Listing of NEC's ADRs on Nasdaq
03 April 2007 - 11:15PM
PR Newswire (US)
TOKYO, April 3 /PRNewswire-FirstCall/ -- On April 3, 2007 (Tokyo
time), NEC received a letter from the Nasdaq Listing and Hearings
Review Council ("the Council") stating that the Council has
determined to stay the delisting of NEC's American depositary
receipts ("ADRs"). NEC has not yet filed its Form 20-F for the
fiscal year ended March 31, 2006 (the "2006 Form 20-F") with the
Securities and Exchange Commission (the "SEC") as it is still
completing the analysis necessary to prepare the financial
statements for inclusion in the 2006 Form 20-F. Previously, the
Nasdaq Listing Qualifications Panel ("the Panel") informed NEC that
it was unable to grant a further extension beyond April 2, 2007, as
it had already granted the maximum extension it had discretion to
grant under Marketplace Rule 4802(b). On March 7, 2007 (Eastern
Standard Time), NEC requested that the Panel's decision be reviewed
and that any future Panel decision be suspended pending further
action by the Council. Specifically, NEC requested the review by
the Council to prevent the Panel from delisting NEC's ADRs in the
event that NEC could not file the 2006 Form 20-F by April 2, 2007.
In response to this request, the Council has informed NEC that it
has determined to call the Panel's February 21, 2007 decision for
review, and to stay the delisting of NEC's ADRs pending further
review by the Council. While there can be no assurance that NEC
will file its 2006 Form 20-F before the Council takes any action
that may result in the delisting of NEC's ADRs, NEC continues to
work diligently to do so. CAUTIONARY STATEMENTS: This material
contains forward-looking statements pertaining to strategies,
financial targets, technology, products and services, and business
performance of NEC Corporation and its consolidated subsidiaries
(collectively "NEC"). Written forward-looking statements may appear
in other documents that NEC files with stock exchanges or
regulatory authorities, such as the U.S. Securities and Exchange
Commission, and in reports to shareholders and other
communications. The U.S. Private Securities Litigation Reform Act
of 1995 contains, and other applicable laws may contain, a
safe-harbor for forward- looking statements, on which NEC relies in
making these disclosures. Some of the forward-looking statements
can be identified by the use of forward-looking words such as
"believes," "expects," "may," "will," "should," "seeks," "intends,"
"plans," "estimates," "targets," "aims," or "anticipates," or the
negative of those words, or other comparable words or phrases. You
can also identify forward-looking statements by discussions of
strategy, beliefs, plans, targets, or intentions. Forward-looking
statements necessarily depend on currently available assumptions,
data, or methods that may be incorrect or imprecise and NEC may not
be able to realize the results expected by them. You should not
place undue reliance on forward-looking statements, which reflect
NEC's analysis and expectations only. Forward-looking statements
are not guarantees of future performance and involve inherent risks
and uncertainties. A number of important factors could cause actual
results to differ materially from those in the forward-looking
statements. Among the factors that could cause actual results to
differ materially from such statements include (i) uncertainty of
NASDAQ's response to NEC's appeal, (ii) global economic conditions
and general economic conditions in NEC's markets, (iii) fluctuating
demand for, and competitive pricing pressure on, NEC's products and
services, (iv) NEC's ability to continue to win acceptance of NEC's
products and services in highly competitive markets, (v) NEC's
ability to expand into foreign markets, such as China, (vi)
regulatory change and uncertainty and potential legal liability
relating to NEC's business and operations, (vii) NEC's ability to
restructure, or otherwise adjust, its operations to reflect
changing market conditions, and (viii) movement of currency
exchange rates, particularly the rate between the yen and the U.S.
dollar. Any forward-looking statements speak only as of the date on
which they are made. New risks and uncertainties come up from time
to time, and it is impossible for NEC to predict these events or
how they may affect NEC. NEC does not undertake any obligation to
update or revise any of the forward- looking statements, whether as
a result of new information, future events, or otherwise. The
management targets included in this material are not projections,
and do not represent management's current estimates of future
performance. Rather, they represent targets that management will
strive to achieve through the successful implementation of NEC's
business strategies. Finally, NEC cautions you that the statements
made in this material are not an offer of securities for sale. The
securities may not be offered or sold in any jurisdiction in which
registration is required absent registration or an exemption from
registration under the applicable securities laws. For example, any
public offering of securities to be made in the United States must
be registered under the U.S. Securities Act of 1933 and made by
means of an English language prospectus that contains detailed
information about NEC and management, as well as NEC's financial
statements. Diane Foley NEC Corporation +81-3-3798-6511 Makoto
Miyakawa NEC Corporation +81-3-3798-6511 DATASOURCE: NEC
Corporation CONTACT: Diane Foley, , +81-3-3798-6511; Makoto
Miyakawa, , +81-3-3798-6511, both of NEC Corporation Web site:
http://www.nec.com/
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