Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact: Lori Steiner or William Cornely at (614) 356-5524 |
DOMINION HOMES ANNOUNCES RECEIPT OF NASDAQ DEFICIENCY NOTICE
DUBLIN, Ohio – December 20, 2007 – Dominion Homes, Inc. (NASDAQ: DHOM) today announced that on December 17, 2007 the Company received notification from the Nasdaq Stock Market, Inc. (“Nasdaq”), stating that the Company is not in compliance with the continued listing requirement of Nasdaq Marketplace Rule 4450(a)(2) because the Company’s common stock had not maintained a minimum market value of publicly held shares of $5,000,000 for the previous 30 consecutive trading days. In accordance with Nasdaq Marketplace Rule 4450(e)(1), the Company was provided 90 calendar days, until March 17, 2008, to regain compliance with the minimum requirement. To meet the minimum requirement, the market value of the Company’s publicly held shares must maintain a market value of $5,000,000 or greater for a minimum of ten consecutive trading days.
If compliance cannot be demonstrated by March 17, 2008, Nasdaq will provide written notification to the Company that its securities will be delisted. At that time, the Company will be permitted to appeal Nasdaq’s determination to a Listing Qualifications Panel.
The Company intends to monitor the market value of its listed securities and consider available options if its common stock does not trade at a level likely to result in the Company regaining compliance with the minimum market value of publicly held shares requirement by March 17, 2008.
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Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risks, uncertainties and other factors include, but are not limited to, changes in national or local economic conditions, changes in the local or national homebuilding industry, changes in federal lending programs, fluctuations in interest rates, increases in raw materials and labor costs, levels of competition and other factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2006 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2007. All forward-looking statements made in this press release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements.