LOS ANGELES, Nov. 30, 2010 (GLOBE NEWSWIRE) -- CyberDefender Corporation (Nasdaq:CYDE), a provider of Internet security software, utilities and remote technical support services that work together to maximize online safety for consumers, today announced that on November 23, 2010, the Company received a letter from the Listings Qualifications Department of The NASDAQ Stock Market ("Nasdaq") stating that, due to its failure to file on time its quarterly report on Form 10-Q for the period ended September 30, 2010 ("the September 30, 2010 Form 10-Q"), CyberDefender no longer complies with Rule 5250(c)(1) of the Nasdaq Listing Rules ("the Listing Rules") for continued listing.
On November 22, 2010, CyberDefender filed with the Securities and Exchange Commission a current report on Form 8-K disclosing that its newly-engaged independent registered public accounting firm, in a review of financial statements to be included in the September 30, 2010 Form 10-Q, identified certain adjustments for the period ended September 30, 2010 as well as prior periods. The adjustments are non-cash, and are not expected to cause any changes to revenues, net sales, gross profit or cash position for the periods to be restated. The Company is in the process of preparing amended financial statements for the year ended December 31, 2009, the quarters ended March 31, June 30 and September 30, 2009, and the quarters ended March 31 and June 30, 2010. As a result of these restatements, the Company was unable to file the September 30, 2010 Form 10-Q in a timely manner.
The letter from Nasdaq states that, pursuant to the Listing Rules, CyberDefender has 60 calendar days to submit a plan to regain compliance and, if Nasdaq accepts CyberDefender's plan, Nasdaq can grant up to 180 calendar days from September 22, 2010, or until May 23, 2011, to regain compliance. CyberDefender intends to submit a plan to regain compliance with the Listing Rules as soon as practicable. This plan will include the filing of the amendments and restatements, as well as the September 30, 2010 Form 10-Q.
ABOUT CYBERDEFENDER
CyberDefender is a provider of Internet security software, utilities and remote technical support services that work together to ensure maximum safety for consumers in a digital world. The company develops and markets antispyware/antivirus software and a remote, live technical support service. In addition, CyberDefender offers identity protection and computer optimization services. With millions of active users on its cloud based Collaborative Internet Security Network, CyberDefender leverages the power of community to protect its customers from the rapidly growing number of new online threats every year. CyberDefender products are fully compatible with Microsoft Windows® XP, Vista®, and 7 Operating systems. All products are available at . Investor relations information is available at .
FORWARD LOOKING STATEMENTS
Statements in this public announcement that are not statements of historical or current fact, including CyberDefender's statements regarding future financial performance and business prospects, the completion of the re-reviews and re-audits, and CyberDefender's intentions to file future reports with the SEC and a plan with Nasdaq, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause CyberDefender's actual results to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Factors that could cause CyberDefender's results to be materially different from the forward-looking statements include, but are not limited to, whether CyberDefender will be able to find financing as required and whether CyberDefender's revenues will eventually exceed its expenses. The forward-looking statements also are subject generally to other risks and uncertainties that are described from time to time in CyberDefender's reports and registration statements filed with the Securities and Exchange Commission, which are available for review at .
CONTACT: The Bohle Company Public Relations: Luis Levy (310) 785 - 0515 Ext. 204 PR@CyberDefender.com The Piacente Group Investor Relations: Kristen McNally Lee Roth 212-481-2050 IR@CyberDefender.com IR Site: www.CyberDefenderCorp.com