Equity Media Holdings Corporation Receives Deficiency Notice Related to NASDAQ Audit Committee...

LITTLE ROCK, Ark., July 8, 2008 (PRIME NEWSWIRE) -- Equity Media Holdings Corporation (Nasdaq:EMDA) announced today that on July 1, 2008, the Company received written notification from NASDAQ that the Company was no longer in compliance with Marketplace Rule 4350(d)(2)(A), which addresses Audit Committee composition. Pursuant to this rule, each issuer must have, and certify that it has and will continue to have, an audit committee of at least three members, each of whom must: (i) be independent as defined under Rule 4200(a)(15); (ii) meet the criteria for independence set forth in Rule 10A-3(b)(1) under the Act (subject to the exemptions provided in Rule 10A-3(c)); (iii) not have participated in the preparation of the financial statements of the company or any current subsidiary of the company at any time during the past... [read full story]