Phoenix Footwear Group received notification from the American Stock Exchange that its additional listing application for the shares of common stock issued as part of the purchase price in its acquisition of the Chambers Belt Company had been approved, resolving a compliance deficiency.
On November 18, 2005, the Company received a warning letter from the staff of AMEX that it was not in compliance with Section 301 of the AMEX Company Guide because the shares of common stock issued in connection with the Chambers Belt Company acquisition were issued without approval from AMEX. On November 21, 2005, the Company filed an application for listing the additional shares with AMEX. In the approval letter, AMEX staff advised that it would not initiate a further continued listing evaluation and follow-up procedures as specified in Section 1009 of the Company Guide, and it considered the matter to be closed.
