| [October 26, 2009] |
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iGo® Announces Resignation of Larry M. Carr from Board of Directors and Receipt of Notification of Non-Compliance from NASDAQ
SCOTTSDALE, Ariz. --(Business Wire)--
iGo, Inc. (Nasdaq: IGOI), a leading provider of power management solutions, today announced that Larry M. Carr has informed the Company that he is resigning from the Board of Directors immediately due to health reasons. Mr. Carr has served as a member of the Board of Directors of iGo since September 2000.
"Our thoughts and prayers go out to Larry and his family," said Michael J. Larson, Chairman of the Board of Directors of iGo, Inc. "We greatly appreciate all the years of service that Larry has given iGo and we will miss his support and guidance."
Due to the resignation of Mr. Carr, iGo has received written notification from The NASDAQ Stock Market that the Company no longer complies with NASDAQ's audit committee composition requirements set forth in NASDAQ Listing Rule 5605, which requires listed companies to maintain an audit committee comprised of at least three members, all of whom must be independent.
Consistent with NASDAQ Listing Rule 5605(c)(4)(A), NASDAQ will provide the Company with a cure period to regain compliance as follows:
Until the earlier of the Company's next annual shareholders' meeting or October 20, 2010; or
If the next annual shareholders' meeting is held before April 19, 2010, then the Company must evidence compliance no later than April 19, 2010
During the cure period, the Company's shares will remain listed on the NASDAQ Global Market, subject to the Company's continued compliance with other NASDAQ listing requirements. The Board of Directors has commenced a search for a new independent director.
About iGo, Inc.
iGo, Inc., based in Scottsdale, Arizona, is a leading provider of power management solutions, including eco-friendly chargers for laptop computers, netbooks and mobile electronic devices (e.g., mobile phones, PDAs, digital cameras, etc.). All of these chargers leverage iGo's intelligent tip technology, which significantly minimizes electronic waste by enabling one charger to power/charge hundreds of brands and thousands of models of mobile electronic devices through the use of interchangeable tips. iGo is also the creator of a new, innovative patent-pending power saving technology that automatically eliminates virtually all wasteful and expensive standby or "vampire" power that is generated from chargers that continue to draw electricity when a mobile electronic device no longer requires charging or is disconnected from the charger.
iGo's products are available at www.iGo.com as well as through leading resellers and retailers. For additional information call 480-596-0061, or visit www.igo.com.
iGo is a registered trademark of iGo, Inc. All other trademarks or registered trademarks are the property of their respective owners.
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