AeroGrow Receives Nasdaq Staff Determination Letter
Company Plans to Request Appeal Hearing
BOULDER, CO -- (Marketwire) -- 12/03/08 -- AeroGrow International, Inc. (NASDAQ: AERO)("AeroGrow" or the "Company"), makers of the AeroGarden® line of indoorgardening products, announced that it has received a Nasdaq StaffDetermination letter, dated November 26, 2008, indicating that the Companyhas not regained compliance with Marketplace Rule 4310(c)(3) and that itsshares are subject to delisting. Unless the Company appeals thedetermination, the Company's securities will be suspended at the opening ofbusiness on December 5, 2008, and a Form 25-NSE will be filed with theSecurities and Exchange Commission, which will remove AeroGrow's securitiesfrom listing and registration on the Nasdaq Stock Market.
In the event that the Panel determines to delist the Company's commonstock, the Company expects that its common stock will continue to trade onthe OTC Bulletin Board electronic quotation system.
As previously reported, on August 11, 2008, AeroGrow received notice fromNasdaq Staff stating that the Company did not comply with Marketplace Rule4310(c)(3). This rule requires the Company to have a minimum $2.5 millionin stockholders' equity, $35 million market capitalization, or $500,000 ofnet income from continuing operations for the most recently completedfiscal year or two of the three most recently completed fiscal years.
About AeroGrow International, Inc.
Founded in 2002 in Boulder, Colorado, AeroGrow International, Inc. isdedicated to the research, development and marketing of the AeroGarden®line of indoor gardening products. AeroGardens feature dirt-freetechnology, allowing anyone to grow farmer's market fresh herbs, saladgreens, tomatoes, chili peppers, flowers and more, indoors, year-round, sosimply and easily that no green thumb is required. See www.aerogrow.com.
FORWARD-LOOKING STATEMENTS
"Safe Harbor" Statement under the Private Securities Litigation Reform Actof 1995: Statements by Jerry Perkins, and/or the Company, statementsregarding growth of the AeroGarden product line, optimism related to thebusiness, expanding sales and other statements in this press release areforward-looking statements within the meaning of the Securities LitigationReform Act of 1995. Such statements are based on current expectations,estimates and projections about the Company's business. Words such asexpects, anticipates, intends, plans, believes, sees, estimates andvariations of such words and similar expressions are intended to identifysuch forward-looking statements. These statements are not guarantees offuture performance and involve certain risks and uncertainties that aredifficult to predict. Actual results could vary materially from thedescription contained herein due to many factors including continued marketacceptance of the Company's products or the need to raise additionalcapital. In addition, actual results could vary materially based on changesor slower growth in the kitchen garden appliance market; the potentialinability to realize expected benefits and synergies; domestic andinternational business and economic conditions; changes in customer demandor ordering patterns; changes in the competitive environment includingpricing pressures or technological changes; technological advances;shortages of manufacturing capacity; future production variables impactingexcess inventory and other risk factors listed from time to time in theCompany's Securities and Exchange Commission (SEC) filings under "riskfactors" and elsewhere. The forward-looking statements contained in thispress release speak only as of the date on which they are made, and theCompany does not undertake any obligation to update any forward-lookingstatement to reflect events or circumstances after the date of this pressrelease.
CONTACTS:CorporateJohn ThompsonAeroGrow International, Inc.(303) 444-7755Email Contact
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