HOTJ Receives Share Delisting Notice from Nasdaq

House of Taylor Jewelry (HOTJ) recently received notice from The Nasdaq Stock Market that, due to its failure to release its annual results on the normal due date or by the end of the subsequent 15-day grace period, which ended April 15, the company is not in compliance with Nasdaq’s filing requirement for continued listing.

The company has also not paid its listing fees, and its shares were delisted from the market on April 24.

HOTJ previously announced that it had received notice on October 29, 2007 from Nasdaq indicating that the company was not in compliance with the minimum bid price requirement. HOTJ was provided with 180 calendar days, or until April 28, 2008, to regain compliance. In that time, its stock bid price has not closed at $1.00 per share or more for a minimum of ten consecutive business days.

HOTJ Chairman, President and CEO Jack Abramov resigned from his posts at the beginning of April, citing “personal reasons.” He was replaced by Lyle M. Rose as president and CEO. Additionally, Monty Abramov resigned as secretary and vice president of the company.

Estimated unaudited results show net annual sales were a mere $200,000, a decrease of 99.3 percent. Gross sales for the year totaled $21.6 million, a 35.7 percent from the year before. The company expects a record net loss of $14.8 million.