THE COLONY, Texas, March 22 /PRNewswire-FirstCall/ — PIZZA INN, INC. (Nasdaq: PZZI) announced today that the NASDAQ(R) Stock Market has granted the Company a revised cure period until the earlier of the Company’s next annual shareholder’s meeting, or December 13, 2007, in order to regain
compliance with the NASDAQ’s audit committee composition requirements.
NASDAQ(R) notified Pizza Inn of the cure period by letter on March 19, 2007. Pizza Inn fell out of compliance with NASDAQ(R) requirements following its December 13, 2006 annual meeting, at which an existing board and audit committee member did not stand for reelection. NASDAQ’s rules require three
qualifying audit committee members.
NASDAQ(R) had previously instructed the company that it had until April 16, 2007 to add an audit committee member in order to regain compliance
with audit committee composition requirements.
Pizza Inn President and CEO Tim Taft stated, “We appreciate the opportunity to address this issue within the framework of time provided by NASDAQ(R) and will continue working towards a successful resolution of this matter.”
Pizza Inn, Inc. (http://www.pizzainn.com ) is headquartered in The Colony, Texas, along with its distribution division, Norco Restaurant Services Company. Pizza Inn franchises approximately 363 restaurants and owns three restaurants with annual domestic and international chain-wide sales of approximately $150 million.
Vice President of Brand Management
Pizza Inn, Inc.