Mr. Rod J. McDonald January 18, 2005 Page 2 By Facsimile and Regular Mail --------------------------------- January 18, 2005 Mr. Rod J. McDonald Secretary and General Counsel Pizza Inn, Inc. 3551 Plano Parkway The Colony, TX 75056 Re: Pizza Inn, Inc. (the "Company") Nasdaq Symbol: PZZI Dear Mr. McDonald: On January 18, 2005, the Company notified Staff of Mr. Robert B. Page's appointment as Acting Chief Executive Officer of the Company and his resignation from the Company's audit committee on January 4, 2005. As such, the Company no longer complies with Nasdaq's audit committee requirements as set forth in Marketplace Rule 4350. Consistent with Marketplace Rule 4350(d)(4), the Company will be provided a cure period until the earlier of the Company's next annual shareholders' meeting or January 4, 2006, in order to regain compliance. The Company must submit to Nasdaq documentation, including biographies of any proposed directors, evidencing compliance with the rules no later than this date. In the event the Company does not regain compliance within this period, Staff will provide written notification that its securities will be delisted. At that time, the Company may appeal Staff's determination to a Listing Qualifications Panel. Please note that Item 3.01 of Form 8-K may require disclosure of the receipt of this notification letter within four business days. Accordingly, the Company should consult with counsel regarding disclosure obligations surrounding this letter under the federal securities laws. In addition, Nasdaq posts a list of all non-compliant Nasdaq companies and the reason(s) for such non-compliance on our website at www.nasdaq.com. The Company -------------- will be included in this list commencing on or after January 25, 2005. If you have any questions, please contact me at (301) 978-8034. Sincerely, W. Wayne Bush, CFA Lead Analyst Nasdaq Listing Qualifications See, SEC Release No. 34-49424.