IA Global Receives NYSE Amex Deficiency Notice
October 01 2009 - 4:15PM
Business Wire
IA Global, Inc. (NYSE Amex US: IAO) (“IA Global” or the
“Company”) announced today that it received a deficiency letter
from the NYSE Amex on September 25, 2009. In this letter, NYSE Amex
staff accepted IA Global’s plan to bring the Company back into
compliance with Sections 134 and 1101 of the NYSE Amex’s Company
Guide by October 12, 2009. IA Global expects to regain compliance
with Sections 134 and 1101 of the Company Guide by filing its
Quarterly Report on Form 10-Q for the quarterly period ended June
30, 2009 with the Securities and Exchange Commission on or before
October 12, 2009.
In its letter, the staff also indicated that the Company is not
compliance with certain additional continued listing standards set
forth in Part 10 of the Company Guide. Specifically, the Company is
not in compliance with (i) Section 1003(a)(i) of the Company Guide,
since its total shareholders’ equity is less than $2 million and
the Company has reported losses from continuing operations and net
losses in two out of the three most recent fiscal years; (ii)
Section 1003(a)(ii) of the Company Guide, since its total
shareholders’ equity is less than $4 million and the Company has
reported losses from continuing operations and net losses in three
out of the four most recent fiscal years; (iii) Section
1003(a)(iii) of the Company Guide, since its total shareholders’
equity is less than $6 million and the Company has reported losses
from continuing operations and net losses in the five most recent
fiscal years; and (iv) Section 1003(a)(iv) of the Company Guide,
since the Company sustained losses so substantial in relation to
its overall operations or its existing financial resources or its
financial condition has become so impaired that is appears
questionable, in the opinion of the NYSE Amex, that the Company
will be able to continue operations and/or meet its obligations as
they mature.
In order to maintain its listing on the NYSE Amex, the Company
must submit a plan by October 9, 2009 that addresses how it will
regain compliance with Section 1003(a)(iv) of the Company Guide by
March 25, 2010 and Section 1003(a)(i), (ii) and (iii) of the
Company Guide by March 25, 2011. The Company will be subject to
periodic review by the NYSE Amex staff during the extension period.
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 NYSE Amex. The Company expects to submit its plan to regain
compliance with the continued listing standards and within the time
periods described above on or before the October 9, 2009
deadline.
About IA Global,
Inc.
IA Global is a Business Process Outsourcing (“BPO”) and
financial services corporation targeting the B2B and B2C markets in
the Asia Region. The Company is seeking to expand its investments
in the BPO, B2B and financial services sectors. In Japan, IA Global
is the 100% owner, except as disclosed, of Global Hotline, Inc., a
BPO organization, which operates several major call centers
providing primarily outbound telemarketing services for
telecommunications and insurance companies. In the Philippines, IA
Global operates as Global Hotline Philippines Inc., a BPO
organization, providing inbound and outbound telemarketing
services, as well as collocation facilities, to a variety of
industries. In the Asia region, the Company has equity investments
of 20.25% in Slate Consulting Co Ltd. and 12.6% in Taicom
Securities Co. Ltd., except as disclosed.
Further Inquiries; Contact
Information
Investor RelationsIA Global, Inc.101 California Street, Suite
2450San Francisco, CA 94111415-946-8828 (t)415-946-8801
(f)ir@iaglobalinc.comwww.iaglobalinc.com
Disclaimer Regarding
Forward-Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains forward-looking
statements (within the meaning of Section 27a of the Securities Act
of 1933 and Section 21e of the Securities Exchange Act of 1934)
regarding us and our business, financial condition, results of
operations and prospects. Forward-looking statements in this press
release reflect the good faith judgment of our management and are
based on facts and factors currently known to us. Forward-looking
statements are subject to risks and uncertainties, and actual
results and outcomes may differ materially from the results and
outcomes discussed in the forward-looking statements as a result of
either the matters set forth or incorporated in this press release
generally or certain economic and business factors, some of which
may be unknown to and/or beyond the control of IA Global.
Specifically, we are exposed to various risks related to legal
claims, our need for additional financing, our level of
indebtedness, our NYSE AMEX listing, our investment in Taicom
Securities Co Ltd., declining economic conditions, our Global
Hotline business, our controlling shareholder groups, the sale of
significant numbers of our shares and volatility in the market
price of our common stock. Readers are urged not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. We do not undertake, and we
expressly disclaim, any obligation to revise or update any
forward-looking statements in order to reflect any event or
circumstance that may arise after the date of the press
release.
IA Global (AMEX:IAO)
Historical Stock Chart
From Aug 2024 to Sep 2024
IA Global (AMEX:IAO)
Historical Stock Chart
From Sep 2023 to Sep 2024