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): October 25, 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 October 25, 2005, the American Stock Exchange ("AMEX") notified Island
Pacific, Inc. (the "Company") of the decision by the AMEX Listing Qualifications
Panel (the "Panel") to delist the Company's common stock from AMEX. The decision
follows a hearing before the Panel on October 18, 2005. The Panel affirmed the
AMEX staff's determination to delist the Company's common stock due to the
Company's non-compliance with certain Amex continued listing standards.
Specifically, the Panel agreed with the AMEX staff's analysis that the Company
is not in compliance with: (1) Sections 134 and 1101 of the Amex Company Guide
(the "Company Guide"), in that the Company has failed 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; and (2) 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.
AMEX will suspend trading in the Company's common stock as soon as practicable
in accordance with Section 1204(d) of the AMEX Company Guide and will file an
application with the U.S. Securities and Exchange Commission to strike the
Company's common stock from listing and registration when and if authorized in
accordance with Sections 1205(g), 1206(d) and 1206(e) of the AMEX Company Guide.
Following delisting, the Company expects its common stock to be quoted on the
Pink Sheets.
The Company issued a press release on October 31, 2005, announcing the
foregoing, a copy of which is attached as hereto as Exhibit 99.1.
ITEM 9.01 EXHIBITS
Exhibit No. Description
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99.1 Press release dated October 31, 2005.
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: October 31, 2005 By: /s/ Barry Schechter
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Name: Barry Schechter
Title: Chief Executive Officer