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Trailer Bridge Announces Receipt of NASDAQ Letter Regarding Compliance with NASDAQ's Independent Director Requirement
Business Wire, June 6, 2007
JACKSONVILLE, Fla. -- Trailer Bridge, Inc. (NASDAQ Global Market: TRBR) today announced that it received a letter from NASDAQ Listing Qualifications on May 31, 2007 stating that solely as a result of the resignation of Mr. Peter S. Shaerf from Trailer Bridge's Board of Directors, effective as of May 22, 2007, Trailer Bridge is not currently in compliance with NASDAQ's independent director requirements as set forth in Marketplace Rule 4350.
Pursuant to Marketplace Rules 4350(c)(1), NASDAQ is providing Trailer Bridge a cure period within which it shall reestablish compliance with the independent director requirement, as follows: (1) until the earlier of Trailer Bridge's next annual shareholders' meeting or May 22, 2008, or (2) if the next annual shareholder's meeting is held before November 19, 2007, then Trailer Bridge must evidence compliance no later than November 20, 2007.
Since Mr. Shaerf's resignation, Trailer Bridge has begun its search for a replacement independent director and Trailer Bridge believes it will regain compliance with Marketplace Rules 4350(c)(1) within the cure period set forth by the NASDAQ.
Trailer Bridge provides integrated trucking and marine freight service to and from all points in the lower 48 states and Puerto Rico, bringing efficiency, service, security and environmental and safety benefits to domestic cargo in that traffic lane. This total transportation system utilizes its own trucks, drivers, trailers, containers and U.S. flag vessels to link the mainland with Puerto Rico via marine facilities in Jacksonville and San Juan. Additional information on Trailer Bridge is available at the www.trailerbridge.com website.
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