Comverse Technology Requests Stay Of NASDAQ Panel Decision And Additional Extension From NASDAQ Listing Council
September 05 2006 - 6:00AM
Business Wire
Comverse Technology, Inc. (NASDAQ: CMVT) today announced that the
company has made a submission - - pursuant to NASDAQ rule 4807,
which provides that a motion for a stay must be filed within 15
days of a NASDAQ Listing Qualifications Panel decision - - to the
NASDAQ Listing and Hearing Review Council requesting the Listing
Council grant a stay of the Listing Panel's August 18, 2006
decision establishing a deadline of September 25, 2006 for the
company to complete the restatements of its financial statements
and to file its annual report for the fiscal year ended January 31,
2006 and quarterly report for the quarter ended April 30, 2006. The
company requested an additional 60-day extension from the Listing
Council's decision to make the necessary filings. There can be no
assurance that the Listing Council will grant a stay or an
extension or that the company's securities will remain listed on
the NASDAQ Stock Market. The company intends to announce the
Listing Council's decision promptly after it receives notice of
such decision. About Comverse Technology, Inc. Comverse Technology,
Inc. (NASDAQ: CMVT), through its Comverse, Inc. subsidiary, is the
world's leading provider of software and systems enabling
network-based multimedia enhanced communication and billing
services. The company's Total Communication portfolio includes
value-added messaging, personalized data and content-based
services, and real-time converged billing solutions. Over 450
communication and content service providers in more than 120
countries use Comverse products to generate revenues, strengthen
customer loyalty and improve operational efficiency. Other Comverse
Technology subsidiaries include: Verint Systems (NASDAQ: VRNT), a
leading provider of analytic software-based solutions for
communications interception, networked video security and business
intelligence; and Ulticom (NASDAQ: ULCM), a leading provider of
service enabling signaling software for wireline, wireless and
Internet communications. Comverse Technology is an S&P 500 and
NASDAQ-100 Index company. For additional information, visit the
Comverse website at www.comverse.com or the Comverse Technology
website at www.cmvt.com All product and company names mentioned
herein may be registered trademarks or trademarks of Comverse or
the respective referenced company(s). Note: This release contains
"forward-looking statements" under the Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties.
There can be no assurances that forward-looking statements will be
achieved, and actual results could differ materially from forecasts
and estimates. Important factors that could cause actual results to
differ materially include: the results of the review of the Special
Committee, appointed by the Board of Directors on March 14, 2006,
of matters relating to the company's stock option grants,
including, but not limited to, the accuracy of the stated dates of
option grants and whether all proper corporate procedures were
followed; the impact of any restatement of financial statements of
the company or other actions that may be taken or required as a
result of such reviews; the company's inability to file reports
with the Securities and Exchange Commission; risks associated with
the company's inability to meet NASDAQ requirements for continued
listing, including possible delisting; risks of litigation and of
governmental investigations or proceedings arising out of or
related to the company's stock option grants or any restatement of
the financial statements of the company; risks associated with
integrating the businesses and employees of the GSS division of CSG
Systems, International and Netcentrex S.A.; changes in the demand
for the company's products; changes in capital spending among the
company's current and prospective customers; the risks associated
with the sale of large, complex, high capacity systems and with new
product introductions as well as the uncertainty of customer
acceptance of these new or enhanced products from either the
company or its competition; risks associated with rapidly changing
technology and the ability of the company to introduce new products
on a timely and cost-effective basis; aggressive competition may
force the company to reduce prices; a failure to compensate any
decrease in the sale of the company's traditional products with a
corresponding increase in sales of new products; risks associated
with changes in the competitive or regulatory environment in which
the company operates; risks associated with prosecuting or
defending allegations or claims of infringement of intellectual
property rights; risks associated with significant foreign
operations and international sales and investment activities,
including fluctuations in foreign currency exchange rates, interest
rates, and valuations of public and private equity; the volatility
of macroeconomic and industry conditions and the international
marketplace; risks associated with the company's ability to retain
existing personnel and recruit and retain qualified personnel; and
other risks described in filings with the Securities and Exchange
Commission. These risks and uncertainties, as well as others, are
discussed in greater detail in the filings of the company with the
Securities and Exchange Commission, including its most recent
Annual Report on Form 10-K and subsequent Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. These documents are available
through the company, or its website, www.cmvt.com, or through the
SEC's Electronic Data Gathering Analysis and Retrieval system
(EDGAR) at www.sec.gov. The company makes no commitment to revise
or update any forward-looking statements in order to reflect events
or circumstances after the date any such statement is made.
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