||Alanco Investor Relations
NASDAQ Grants Alanco Six Months Extension
To Comply with Minimum $1.00 Bid Price Requirement
(Scottsdale, AZ – February 1, 2006) – Alanco Technologies, Inc. (NASDAQ: ALAN) today announced that the Company has received notification from NASDAQ granting the Company an extension until July 31, 2006, to comply with NASDAQ’s $1.00 per share minimum bid price continued listing requirement.
On August 4, 2005, the Company had received notification from NASDAQ that it was not in compliance with the minimum $1.00 per share requirement and was provided 180 calendar days, or until January 31, 2006, to correct the deficiency.
Due to the Company meeting all other initial listing criteria for the NASDAQ Capital Market, NASDAQ has provided the Company with an additional 180 calendar day period until July 31, 2006, to comply with the minimum $1.00 bid price.
Alanco Technologies, Inc. (NASDAQ: ALAN), headquartered in Scottsdale, Arizona, is the developer of the TSI PRISM RFID continuous tracking system for the corrections industry, which tracks the location and movement of inmates and officers, resulting in significant prison operating cost reductions and enhanced officer safety and facility security. Utilizing RFID (Radio Frequency Identification) tracking technology with proprietary software and patented hardware components, TSI PRISM provides real-time inmate and officer identification, location and tracking capabilities both indoors and out. TSI PRISM is currently utilized in prisons in Michigan, California, Illinois, and Ohio. The Company also participates in the data storage industry through two subsidiary companies: Arraid, Inc., a manufacturer of proprietary storage products to upgrade older “legacy” computer systems; and Excel/Meridian Data, Inc., a manufacturer of Network Attached Storage (NAS) systems.
Except for historical information, the statements contained in this press release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements are subject to, and are qualified by, risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. These risks and uncertainties include, but are not limited to, reduced demand for information technology equipment; competitive pricing and difficulty managing product costs; development of new technologies which make the Company’s products obsolete; rapid industry changes; failure of an acquired business to further the Company’s strategies; the ability to maintain satisfactory relationships with lenders and to remain in compliance with financial loan covenants and other requirements under current banking agreements; and the ability to secure and maintain key contracts and relationships.