USA: Pyramid Breweries Inc. receives Nasdaq staff deficiency letter

Pyramid Breweries Inc. announced July 11 that in response to a notification letter sent July 6, 2006 from Pyramid Breweries Inc. to The Nasdaq Stock Market, Inc. , the company received a Staff Deficiency Letter from Nasdaq on July 7, 2006 indicating that, due to the appointment of Scott Barnum as Chief Executive Officer and President of the Company and his resulting resignation from the audit committee, effective June 30, 2006, the Company no longer complies with Nasdaq's audit committee requirements for continued listing set forth in Marketplace Rule 4350.

Nasdaq has notified the Company that consistent with Marketplace Rule 4350(d)(4), the Company will be provided a cure period until the earlier of the Company's next annual shareholders' meeting or July 2, 2007, in order to regain compliance.

Pyramid Breweries Inc. is a leading brewer of specialty, full-flavored beers and sodas produced under the Pyramid, MacTarnahan's and Thomas Kemper brands. The independent company owns two alehouse restaurants adjacent to its full production breweries under the Pyramid Alehouse and MacTarnahan Taproom brand names in Berkeley, California and Portland, Oregon, respectively, and three alehouse restaurants in Walnut Creek and Sacramento, California and Seattle, Washington.

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