Commtouch Announces Receipt of Nasdaq Deficiency Letter
21 July 2006 - 7:30AM
Business Wire
Commtouch(R) (Nasdaq:CTCH), the leader in real time anti-spam and
Zero-Hour(TM) virus protection technology, today announced its
receipt of a Nasdaq Staff Deficiency Letter on July 17, 2006,
indicating that Commtouch fails to comply with the minimum bid
price requirement for continued listing, as set forth in Nasdaq's
Marketplace Rule 4320(e)(2)(E)(i), and that the company will be
provided 180 calendar days, or until January 16, 2007, to regain
compliance. To regain compliance, the company's ordinary shares
must close at $1.00 or higher for a minimum of 10 consecutive
business days within the stated 180 period. If improvement in the
company's business results will not be a sufficient driving force
to overcome the current bid price deficiency, the company will
alternatively consider a reverse split as a means for regaining
compliance. If the company has not been deemed in compliance prior
to the expiration of the 180 day compliance period, it shall be
afforded an additional 180 day compliance period, or until
approximately July 16, 2007, provided, that on the 180th day of the
first compliance period, the company demonstrates that it meets the
criteria for initial inclusion set forth in Rule 4320(e) (except
for the bid price requirement). If Commtouch does not regain
compliance within the allotted compliance period(s), including any
extensions that may be granted by Nasdaq, Nasdaq Staff will notify
the company that its ordinary shares will be delisted from The
Nasdaq Capital Market. Commtouch would then be entitled to appeal
the Staff's determination to a Nasdaq Listing Qualifications Panel
and request a hearing. About Commtouch Commtouch Software Ltd.
(NASDAQ:CTCH) is dedicated to protecting and preserving the
integrity of the world's most important communications tool --
email. Commtouch has over 15 years of experience developing
messaging software and is a global developer and provider of
proprietary anti-spam and Zero-Hour virus protection solutions.
Using core technologies including RPD (Recurrent Pattern
Detection(TM)), the Commtouch Detection Center analyzes billions of
email messages per month to identify new spam and malware outbreaks
within minutes of their introduction into the Internet. Integrated
by more than 40 OEM partners, Commtouch technology protects
thousands of organizations, with over 35 million users in over 100
countries. Commtouch is headquartered in Netanya, Israel, and has a
subsidiary in Mountain View, CA. For more information, see:
www.commtouch.com, including the Commtouch online lab detailing
spam statistics and charts. This press release contains
forward-looking statements, including projections about our
business, within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934. For
example, statements in the future tense, and statements including
words such as "expect," "plan," "estimate," "anticipate," or
"believe" are forward-looking statements. These statements are
based on information available to us at the time of the release; we
assume no obligation to update any of them. The statements in this
release are not guarantees of future performance and actual results
could differ materially from our current expectations as a result
of numerous factors, including business conditions and growth or
deterioration in the Internet market, commerce and the general
economy, both domestic as well as international; fewer than
expected new-partner relationships; competitive factors, including
pricing pressures; technological developments, and products offered
by competitors; the ability of our OEM partners to successfully
penetrate markets with products integrated with Commtouch
technology; a slower than expected acceptance rate for real time AV
solutions in general and the Commtouch Zero-Hour(TM) Virus
Protection product in particular; availability of qualified staff
for expansion; technological difficulties and resource constraints
encountered in developing new products, such as the Zero-Hour
solution; and the failure of Commtouch to meet The NASDAQ Capital
Market's listing standards in the future, as well as those risks
described in the text of this press release and the company's
Annual Reports on Form 20-F and reports on Form 6-K, which are
available through www.sec.gov. Recurrent Pattern Detection, RPD and
Zero-Hour are trademarks, and Commtouch is a registered trademark,
of Commtouch Software Ltd. U.S. Patent No. 6,330,590 is owned by
Commtouch.
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