SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 7, 2005
Island Pacific, Inc. (formerly known as SVI Solutions, Inc.)
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
0-23049 33-0896617
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(Commission File Number) (IRS Employer Identification No.)
19800 MacArthur Boulevard, Suite 1200, Irvine, California 92612
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(Address of Principal Executive Offices) (Zip Code)
(949) 476-2212
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(Registrant's telephone number, including area code)
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(Former Name or Former Address, if Changed Since Last Report)
ITEM 3.01 NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING
RULE OR STANDARD
On September 7, 2005, Island Pacific, Inc. (the "Company") received notice (the
"Notice") from the American Stock Exchange ("Amex" or the "Exchange") indicating
that due to the Company's non-compliance with certain Amex continued listing
standards, Amex has determined to proceed with the filing of an application with
the Securities and Exchange Commission to strike the common stock of the Company
from listing and registration on the Exchange. Specifically, Amex's letter
indicated that the Company is not in compliance with: (A) Sections 134 and 1101
of the Amex Company Guide (the "Company Guide"), in that the Company has failed
to file by September 6, 2005 its Form 10-K for the fiscal year ended March 31,
2005 and its Form 10-Q for the quarter ended June 30, 2005; and (B) Section
1003(a)(iv) of the Company Guide, in that the Company has sustained losses which
are so substantial in relation to its overall operations or its existing
financial resources, or its financial condition has become so impaired that it
appears questionable, in the opinion of Amex, as to whether the Company will be
able to continue operations and/or meet its obligations as they mature.
The Company intends to file its Form 10-K for the fiscal year ended March 31,
2005 and its Form 10-Q for the quarter ended June 30, 2005 as soon as
practicable and intends to appeal Amex's determination by submitting an
application for a hearing by September 15, 2005 to the Amex Listing
Qualifications Panel. The Company's board of directors is in the final stages of
the independent counsel's internal review of certain matters related to revenue
recognition and once complete, the Company expects that the audit for the year
ended March 31, 2005, the filing of the Form 10-K for the year ended March 31,
2005 and the filing of the Form 10-Q for the quarter ended June 30, 2005 will be
completed. During the period prior to the determination of the hearing the
Company's stock will continue to trade on Amex.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
Island Pacific, Inc.
Date: September 12, 2005 By: /s/ Barry Schechter
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Name: Barry Schechter
Title: Chief Executive Officer