CNET Networks Receives Nasdaq Staff Determination Letter Regarding Delayed Filing of Form 10-Q.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- CNET (body) CNET - Centre national d'Etudes des Telecommunications. The French national telecommunications research centre at Lannion. Networks, Inc. (Nasdaq:CNET) announced that it received a Nasdaq Staff Determination notice on November 13, 2006 stating that the company was not in compliance with Nasdaq Marketplace Rule 4310(c)(14). The letter, which was expected, was issued in accordance with Nasdaq procedures due to the company's failure to timely file its Form 10-Q Form 10-Q See 10-Q. with the Securities and Exchange Commission (SEC) for its fiscal quarter ended September 30, 2006. In response to a similar letter the company received in August 2006 following the company's failure to file its Form 10-Q for the quarter ended June 30, 2006, the company requested and was granted a hearing on September 26, 2006 with the Nasdaq Listing Qualifications Panel. The November 13, 2006 Nasdaq notice states that the September 30, 2006 10-Q filing delinquency will serve as an additional basis for delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. the company's securities on the Nasdaq Global Market and that the Nasdaq Listing Qualifications Panel will consider this matter in rendering a determination regarding the company's continued listing on the Nasdaq Global Market. Pending a decision by the hearing panel, CNET Networks' common stock will continue to be listed on the Nasdaq Global Market. There can be no assurance that the hearing panel will grant the company's request for continued listing. The company previously announced that a Special Committee of the company's Board of Directors completed an independent review of CNET Networks' past stock option practices and related accounting. Management expects that CNET Networks will restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state its historical financial statements to record non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. for compensation expense relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc past stock option grants. The company is in the process of preparing its restated financial statements which the company expects to file with the Securities and Exchange Commission along with its delinquent Form 10-Qs as soon as practicable. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains forward-looking statements concerning the company's plans to remain listed on the Nasdaq, to restate its historical financial statements and to file delinquent quarterly reports on Form 10-Q with the Securities and Exchange Commission. There can be no assurance concerning the Nasdaq Listing Qualifications Panel determination or the timing of the company's restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. process. Forward-looking statements are made as of the date of this press release and, except as required by law, CNET Networks does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances. About CNET Networks, Inc. CNET Networks, Inc. is an interactive media company that builds brands for people and the things they are passionate about, such as gaming, music, entertainment, technology, business, food, and parenting. The company's leading brands include CNET, GameSpot, TV.com, MP3.com, Webshots, CHOW, ZDNet and TechRepublic. Founded in 1993, CNET Networks has a strong presence in the US, Asia and Europe. |
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