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General Employment receives fourth extension

June 12, 2014

General Employment Enterprises Inc. (NYSE MKT: JOB), an Oakbrook Terrace, Ill.-based staffing provider, received its fourth extension from the NYSE MKT LLC related to compliance with listing standards, the company announced.

The NYSE granted the company a fourth extension of its impairment plan period from June 6 to Dec. 6, 2014, to improve the overall financial condition and increase the equity to a minimum of $4 million.

The company’s common stock continues to trade on the NYSE MKT stock exchange under the symbol “JOB,” but will become subject to the trading symbol extension “.LF” to denote non-compliance with the NYSE MKT’s continued listing standards.

Stockholder equity is less than $4 million and the company has sustained losses from continuing operations and/or net losses in three of its four most recent fiscal years. In the opinion of the exchange, it is questionable as to whether General Employment will be able to continue operations and/or meet its obligations as they mature based on its current overall financial condition.

“The foundation of General Employment Enterprises Inc. is still being improved upon in terms of infrastructure and operations,” said CEO Andrew Norstrud. “Recent measures have included vital additions to our management team, the creation and appointment of key members to our board of directors and advisory team, as well as pursuit of financing necessary to execute on our organic and inorganic growth initiatives which we believe will catapult the company to the next level. We are grateful to the NYSE for providing the time necessary to regain our compliance with their financial and equity position standards, and are hopeful of our ability to regain it this year."

General Employment in April named Francis “Frank” Elenio as its CFO and William “Bill” Paulding as manager of business development and operations.