AMEX Approves Teletouch's Plan of Compliance and Grants Listing Extension Through November 30, 2006
March 03 2006 - 10:53AM
Business Wire
Tyler, Texas-based Teletouch Communications, Inc. (AMEX:TLL)
announced today that the American Stock Exchange (the "AMEX")
notified Teletouch on February 24, 2006, that it had accepted the
Company's plan of compliance and granted the requested extension to
regain compliance with the AMEX continued listing standards through
November 30, 2006. The AMEX Staff reviewed Teletouch's plan of
compliance as submitted by the Company on January 17, 2006 and
supplemented on February 8, 2006 (the "Plan"), and concluded that
the Plan made a reasonable demonstration of the Company's ability
to regain compliance with the listing requirements. As a result,
AMEX Staff granted a listing extension of the Company's securities
on the AMEX through November 30, 2006, provided that the Company
meets certain interim disclosure and performance milestones through
the period. Specifically, and for example, on or before March 27,
2006, the Company is required to provide additional financial and
other documentation supporting the Plan presented. In addition, the
Company will be required to provide periodic updates to the Staff
in connection with the Plan. The Company can provide no assurance
that it will be able to satisfy the terms of the Staff's extension
or that it will execute upon the Plan as submitted to the Staff.
Failure to make progress consistent with the Plan or regain
compliance with the continued listing standards by the end of the
extension period could result in the Company being delisted from
the AMEX. On December 13, 2005, the Company announced the receipt
of the AMEX Staff's original listing deficiency notification
stating, in part, that based on a review of the Company's Form 10-K
for the fiscal year ended May 31, 2005 and Form 10-Q for the period
ended August 31, 2005, the Company was no longer in compliance with
Section 1003(a)(ii) of the AMEX Company Guide, specifically stating
that the Company no longer had shareholders' equity greater than
$4,000,000, and that it had sustained losses from continuing
operations in three of its four most recent fiscal years. At that
time, Teletouch was invited to present to Staff its plan to comply
with the foregoing listing deficiencies. About Teletouch Teletouch
offers data and communication network management for telemetry and
GPS-location based mobile asset monitoring, as well as cellular,
two-way radio communications and wireless messaging services
throughout the United States. Teletouch's common stock is traded on
the American Stock Exchange under stock symbol: TLL. Additional
business and financial information on 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, and amendments thereto. 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 statements.
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