Farmstead Shares to be Traded on the OTC Bulletin Board
December 23 2005 - 11:15AM
PR Newswire (US)
EAST HARTFORD, Conn., Dec. 23 /PRNewswire-FirstCall/ -- Farmstead
Telephone Group, Inc. (AMEX:FTG) today announced that it has
reached an agreement with a brokerage firm to represent the Company
as a Market Maker, and an application has been submitted to the
NASD for a listing on the Over- the-Counter Bulletin Board
("OTCBB"). The Company expects to be listed by December 30, 2005.
This action was prompted by the receipt of a notice from the
American Stock Exchange on December 19, 2005 that an appointed
Listing Qualifications Panel has decided to continue proceedings to
delist the Company based on the Company not achieving the minimum
shareholders' equity level required for continued listing in a time
frame consistent with their guidelines. Although the Company could
further appeal this determination to the Amex's Committee on
Securities, it has decided to proceed with a move to the OTCBB.
Jean-Marc Stiegemeier, Farmstead's Chairman, President and CEO,
said: "There is no question in my mind that our move to the OTC
Bulletin Board, at this time, is in the best interests of our
shareholders. We are now free to raise the capital necessary to
begin the national roll-out of our One IP Voice hosted solution.
The full roll out of the One IP Voice offerings is on schedule to
commence the first week of January. The market's validation and
acceptance of our One IP Voice offerings continues. Whether
Farmstead trades on the AMEX, NASDAQ or the OTCBB, it will not
affect our ability to transform Farmstead into a major player in
the VOIP market, nor our ability to grow revenues and move towards
profitability. However, I want to make it clear that our plan is to
move back to a national exchange as soon as it is feasible." About
One IP Voice One IP Voice, a wholly owned subsidiary of Farmstead
Telephone Group, provides carrier-based Hosted IP Telephony
solutions along with Network Services. The primary target of the
One IP Voice offering will be to the Small to Medium Businesses
(SMB) market for the under 200-employee businesses. The
facilities-based One IP Voice offering will include Hosted IP
Centrex and IP Trunking services, bundled with private One IP Voice
"Last Mile" connectivity on a national basis, long distance
calling, On Net calling, local area calling, 911 capabilities and
Wide Area Network (WAN) voice and data connectivity. One IP Voice
will also offer a consumer VoIP product. About Farmstead Farmstead
Telephone Group, Inc. is an Avaya Inc. Platinum Business Partner,
selling, installing and maintaining both new and refurbished Avaya
business communications products nationwide. Further information
about Farmstead Telephone may be found at
http://www.farmstead.com/. To add yourself to our email
distribution list, click here:
http://www.b2i.us/frame.asp?BzID=1042&to=ea&Nav=1&S=0&L=1
This release contains forward-looking statements that involve risks
and uncertainties. In addition to historical information, investors
should consider carefully the risks associated with an investment
in the Company's securities as previously outlined by the Company
in its prior filings with the Securities and Exchange Commission.
CONTACT: Robert G. LaVigne, CFO Farmstead Telephone Group, Inc.
Voice: 860-610-6002 Fax: 860-610-6001 INVESTOR RELATIONS: Dave
Gentry/Alex Lewis Aurelius Consulting Group
http://www.runonideas.com/ (407) 644-4256 DATASOURCE: Farmstead
Telephone Group, Inc. CONTACT: Robert G. LaVigne, CFO of Farmstead
Telephone Group, Inc., +1-860-610-6002; or Dave Gentry or Alex
Lewis both of Aurelius Consulting Group, +1-407-644-4256 Web site:
http://www.farmstead.com/
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