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4350
Executive Drive, Suite 100 San Diego, CA
92121
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858-373-1600
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www.infosonics.com
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Company
Contact:
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IR
Contact:
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Jeffrey
A. Klausner
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Todd
Kehrli or Mary Magnani
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Chief
Financial Officer
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MKR
Group, Inc.
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(858)
373-1600
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(323)
468-2300
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ir@infosonics.com
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ifon@mkr-group.com
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INFOSONICS
RECEIVES
LETTER FROM NASDAQ REGARDING NON-
COMPLIANCE
WITH MINIMUM BID PRICE RULE
SAN
DIEGO, CA, July 11, 2008
-
InfoSonics Corporation (NASDAQ: IFON), one of the premier providers and
distributors of wireless handsets and accessories serving Latin America,
announced today that it received a Nasdaq Staff Determination letter (the
"Notice") dated July 10, 2008 indicating that InfoSonics fails to comply with
the minimum bid price requirement for continued listing set forth in Marketplace
Rule 4450(a)(5) (the "Rule"). Therefore, in accordance with Marketplace Rule
4450(e)(2), InfoSonics has been provided 180 calendar days, or until January
6,
2009, to regain compliance. If, at anytime before January 6, 2009, the bid
price
of InfoSonics’ common stock closes at $1.00 per share or more for a minimum of
10 consecutive business days, InfoSonics will have regained compliance with
the
Rule.
The
Notice also states that if InfoSonics does not regain compliance with the Rule
by January
6, 2009,
Nasdaq
Staff will provide InfoSonics written notification that its securities will
be
delisted. In the event of such a notification, InfoSonics may appeal the Staff’s
determination to delist its securities, or alternatively InfoSonics may apply
for a transfer of its securities to the Nasdaq Capital Market. There can be
no
assurance the Staff will grant the Company's request for continued listing
nor
the application for transfer to the Nasdaq Capital Market. As of today
InfoSonics meets the Nasdaq Capital Market initial inclusion
criteria.
The
Notice arises as a result of the fact that for the last 30 consecutive business
days, the bid price of InfoSonics common stock has closed below the minimum
$1.00 per share requirement for continued inclusion under the Rule.
About
InfoSonics Corporation
InfoSonics
is one of the premier providers and distributors of wireless handsets and
accessories serving Latin America. For the wireless telecommunications industry,
InfoSonics provides flexible and cost effective solutions, including product
assembly, purchasing, marketing, selling, warehousing, order assembly,
programming, packing, shipping, and delivery. InfoSonics supports manufacturers
in moving their products to agents, resellers, distributors, independent
dealers, retailers and wireless network operators in Latin America. For
additional information, please visit www.infosonics.com.
Cautionary
Statement for the Purpose of the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995
This
press release contains forward-looking statements that are subject to the safe
harbors created under the Securities Act of 1933 and the Securities Exchange
Act
of 1934. Forward-looking statements include statements that refer to the
Company's intentions to take actions required to regain compliance with the
listing standards of The Nasdaq Global Market, the form, timing and effect
of
any such actions, and the Company's ability to regain compliance. Readers are
cautioned that actual events that occur could differ materially from those
expressed in or contemplated by the forward-looking statements. Factors that
could cause actual events to differ include, but are not limited to, events
and
developments affecting the Company's per share stock price that may affect
its
ability to achieve the minimum bid price requirement, the Company's ability
to
regain compliance with the minimum bid price listing requirement, the Company's
ability to continue to meet the other Nasdaq listing requirements, which could
result in the delisting of the Company's common stock even if it achieved
compliance with the minimum bid price requirement, the Company's ability to
successfully appeal a delisting determination by Nasdaq, and the Company's
ability to transfer its listing to The Nasdaq Capital Market. In addition,
please refer to the risk factors contained in the Company's SEC filings
available at www.sec.gov,
including without limitation, the Company's annual report on Form 10-K for
the
year ended December 31, 2007 and InfoSonics' quarterly reports on Form 10-Q
for
the quarter ended March 31, 2008. Readers are cautioned not to place undue
reliance on any forward-looking statements, which speak only as of the date
on
which they are made. InfoSonics undertakes no obligation to update or revise
any
forward-looking statements for any reason.
###