Exhibit 99.1
The Nasdaq Stock Market
Listing Qualifications Department
9600 Blackwell Road
Rockville, Maryland 20850
Douglas D. McKenney, CFA
Director
Listing Qualifications
The Nasdaq Stock Market, Inc.
(301) 978-8011
By Facsimile and Regular Mail
June 1,2005
Mr. Robert Farenhem
Interim Chief Financial Officer
Devcon International Corporation
1350 East Newport Center Drive
Deerfield Beach, FL 33442
| Re: | Devcon International Corporation (the Company) | |
| Nasdaq Symbol: DEVC |
Dear Mr. Farenhem:
On May 24, 2005, the Companys counsel, Mr. Jared Davis notified Staff via telephone that it no longer had a majority independent board due to the passing of Mr. Robert Armstrong. Therefore, the Company no longer complies with Nasdaqs majority independent board requirement as set forth in Marketplace Rule 4350.
Consistent with Marketplace Rule 4350(c)(l), the Company will be provided a cure period until the earlier of the Companys next annual shareholders meeting or May 21, 2006, in order to regain compliance. The Company must submit to Nasdaq documentation, including biographies of any proposed directors, evidencing compliance with the rules no later than this date. In the event the Company does not regain compliance within this period, Staff will provide written notification that its securities will be delisted. At that time, the Company may appeal Staffs determination to a Listing Qualifications Panel.
Please note that Item 3.01 of Form 8-K may require disclosure of the receipt of this notification letter within four business days.1 Accordingly, the Company should consult with counsel regarding disclosure obligations surrounding this letter under the federal securities laws. In addition, Nasdaq posts a list of all non-compliant Nasdaq companies and the reason(s) for such non-compliance on our website at www.nasdag.com. The Company will be included in this list commencing five business days from the date of this letter.
| 1 | See, SEC Release No. 34-49424. |
Mr. Robert Farenhem
June 1, 2005
Page 2
If you have any questions, please contact Brie Charles, Lead Analyst, at (301) 978-8039.
Sincerely,
| /s/ Douglas D. McKenney |
| Douglas D. McKenney |