Angeles, Dallas and Hong Kong. The Company's shares are traded on the NASDAQ Capital Market under the symbol NICH.

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks include, among other things, a softening of retailer or consumer acceptance of the Company's products, pricing pressures and other competitive factors, or the unanticipated loss of a major customer. The Company's results may also differ materially from period to period due to the seasonal nature of the Company's product lines. These and other risks are more fully described in the Company's filings with the Securities and Exchange Commission.