Teletouch Receives AMEX Delisting Notification Letter
25 November 2006 - 7:00AM
Business Wire
Teletouch Communications, Inc. (AMEX:TLL) today announced that on
November 17, 2006, the American Stock Exchange (�AMEX�) Listing
Qualifications staff notified the Company that it had determined to
initiate delisting proceedings against the Company due to the
Company�s inability to maintain compliance with certain AMEX
continued listing requirements. Specifically, the AMEX staff
determined that the Company was not in compliance with Sections
1003(a)(ii) and (a)(iv) of the AMEX Company Guide as well as
Section 134 and 1101 of the same Company Guide. These Sections, in
essence, require AMEX-listed companies to comply with the minimum
shareholders� equity and currency in public reporting under the
Securities Exchange Act of 1934, as amended, continued listing
requirements. The Company expects to request an oral hearing before
an AMEX Qualifications Panel (the �Panel�) to appeal the foregoing
delisting determination by the AMEX staff, at which hearing the
Company intends to present its plan of compliance with the alleged
listing deficiencies. The time and place of this hearing has not
been set as of the date hereof. Pending the Panel�s determination,
the Company�s securities will remain trading on AMEX. In the event
the Panel accepts the Company�s plan for compliance to be presented
at the hearing, the Company�s stock will continue trading on the
AMEX for the duration of the compliance period. Otherwise, the
Company�s securities would be delisted from AMEX immediately
following the hearing. In that event, the Company�s stock may
continue to be quoted in the Pink Sheets trading system. The
Company may also re-apply for a listing of its securities on the
AMEX, Nasdaq or OTC Bulletin Board when it again becomes current in
its public reporting. There is no assurance that the Panel will
accept the Company�s plan of compliance or that, even if such plan
is accepted, the Company will be able to implement the plan within
the prescribed timeframe. About Teletouch For over 40-years,
Teletouch has offered a comprehensive suite of telecommunications
products and services, including cellular, two-way radio
communications, GPS-telemetry and wireless messaging services
throughout the United States. Teletouch�s wholly-owned subsidiary,
Progressive Concepts, Inc., is a leading U.S. provider of wireless
cellular voice, data, and entertainment products and branded
wireless services to individuals, businesses, and government
agencies. PCI provides these products and services through its
chain of retail stores (under the �Hawk Electronics� brand),
Hawk-branded agents, a direct sales force in Texas and Arkansas,
and through the Internet (www.hawkelectronics.com). PCI also
operates a significant national wholesale distribution business
serving smaller cellular and automotive retailers, car dealers and
cellular service providers throughout the country. Teletouch's
common stock is traded on the American Stock Exchange under stock
symbol: TLL. Additional information about Teletouch can be found
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). Forward-looking
statements by their nature address matters that are, to different
degrees, uncertain. Forward-looking statements may address the
Company's expected future business or financial performance, and
future reporting of historic operating results the accounting for
which has not been completed. Forward-looking statements often
contain words such as "expects," "anticipates," "intends," "plans,"
"believes," "seeks," or "will." The quarterly results for the
period ended August 31, 2006 recited above are preliminary and
therefore are forward-looking. 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 statement. Teletouch Communications,
Inc. (AMEX:TLL) today announced that on November 17, 2006, the
American Stock Exchange ("AMEX") Listing Qualifications staff
notified the Company that it had determined to initiate delisting
proceedings against the Company due to the Company's inability to
maintain compliance with certain AMEX continued listing
requirements. Specifically, the AMEX staff determined that the
Company was not in compliance with Sections 1003(a)(ii) and (a)(iv)
of the AMEX Company Guide as well as Section 134 and 1101 of the
same Company Guide. These Sections, in essence, require AMEX-listed
companies to comply with the minimum shareholders' equity and
currency in public reporting under the Securities Exchange Act of
1934, as amended, continued listing requirements. The Company
expects to request an oral hearing before an AMEX Qualifications
Panel (the "Panel") to appeal the foregoing delisting determination
by the AMEX staff, at which hearing the Company intends to present
its plan of compliance with the alleged listing deficiencies. The
time and place of this hearing has not been set as of the date
hereof. Pending the Panel's determination, the Company's securities
will remain trading on AMEX. In the event the Panel accepts the
Company's plan for compliance to be presented at the hearing, the
Company's stock will continue trading on the AMEX for the duration
of the compliance period. Otherwise, the Company's securities would
be delisted from AMEX immediately following the hearing. In that
event, the Company's stock may continue to be quoted in the Pink
Sheets trading system. The Company may also re-apply for a listing
of its securities on the AMEX, Nasdaq or OTC Bulletin Board when it
again becomes current in its public reporting. There is no
assurance that the Panel will accept the Company's plan of
compliance or that, even if such plan is accepted, the Company will
be able to implement the plan within the prescribed timeframe.
About Teletouch For over 40-years, Teletouch has offered a
comprehensive suite of telecommunications products and services,
including cellular, two-way radio communications, GPS-telemetry and
wireless messaging services throughout the United States.
Teletouch's wholly-owned subsidiary, Progressive Concepts, Inc., is
a leading U.S. provider of wireless cellular voice, data, and
entertainment products and branded wireless services to
individuals, businesses, and government agencies. PCI provides
these products and services through its chain of retail stores
(under the "Hawk Electronics" brand), Hawk-branded agents, a direct
sales force in Texas and Arkansas, and through the Internet
(www.hawkelectronics.com). PCI also operates a significant national
wholesale distribution business serving smaller cellular and
automotive retailers, car dealers and cellular service providers
throughout the country. Teletouch's common stock is traded on the
American Stock Exchange under stock symbol: TLL. Additional
information about Teletouch can be found 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). Forward-looking statements by their
nature address matters that are, to different degrees, uncertain.
Forward-looking statements may address the Company's expected
future business or financial performance, and future reporting of
historic operating results the accounting for which has not been
completed. Forward-looking statements often contain words such as
"expects," "anticipates," "intends," "plans," "believes," "seeks,"
or "will." The quarterly results for the period ended August 31,
2006 recited above are preliminary and therefore are
forward-looking. 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 statement.
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