BOCA RATON, Fla.--(BUSINESS WIRE)--
Ominto, Inc. (Nasdaq:OMNT), a growth company with global operations in
the e-commerce, marketing, and entertainment industries, today announced
that on March 1, 2018, it received a letter from Nasdaq, which
supersedes its letter dated February 22, 2018 and indicates that the
Company is not in compliance with Nasdaq's continued listing
requirements under the timely filing criteria outlined in Listing Rule
5250(c)(1). Due to the delay in filing its annual report on Form 10-K
for the year ended September 30, 2017, the Company has been unable to
file its quarterly report on Form 10-Q for the quarter ended December
31, 2017 (the "Form 10-Q") with the U.S. Securities and Exchange
The letter states that the Company must submit a plan no later than
March 5, 2018, setting forth the actions it will take to regain
compliance with the Listing Rules for continued listing. If Nasdaq
accepts such plan, the Company may be granted an exception of up to 180
calendar days from the date the Form 10-K was due, or until June 27,
2018, to regain compliance. On March 5, 2018, the Company submitted its
plan to regain compliance to Nasdaq. The letter from Nasdaq has no
immediate effect on the listing of the Company's common stock on the
Nasdaq Capital Market.
About Ominto, Inc.
Ominto is a growing company with global operations in the e-commerce,
marketing, and entertainment industries. The company owns or invests in
strategic entities that provide value to its global customer base.
Ominto is a pioneer in global Cash Back and first to market in many
regions of the world. At the core of Ominto's business is Dubli.com, a
global consumer Cash Back e-commerce digital marketplace.
At Dubli.com or at Partner sites powered by Ominto.com, consumers shop
at their favorite stores, save with the best coupons and deals, and earn
Cash Back with each purchase. The Ominto.com website features thousands
of brand name stores and industry-leading travel companies from around
the world, providing Cash Back savings to consumers in more than 120
countries. Ominto's Partner Programs offer a white label version of
the Ominto.com shopping and travel website to businesses and
non-profits, providing them with a professional, reliable web presence
that builds brand loyalty with their members, customers or constituents
while earning commissions for the organization and Cash Back for
shoppers on each transaction.
For more information, please visit Ominto's corporate website http://ominto.com.
This press release contains forward-looking statements that involve
substantial risks and uncertainties. These include statements about
Ominto's expectations, beliefs, intentions or strategies for the future,
which are indicated by words or phrases such as "anticipate," "expect,"
"intend," "plan," "will," "believe," "projects," "could," "would,"
"intend" and similar expressions. You can also identify them by the fact
that they do not relate strictly to historical or current facts. The
forward-looking statements reflect Ominto's current view about future
events and are subject to risks, uncertainties and assumptions. Because
forward-looking statements relate to the future, by their nature, they
are subject to inherent uncertainties, risks, and changes in
circumstances that are difficult to predict. Ominto may not actually
achieve the expectations disclosed in the forward-looking statements and
you should not place undue reliance on Ominto's forward-looking
statements. These forward-looking statements involve risks and
uncertainties that could cause actual results or events to differ
materially from the expectations disclosed in the forward-looking
statements, including, but not limited to: risks related to Ominto's
ability to continue as a going concern being in doubt; material
weaknesses in Ominto's internal controls, Ominto's inability to generate
enough customers or enough purchasing activity for our shopping
websites; Ominto's inability to establish and maintain a large growing
base of Business Associates; Ominto's failure to adapt to technological
change; increased competition; increased operating costs; changes in
legislation applicable to Ominto's business; material weaknesses in
Ominto's internal controls; Ominto's failure to improve our internal
controls; and Ominto's inability to generate sufficient cash flows from
operations or to secure capital to enable us to maintain our current
operations or support our intended growth; along with other risks and
potential factors that could affect Ominto's business and financial
results identified in Ominto's filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the fiscal year
ended September 30, 2016.
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Source: Ominto, Inc.
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