AMEX Accepts Teletouch's Plan of Compliance
05 October 2005 - 2:46AM
Business Wire
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.
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