American Telecom Services Financial Reporting Update
2007年12月15日 - 6:37AM
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American Telecom Services Inc. (AMEX: TES), a provider of converged
communications solutions, today announced that the American Stock
Exchange (the �Exchange�) has accepted the Company�s plan of
remediation with respect to its delinquent Annual Report on Form
10-K for its fiscal year ended June 30, 2007 and that the Company
has made a reasonable demonstration of its ability to regain
compliance with the applicable continued listing standards of the
Exchange and that the Company�s listing on the exchange will be
continued pursuant to an extension granted that will expire on
January 16, 2008. Additionally, the Company received a notice from
the Exchange of its determination that the Company has a financial
impairment based on a review of summary financial statements that
will be included in the Company�s Annual Report on Form 10-K, that
will be filed within the coming week. The summary financials
indicated losses and resulting levels of shareholder equity that
were below the Exchange�s continued listing standards. The Company
is required to submit a plan of remediation (the �Plan�) by January
4, 2008 advising the Exchange of any action it has taken, or will
take, that would bring the Company into compliance with the
Exchange�s continued listing standards within a 6-month period.
Upon receipt of the Plan, the Exchange will evaluate it and
determine whether the Company has made a reasonable demonstration
of an ability to regain compliance with the Exchange�s continued
listing standards. If the Plan is accepted, the Company may be able
to continue its listing during the Plan period, during which time
it will be subject to periodic reviews to determine whether it is
making progress consistent with the Plan. The payment of dividends
on the Company�s 8% Convertible Preferred Stock will be delayed.
The dividend payment is due on December 15, 2007. According to the
terms contained in the Company�s Certificate of Designation for
such Preferred Stock, this delay in payment will result in an
increase in the dividend rate from 8% to 12% during the time that
the dividend arrearage remains in effect. About American Telecom
Services American Telecom Services, a leader in converged
communications solutions, provides consumers with �Good Reasons to
Pick-Up the Phone.� American Telecom Services combines new
Interference Free DECT 6.0 feature rich telephones bundled with a
variety of pre-paid long distance and Voice over Internet Protocol
(VoIP or Internet Phone) calling plans designed to save consumers
up to 60% on their telecom service costs. The Company offers the
only home phones bundled with Pay N' Talk prepaid residential
long-distance services powered by IDT Telecom (patent-pending) and
is the only provider of DigitalClear� Internet phones that include
an adapter and router built right into the base of the phones
(patent-pending); Just �Plug In & Save!� American Telecom
Service's products are available nationally at more than 24,000
retail locations. Visit http://www.atsphone.com for Company and
product information. Safe Harbor Statement Any statements in this
press release that are not historical facts are forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. In some cases, you can identify
those forward-looking statements by words such as "may," "will,"
"should," "expects," "plans," "anticipates," "believes,"
"estimates," "predicts," "potential," or "continue" or the negative
of those words and some other comparable words. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from
historical results or those the Company anticipates. Factors that
could cause actual results to differ from those contained in the
forward-looking statement include, but are not limited to, those
risks and uncertainties described in the Company's prospectus dated
December 11, 2006 and the other reports and documents the Company
files from time to time with the Securities and Exchange
Commission. Statements included in this press release are based
upon information known to the Company as of the date of this press
release, and the Company assumes no obligation to (and expressly
disclaims any such obligation to) publicly update or alter its
forward-looking statements made in this press release, whether as a
result of new information, future events or otherwise, except as
otherwise required by applicable federal securities laws.
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