Item 3.01. NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE OR STANDARD; TRANSFER OF LISTING.

On November 14, 2012, the Company received notice from The Nasdaq QMX Group that based upon the closing bid price for the last 30 consecutive business days, the Company no longer meets the requirement to maintain a minimum closing bid price of $1.00 per share for its common stock. The Company has a period of 180 calendar days in which to regain compliance.

If at any time during the 180 day period the closing bid price of the Company's common stock is at least $1.00 for a minimum of ten consecutive business days, the Company will regain compliance.

In the event the Company does not regain compliance, the Company may be eligible for additional time. To qualify, the Company will be required to meet the continued listing requirement for market value of publically held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If the Company meets these requirements, The Nasdaq QMX Group will inform the Company that it has been granted an additional 180 calendar days. However, if it appears to The Nasdaq OMX Group that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, The Nasdaq QMX Group will provide notice that its securities will be subject to delisting.