TLL Proshares Ultrashort Telecommunications

Teletouch Communications, Inc. (AMEX:TLL) announced today that it received a notice from the American Stock Exchange ("AMEX") on September 26, 2005 advising the Company that the AMEX had accepted the Company's plan of compliance submitted on September 20, 2005. The Company's securities will remain listed throughout the compliance plan period, subject to periodic reviews of the Company's progress by AMEX In accordance with the plan submitted, the Company intends to regain compliance with all continued listing requirements by no later than November 28, 2005. The listing extension was granted on the condition that the Company regain its compliance with all AMEX continued listing standards by the foregoing deadline, including the filing of the Annual Report in question, as further described below. As previously announced, the Annual Report on Form 10-K for the period ended May 31, 2005, has not been filed with the SEC due to certain restatements of the Company's Consolidated Statement of Operations for the years ended May 31, 2002 and 2003 and its Consolidated Balance Sheet as of May 31, 2002 and 2003. The Company further stated that it appeared that there would be no impact on the Company's results of operations, financial position or cash flows for the years ended May 31, 2004 and 2005, respectively. As a result, the Company is not in compliance with Sections 134 and 1101 of the AMEX Company Guide. The Company is and has been devoting substantial efforts to complete and file the Annual Report in question. However, there is no assurance that the Company will be able to implement its plan of compliance. If it is unable to do so, the Company's securities could be de-listed from the AMEX and may continue to be quoted in the Pink Sheets. The Company may also seek quotation of its securities on the OTC Bulletin Board when it regains currency in the public reporting. Readers of this press release are urged to read carefully the Company's public announcements and regulatory filings with the Securities and Exchange Commission, including press releases and Current Reports on Form 8-K filed with the Securities and Exchange Commission. About Teletouch Teletouch Communications, Inc., a U.S. leader in wireless messaging and related network management, provides GPS-based mobile asset tracking for fleets, hazardous materials and "worker-down" emergency notification applications. Teletouch also provides two-way radio communications and cellular services. Teletouch's common stock is traded on the American Stock Exchange under stock symbol: TLL. Additional product, business and financial information for Teletouch is available at www.Teletouch.com. All statements in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth under the caption "Additional Factors That May Affect Our Business" in the Company's most recent Form 10-K and 10-Q filings. In addition, we operate in a highly competitive and rapidly changing environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise any forward-looking statement.