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Lazare Kaplan submits compliance plan

October 12, 2009

New York--Diamond Trading Co. sightholder Lazare Kaplan International Inc. has submitted a plan that outlines the steps the company will take to avoid being suspended or delisted from the NYSE AMEX LLC, a filing with the Securities and Exchange Commission (SEC) shows.

Lazare Kaplan runs the risk of being suspended or delisted from the Exchange because the company failed to file its Annual Report on Form 10-K for the fiscal year ended May 31, 2009 in a timely manner.

The company originally notified the Exchange that it would submit a compliance plan by Sept. 30, but then was granted a deadline extension until Oct. 7, a deadline it met with last week's filing.

The Oct. 7 SEC filing states that the Exchange has not yet provided the company with a timetable for its formal response to the plan, with acceptance of the plan at the discretion of the Exchange.

Previously, Lazare Kaplan announced it was delaying the filing of its annual report to resolve "material uncertainty concerning the collectability and recovery of certain assets and the company's potential obligations under certain lines of credit and guaranty," the SEC filing states.

The filing goes on to state that Lazare Kaplan is working to resolve these issues and address its non-compliance with Exchange rules "as expeditiously as possible." The company believes the plan it submitted last week provides a reasonable basis upon which these problems can be solved and it can file its annual report prior to Dec. 15.

"Although the company is committed to working with the Exchange to find a way to regain compliance, the company intends to take steps to trade on over-the-counter market should Exchange approval of the plan not be forthcoming," the filing states.
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