SHRP Sharper Image Corp (MM)

Sharper Image Corporation (NASDAQ:SHRP) said today that, as anticipated, it has received a Nasdaq staff determination letter confirming the Company�s non-compliance with Rule 4310(c)(14) for continued listing on the Nasdaq Global Market. On April 20, 2007, the Company filed a Current Report on Form 8-K, as well as notified Nasdaq, that it was not in compliance with Nasdaq�s Marketplace Rule 4310(c)(14) because it was unlikely to be in a position to file its Annual Report on Form 10-K for the year ended January 31, 2007 (the �Current Form 10-K�) in a timely fashion. The Company will request a hearing before the Nasdaq Listing Qualifications Panel in response to the staff determination letter. The Company�s shares will remain listed on the Nasdaq Global Market pending a decision by the Listing Qualifications Panel. As previously announced, the principal reasons for the delay in filing the Current Form 10-K relate to the resources the Company devoted to completing its March 2007 filings of its Form 10-K/A, Form 10-Q/A and two Forms 10-Q following the conclusion of its independent review of its historical stock option practices and related accounting matters. The resources devoted to these filings prevented the Company from preparing its annual financial statements and providing its independent registered public accountants with information necessary to permit them to complete their audit in a timely fashion. The Company and its registered independent auditors are working diligently to complete the Current Form 10-K and the related audit so that the Company can file the Current Form 10-K as expeditiously as possible. The Company currently expects to file its Current Form 10-K on or before May 31, 2007. Forward-Looking Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the Company's current plans, expectations, estimates, and projections about the specialty retail industry and management's beliefs about the Company's future performance. Words such as �anticipates,� �expects,� �intends,� �plans,� �believes,� �seeks,� �estimates� or variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties that are difficult to predict and which may cause the Company�s actual results and performance to differ materially from those expressed or forecasted in any such forward-looking statements. Some of these risks and uncertainties are discussed in the Company�s Quarterly Report on Form 10-Q for the quarter ended October 31, 2006 under �Risk Factors.� These risks include, among other factors, the Company�s ability to remain listed on the Nasdaq Global Market, its ability to continue to find or develop and to offer attractive merchandise to customers, the market potential for products in design, changes in business and economic conditions, risks associated with the expansion of its retail store, catalog and Internet operations, and changes in the competitive environment in which it operates. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements. However, readers should carefully review the statements set forth in the reports, which the Company files from time to time with the Securities and Exchange Commission, particularly its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.