Digital Lightwave, Inc. Announcement Regarding Delisting.CLEARWATER, Fla. -- Digital Lightwave, Inc. (Nasdaq:DIGL DIGL Device Independent Graphics Layer ) in compliance with requirements set forth in Nasdaq Marketplace Rule 4815(b), which requires separate disclosure of receipt of a Nasdaq letter of delisting, today reported that on May 27, 2005, Digital Lightwave, Inc. (the "Company") requested that its oral hearing to stay the delisting of the Company's securities pending a determination by The Nasdaq Listing Qualifications Panel, scheduled for Thursday, June 2, 2005 be cancelled. Pursuant to that request, the Company received Nasdaq Staff Notice June 1, 2005 that given the Company's failure to comply with the stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. , market value of listed securities, and the net income from continuing operation requirements set forth in Marketplace Rule 4310(c)(2)(B), its securities will, therefore, be delisted from the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. at the opening of business on Friday, June 3, 2005. On March 29, 2005, the Company previously reported that it had received a notice from the staff of The Nasdaq Stock Market concerning the possible delisting of the Company's securities from the Nasdaq SmallCap Market due to the Company having failed to comply with the continued listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. set forth in Marketplace Rule 4310(c)(2)(B), which requires the Company to have a minimum of $2.5 million in stockholders' equity or $35.0 million market value of listed securities or $500,000 of net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the most recently completed fiscal year or two of the three most recently completed fiscal years. On April 29, 2005, the Company also previously reported that it is examining other trading alternatives for its common stock, including the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. , under the symbol DIGL to be effective immediately following any delisting from the Nasdaq SmallCap Market. The Company cannot, however, provide assurance that its common stock will be quoted on the OTC Bulletin Board or on any other market or quotation service, following any delisting from the Nasdaq SmallCap Market. About Digital Lightwave, Inc. Based in Clearwater, Florida Clearwater is a city located in central Pinellas County, Florida, USA, nearly due west of Tampa. As of the 2000 census, the city had a total population of 108,787; however, according to the 2005 U.S. Census Bureau's estimates, the city's population fell slightly to 108,687. , Digital Lightwave, Inc. (the "Company") provides the global communications networking Global Communications Network or (GCN) is an instant messaging client for Microsoft Windows. The software is provided free of charge but is supported by banner advertisements. In addition to chat services, users are also provided with free e-mail and webspace. industry with products, technology and services that enable the efficient development, deployment and management of high-performance networks. Digital Lightwave's customers -- companies that deploy networks, develop networking equipment, and manage networks -- rely on its offerings to optimize network performance and ensure service reliability. The Company designs, develops and markets a portfolio of portable and network-based products for installing, maintaining and monitoring fiber optic circuits and networks. Network operators and telecommunications service providers A Telecommunications Service Provider or TSP is a type of Communications Service Provider that has traditionally provided telephone and similar services. This category includes ILECs, CLECs, and mobile wireless companies. use fiber optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber to provide increased network bandwidth to transmit voice and other non-voice traffic such as internet, data and multimedia video transmissions. The Company provides telecommunications service providers and equipment manufacturers with product capabilities to cost-effectively deploy and manage fiber optic networks. The Company's product lines include: Network Information Computers, Network Access Agents, Optical Test Systems, and Optical Wavelength Managers. The Company's wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. are Digital Lightwave (UK) Limited, Digital Lightwave Asia Pacific Pty, Ltd., and Digital Lightwave Latino Americana Ltda. Forward - Looking Statements Statements in this press release, other than historical data and information constitute forward-looking statements that involve risks and uncertainties. The forward-looking statements in this press release are based upon management's beliefs, assumptions and expectations of the company's future operations and economic performance, taking into account currently available information. Forward-looking statements involve risks and uncertainties, some of which are not currently known to us. Accordingly, a number of factors could cause our actual results, performance, or achievements to be very different from the results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to, the risk factors set forth in the company's filings with the Securities and Exchange Commission. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Information in this press release may be superseded by more recent information or statements, which may be disclosed in later press releases, subsequent filings with the Securities and Exchange Commission, or otherwise. Editor's Note Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : Digital Lightwave(R) is a registered trademark of Digital Lightwave, Inc. |
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