Metro One Receives Nasdaq Staff Deficiency Letter.PORTLAND, Ore. -- Metro One Telecommunications Metro One Telecommunications, Inc. (NASDAQ:INFO) is a provider of directory assistance with call centers located in the United States.
It employs 1,640 people. Corporate headquarters are located in Beaverton, Oregon. , Inc. (Nasdaq: INFO), a developer and provider of Enhanced Directory Assistance[R] and other information services See Information Systems. , today reported that it had received a Nasdaq Staff Deficiency Letter Deficiency letter
Notification from the SEC to a prospective issuer of securities that revisions or additions need to be made to the preliminary prospectus.
deficiency letter on June 27, 2007, informing the Company that it no longer complies with Nasdaq's audit committee requirements for continued listing set forth in Marketplace Rule 4350.
The letter was received after the Company disclosed the resignation of Mr. Murray Swanson from the Board of Directors effective June 5, 2007, leaving a vacancy on the Company's Audit Committee. Mr. Murray's resignation was part of a change in the composition of the Board in connection with the first stage of a financing transaction that closed on June 5, 2007. The Marketplace Rule requires that audit committees of Nasdaq issuers have at least three independent members. Currently the Audit Committee of the Company is comprised of two independent members.
Consistent with the Marketplace Rules, in order to regain compliance, the Company has been provided a cure period until the earlier of its next annual shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. or June 5, 2008; or if the next annual shareholders' meeting is held before December 3, 2007, then the Company must evidence compliance no later than December 3, 2007.
Metro One's Board of Directors intends to take the necessary action to appoint an independent member to the Audit Committee within the cure period provided so as to maintain continued Nasdaq listing.
About Metro One Telecommunications
Metro One Telecommunications, Inc. is a developer and provider of Enhanced Directory Assistance and other information services. The Company operates call centers located in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. .
Forward Looking Statements
This press release contains forward-looking statements that are made pursuant to the safe harbor Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including, but not limited to, factors detailed in the Company's Securities and Exchange Commission filings. The forward-looking statements should be considered in light of these risks and uncertainties.