CSP Receives Delisting Notification from Nasdaq and Updates Status of 2005 10-K Filing
28 February 2006 - 3:14AM
PR Newswire (US)
BILLERICA, Mass., Feb. 27 /PRNewswire-FirstCall/ -- CSP Inc.
(NASDAQ:CSPIE), a provider of IT Solutions, systems integration
services and dense cluster computing systems, announced today that
on February 22, 2006 it received a letter from the Nasdaq National
Market notifying the Company that because the Company had failed to
file with Nasdaq its quarterly report on Form 10-Q for the
quarterly period ended December 31, 2005, as required by
Marketplace Rule 4310(c)(14), its securities are subject to
delisting from the Nasdaq Stock Market. The Company had a hearing
with Nasdaq on February 16, 2006 concerning Nasdaq's prior notice
of delisting, which notice we reported on Form 8-K, filed on
January 23, 2006. Nasdaq advised us that the results of the hearing
will be released to the Company in three to four weeks, and that
the delisting action is stayed pending those results. The delay in
the filing of the Form 10-Q for the first quarter of fiscal year
2006 is related to fact that the Company's 2005 Form 10-K has not
yet been filed, due to the pending restatement of the consolidated
balance sheet as of September 30, 2004 and statements of cash flows
for the fiscal years ended September 30, 2004 and 2003. During the
evaluation of the cash flow statements, certain investments, which
were highly liquid and had maturities of three months or less, were
identified as items that should have been reported as cash and cash
equivalents at September 30, 2004 and 2003. The Company is
therefore in the process of determining the impact of these
restatements on the cash and cash equivalents and investments for
those periods. The Company is diligently working to complete its
2005 Form 10-K, however we are still unable to predict the filing
date for the 2005 Form 10-K. The Company is still assessing the
need for a restatement of the balance sheets for the 2005 and 2004
quarters for the classification of certain cash and cash
equivalents and investments, as well as determining the restatement
of the statements of cash flows for the 2005 and 2004 quarters.
About CSP Inc. Based in Billerica, Massachusetts and founded in
1968, CSP Inc. (NASDAQ: CSPIE) and its subsidiaries develop and
market best-of-breed IT solutions, systems integration services,
and high-performance computer systems. Its Systems segment includes
the MultiComputer Division, which supplies high- performance Linux
cluster systems for a broad array of defense applications,
including radar, sonar and surveillance signal processing. The
Company's MODCOMP, Inc. subsidiary, also part of its Service and
System Integration segment, was founded in 1970 and which includes
the fiscal 2003 acquisition of Technisource, is a leading provider
of IT solutions and systems integration services. MODCOMP works
with third parties to develop customized solutions in the global IT
markets and has offices in the U.S., U.K., and Germany. More
information about CSP is available on the Company's website at
http://www.cspi.com/. To learn more about MODCOMP, Inc., please
consult http://www.modcomp.com/. Contact: Gary Levine Chief
Financial Officer CSP Inc. Tel: 978.663.7598 ext. 1200 Fax:
978.663.0150 First Call Analyst: FCMN Contact: DATASOURCE: CSP Inc.
CONTACT: Gary Levine, Chief Financial Officer of CSP Inc.,
+1-978-663-7598, ext. 1200 Web site: http://www.cspi.com/
http://www.modcomp.com/
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