Lazare Kaplan International Inc. announced Friday that the New York Stock Exchange granted the company an extension until May 31st to regain compliance with the exchange’s continued listing standards.

The company will be subject to periodic review by the NYSE during the extension period. Failure by Lazare Kaplan to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the company being delisted from the Exchange.

Lazare Kaplan announced in November it could not file its financial report on time. NYSE accepted the company’s submitted plan of compliance and originally gave them an extenstion until the end of 2009. Lazare Kaplan announced earlier this month that it was unable to report 2Q financial results.

JCK