APRIL 28--PPT VISION Inc. (Minneapolis, MN; www.pptvision.com) has received formal notification from Nasdaq that it has regained full compliance with the $1.00 bid price rule for continued listing on the Nasdaq Small Cap Market. On November 2, 2004, Nasdaq had notified the company that the bid price of its common stock had closed at less than $1.00 for 30 consecutive trading days and therefore the company was in violation of the rules for continuous listing on the Nasdaq Small Cap Market. The company, however, continued to be listed on Nasdaq pursuant to a series of exemptions as provided in the Nasdaq regulations. To regain full compliance with the Nasdaq listing rules, the company's closing bid price for its common stock had to be $1.00 or greater for ten consecutive days.
On March 10, 2005, the company announced that its board of directors approved a 1-for-4 reverse split of its common stock effective as of the close of business on March 31, 2005, and the conversion to book-entry share registration also effective as of March 31, 2005. As a result of the 1-for-4 reverse split, the company successfully achieved compliance with the Nasdaq 10-day, $1.00 bid price requirement on April 19, 2005.
PPT VISION designs, manufactures, and markets camera-based intelligent systems for automated inspection in manufacturing applications. The company's products enable manufacturers to realize significant economic paybacks by increasing the quality of manufactured parts and improving the productivity of manufacturing processes.