Apogee Updates Status of and Anticipated Timing for SEC Filings; American Stock Exchange Accepts Company's Plan for Regaining Co
June 20 2005 - 8:20AM
Business Wire
Apogee Technology, Inc. (AMEX: ATA), a global provider of
integrated circuits and an emerging Micro-Electromechanical Systems
("MEMS") supplier, announced today that the Company's revised plan
to regain compliance with the listing standards of the American
Stock Exchange (AMEX) by July 31, 2005 has been accepted by the
AMEX. The Company originally became non-compliant with these
listing standards as a result of its failure to file with the
Securities and Exchange Commission (the "SEC") an Annual Report on
Form 10-KSB for the fiscal year ended December 31, 2004 including
audited financial statements. As a result of the Company's
submission to the AMEX of a revised plan for regaining compliance
with the AMEX requirements with respect to its Annual Report on
Form 10-KSB and its Quarterly Report on Form 10-QSB, AMEX
determined that, although Apogee is not in compliance with its
continued listing standards relating to SEC filings, it would
continue to list Apogee's common stock pursuant to an extension,
with a targeted date for completing the outstanding SEC filings and
regaining compliance by July 31, 2005. The Company is working
diligently with its new independent registered public accountants,
Miller Wachman LLP, in order to be able to complete the necessary
audits of its financial statements for the fiscal years ended
December 31, 2003 and December 31, 2004 and to file its Annual
Report on Form 10-KSB and Quarterly Report on Form 10-QSB, for the
three month period ending March 31, 2005, within the time period
required by the AMEX. Apogee will be subject to periodic review by
AMEX during this period to determine whether it is making progress
consistent with the plan. Failure 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 American Stock Exchange. About
Apogee Technology, Inc. Apogee Technology is a fabless
semiconductor company that designs, develops and markets silicon
based products that incorporate proprietary technologies. The
Company's patented all-digital, high efficiency Direct Digital
Amplification (DDX(R)) ICs have been used by over 20 major consumer
electronic brands in a wide range of audio products. The company is
developing new System-on-Chip (SOC) products using its analog and
digital circuit designs and Micro-Electromechanical Systems (MEMS)
technology for the consumer, automotive, communications and medical
markets. The Company operates a worldwide marketing and sales
organization and has offices in the US, Hong Kong and Japan. For
more information please visit our web site at:
http://www.apogeeddx.com. DDX(R) is a registered trademark of
Apogee Technology, Inc. All other product names noted herein may be
trademarks of their respective holders. Certain statements made
herein that use the words "anticipate", "hope", "estimate",
"project", "intend", "plan", "expect", "believe" and similar
expressions are intended to identify forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements involve known and unknown
risks and uncertainties, which could cause the actual results,
performance or achievements of the company to be materially
different from those that may be expressed or implied. Please refer
to the company's risk factors as set forth in the company's filings
with the Securities and Exchange Commission, including its reports
on Forms 10-KSB and 10-QSB.
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