CellStar Announces Nasdaq Notification of Additional Delinquency
23 April 2005 - 8:00AM
PR Newswire (US)
CellStar Announces Nasdaq Notification of Additional Delinquency
CARROLLTON, Texas, April 22 /PRNewswire-FirstCall/ -- CellStar
Corporation (NASDAQ:CLSTE) today announced that on April 19, 2005,
the Company received a Notification of Additional Delinquency from
The Nasdaq Stock Market indicating that the Company's inability to
timely file its quarterly report on Form 10-Q for the quarter ended
February 28, 2005, by its extended filing date of April 18, 2005,
violates The Nasdaq Stock Market's continued listing requirement
set forth in Marketplace Rule 4310(c)(14). As previously announced,
the Company is subject to delisting from Nasdaq due to its
inability to file its Annual Report on Form 10-K for the fiscal
year ended November 30, 2005. The Company has delayed the filing of
Form 10-K and Form 10-Q while it resolves issues related to
accounts receivable and revenues in its Asia-Pacific Region. The
Company requested a hearing before a Nasdaq Listing Qualifications
Panel to request continued listing on Nasdaq until the Company
timely files its periodic reports as required by Nasdaq Marketplace
Rules. The hearing occurred on April 7, 2005. The Panel requested
that the Company provide additional information, which will be
delivered to the Panel on April 22, 2005. The Company can provide
no assurance that the panel will grant its request for continued
listing. About CellStar Corporation CellStar Corporation is a
leading global provider of value added logistics and distribution
services to the wireless communications industry, with operations
in the North American, Latin American and Asia-Pacific Regions.
CellStar facilitates the effective and efficient distribution of
handsets, related accessories and other wireless products from
leading manufacturers to network operators, agents, resellers,
dealers and retailers. CellStar also provides activation services
in some of its markets that generate new subscribers for its
wireless carriers. For the year ended November 30, 2003, the
Company reported revenues of $1.8 billion. Additional information
about CellStar may be found on its website at
http://www.cellstar.com/ . This news release contains
forward-looking statements, as defined in the Private Securities
Litigation Reform Act of 1995. A variety of risk factors, including
the Company's ability to implement its business strategies, to
maintain its channels of distribution, continue to secure an
adequate supply of competitive products on a timely basis and on
commercially reasonable terms, improve its operating margins,
secure adequate financial resources, maintain an adequate system of
internal control, comply with debt covenants, and continually turn
its inventories and accounts receivable, as well as changes in
foreign laws, regulations and tariffs, new technologies, system
implementation difficulties, competition, handset shortages or
overages, terrorist acts, a decline in consumer confidence and
continued economic weakness in the U.S. and other countries in
which the Company does business and other risk factors, are
discussed in the Company's Annual Report on Form 10-K and most
recent Quarterly Report on Form 10-Q. Any one, or a combination of
these risk factors could cause CellStar's actual results to vary
materially from anticipated results or other expectations expressed
in the Company's forward-looking statements. DATASOURCE: CellStar
Corporation CONTACT: Sherrian Gunn of CellStar Corporation,
+1-972-466-5031 Web site: http://www.cellstar.com/
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