Cadiz Inc. Announces Audit Committee Vacancy and Applicable Cure Period
Wednesday, August 09, 2006 4:34:41 PM ET
LOS ANGELES, Aug 09, 2006 (BUSINESS WIRE) -- As previously disclosed by Cadiz
Inc. (CDZI ) (the "Company") in a Form 8-K filed July 31, 2006, Murray H.
Hutchison resigned as a member of the Companys Audit Committee of the Board of
Directors effective July 31, 2006. Mr. Hutchison tendered his resignation solely
due to his service on the audit committee of a New York Stock Exchange listed
company which prohibits members of its audit committee from serving on more than
two other audit committees. Mr. Hutchison remains a member of the Companys
Board of Directors and of our Compensation and Nominating & Corporate Governance
As a result of Mr. Hutchisons departure from the Audit Committee, the Company
determined that we were no longer in compliance with the provisions of Nasdaq
Rule 4350(d)(2)(A), which requires that the Company have and continue to have an
audit committee comprised of at least three members. The Company notified Nasdaq
on August 1, 2006 of our noncompliance and our intention to cure the
noncompliance within the applicable cure period. Nasdaq Rule 4350(d)(4)(B)
provides a cure period during which a new Audit Committee member must be
identified and appointed to the Committee.
On August 7, 2006, Cadiz Inc. (CDZI ) (the "Company") received notice
from Nasdaq confirming that the Company is not in compliance with the audit
committee requirements of Nasdaq Rule 4350(d)(2)(A), as described above, and
further confirming that the Company will be provided a cure period until the
earlier of the Companys next annual shareholders meeting or July 31, 2007 to
appoint a replacement and regain compliance.
Founded in 1983, Cadiz Inc. is a publicly held water resource management firm.
The Company owns significant landholdings with substantial water resources
throughout California. Further information on the Company can be obtained by
visiting our corporate web site at www.cadizinc.com.
This release contains forward-looking statements that are subject to significant
risks and uncertainties, including statements related to the future operating
and financial performance of the Company and the financing activities of the
Company. Although the Company believes that the expectations reflected in our
forward-looking statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Factors that could cause actual results
or events to differ materially from those reflected in the Companys
forward-looking statements include the Companys ability to maximize value for
Cadiz land and water resources, the Companys ability to obtain new financing as
needed, and other factors and considerations detailed in the Companys
Securities and Exchange Commission filings.
SOURCE: Cadiz Inc.
CONTACT: Cadiz Inc.
Courtney Degener or Don Iselin, 213-271-1600
Copyright Business Wire 2006