Listing of NEC's ADRs on Nasdaq
30 July 2007 - 11:52PM
PR Newswire (US)
TOKYO, July 30 /PRNewswire-FirstCall/ -- NEC Corporation announced
today that it received a letter dated July 27, 2007 stating the
decision of the Nasdaq Listing and Hearings Review Council (the
"Council") to grant an exception until September 25, 2007 for NEC
to comply with the filing requirement of 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"). NEC has not yet
filed the 2006 Form 20-F with the SEC as it is still in the process
of 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 and
would delist NEC's American Depositary Receipts ("ADRs") if the
2006 Form 20-F was not filed by that date. On March 7, 2007, NEC
requested that the Panel's decision be reviewed and that any future
Panel decision be suspended pending further action by the Council.
Although the decision issued on July 27, 2007, which was the result
of the Council's review, concluded that the Panel's decision was
appropriate at the time it was rendered, the Council determined to
grant an exception until September 25, 2007. Specifically, the
Council's decision states that, if NEC cannot file the 2006 Form
20-F by September 25, 2007, trading of NEC's ADRs will be suspended
at the opening of business on September 27, 2007. While there can
be no assurance that NEC will file its 2006 Form 20-F by the date
specified by the Council, 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 relating to NEC's ongoing
analysis necessary to prepare the financial statements for
inclusion in the 2006 Form 20-F, (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. DATASOURCE: NEC Corporation CONTACT: Diane Foley of NEC
Corporation, +81-3-3798-6511, ; or Makoto Miyakawa of NEC
Corporation, +81-3-3798-6511, Web site: http://www.nec.com/
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