EXHIBIT
99.1
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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
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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 REGAINS COMPLIANCE WITH
NASDAQ LISTING RULES
SAN DIEGO, CA, July 8, 2009 –
InfoSonics Corporation (NASDAQ: IFON), one of the premier providers and
distributors of wireless handsets and accessories serving Latin America, today
announced that on July 7, 2009, the Company received a letter from the
Listing Qualifications Department of The NASDAQ Stock Market indicating that it
has regained compliance with the $1.00 minimum bid price requirement for
continued listing on The NASDAQ Global Market under Listing Rule 5450(a)(1)
(formerly Marketplace Rule 4450(a)(5)).
The
Company's common stock continues to be listed on The NASDAQ Global Market and
its ticker symbol of IFON remains unchanged.
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 or
www.verykool.net.
Cautionary
Statement for the Purpose of the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995
The
matters in this press release that are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, including,
without limitation, statements about future revenues, sales levels, operating
income and margins, wireless handset sales, stock-based compensation expense,
gain (loss) in value of derivatives, cost synergies, operating efficiencies,
profitability, market share, and rates of return, are based on current
management expectations that involve certain risks and
uncertainties. These risks and uncertainties, in whole or in part,
could cause such expectations to fail to be achieved and have a material adverse
effect on InfoSonics’ business, financial condition and results of operations,
including, without limitation: (1) intense competition in Latin America and
dependency on that region for sales; (2) competition from alternative
business models, such as manufacturer-to-carrier sales, which may lead to
reduced prices, lower sales or reduced sales growth, lower gross margins,
extended payment terms with customers, increased capital investment and interest
costs, bad debt risks and product supply shortages; (3) the ability of the
Company to successfully continue to introduce and sell its verykool® products
and the related inventory risk of such products (4) inability to secure adequate
supply of competitive products on a timely basis and on commercially reasonable
terms; (5) foreign exchange rate fluctuations, devaluation of a foreign
currency, adverse governmental controls or actions, political or economic
instability, or disruption of a foreign market, and other related risks of our
international operations; (6) the ability to attract new sources of profitable
business from expansion of products or services or risks associated with entry
into new markets, including geographies, products and services; (7) the ability
of the Company to generate taxable income in future periods in order to utilize
and realize any quarterly tax benefits recorded (8) an interruption or failure
of our information systems or subversion of access or other system controls may
result in a significant loss of business, assets, or competitive information;
(9) significant changes in supplier terms and relationships; (10) termination of
a supply or services agreement with a major supplier or product supply
shortages; (11) extended general economic downturn; (12) loss of business from
one or more significant customers; (13) customer and geographical accounts
receivable concentration risk; (14) rapid product improvement and technological
change resulting in inventory obsolescence; (15) the loss of a key executive
officer or other key employees; (16) changes in consumer demand for multimedia
wireless handset products and features; (17) our failure to adequately adapt to
industry changes and to manage potential growth and/or contractions; (18)
seasonal buying patterns; (19) uncertain political and economic conditions
internationally; (20) terrorist or military actions; (21) the impact, if any, of
changes in SFAS 123R as it relates to stock options; and (22) the resolution of
any litigation against the company. Our actual results could differ
materially from those anticipated in our forward looking
statements.
InfoSonics
has instituted in the past and continues to institute changes to its strategies,
operations and processes to address these risk factors and to mitigate their
impact on InfoSonics’ results of operations and financial condition. However, no
assurances can be given that InfoSonics will be successful in these efforts. For
a further discussion of significant factors to consider in connection with
forward-looking statements concerning InfoSonics, reference is made to Item 1A
Risk Factors of InfoSonics’ Annual Report on Form 10-K for the year ended
December 31, 2008 and Quarterly Report on Form 10-Q for the period ended March
31, 2009; other risks or uncertainties may be detailed from time to time in
InfoSonics’ future SEC filings. InfoSonics does not intend to update any
forward-looking statements.