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February 9, 2014
15:13 EDTTLRTimberline Resources receives NYSE notice
Timberline Resources announced that it has received notice from the NYSE that the company is not in compliance with one of the Exchange's continued listing standards as set forth in Part 10 of the NYSE MKT company guide. Specifically, the company is not in compliance with Section 1003(a)(iv) of that company guide in that it has sustained losses which are substantial in relation to its overall operations or its existing financial resources, or its financial condition has become impaired such that it appears questionable, in the opinion of the Exchange, as to whether the company will be able to continue operations and/or meet its obligations as they mature.In order to maintain its listing on the Exchange, the Exchange has requested that the company submit a plan of compliance by February 20 addressing how it intends to regain compliance with Section 1003(a)(iv) of the company guide by March 31. Timberline's management is pursuing a number of potential transactions to address the company's financial requirements. The company intends to submit a Plan in the prescribed form to the Exchange prior to the due date that management anticipates will address the concerns of the Exchange and regain compliance with the Exchange's continued listing standards. If the Plan is not accepted by the Exchange, then the company will be subject to the Exchange's delisting procedures. The company recognizes the need to engage in financing transactions to continue as a going concern given its current cash balance and anticipated, upcoming operating expenses. Such financing activities may include equity financings, asset sales, strategic alliances, or other arrangements, in order to execute its operating plans and exploration programs. The company may not be able to obtain necessary financing in sufficient amounts to meet its ongoing obligations or on acceptable terms, if at all, however, company management believes that through its best efforts it will complete a Plan and one or more transactions that will bring the company into compliance with NYSE MKT guidelines.
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