eLinear, Inc. Receives Non-Compliance Notification from the AMEX.HOUSTON -- eLinear, Inc. (AMEX AMEX See: American Stock Exchange :ELU ELU Environmental Load Unit ELU Expeditionary Logistics Unit (US Navy) ) as expected and pursuant to prior conversations with the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. ("AMEX"), the Company announced that it received notice from the staff of The American Stock Exchange indicating that eLinear is not in compliance with listing standards. Previously, on November 18, 2005, eLinear had announced that it would not be timely filing its quarterly report on Form 10-QSB for the quarterly period ended September 30, 2005, and that the Company's financials statements in the Company's Annual Report on Form 10-KSB for 2004 and unaudited condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidation interim financial statements reported on Form 10-QSB for the first and second quarter of 2005, and the first, second, and third quarters of 2004 should no longer be relied upon. As a result, on November 22, 2005, eLinear received a letter from the American Stock Exchange advising of non-compliance with Sections 134 and 1101 of the AMEX Company Guide. As a result of the non-compliance notice, eLinear will be included in a list of issuers, which is posted daily on the AMEX website, that are not in compliance with the listing standards and ".LF" will be appended to their trading symbols whenever such trading symbols are transmitted with a quotation or trade. The website posting and indicator will remain in effect until eLinear has regained compliance with all applicable 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. . The AMEX view is that these filings are defective and that they should no longer be relied upon. Pursuant to Section 1003(d) of the AMEX Company Guide, the AMEX is authorized to suspend and, unless prompt corrective action A corrective action is a change implemented to address a weakness identified in a management system. Normally corrective actions are instigated in response to a customer complaint, abnormal levels if internal nonconformity, nonconformities identified during an internal audit or is taken, remove the Company's securities from the exchange. eLinear expects to be in compliance with such listing requirements when it files its Form 10-Q Form 10-Q See 10-Q. for the quarter ended Sept. 30, 2005 and when it files the restated Forms 10-QSB for the first and second quarters of 2005, and the first, second and third quarters of 2004, and the amended Form 10-KSB for the year ended Dec. 31, 2004, such filings are expected to be made in December 2005. eLinear will also file a Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. to report additional matters relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the notices from the AMEX. Michael Lewis Michael Lewis or Mick Lewis may refer to:
About eLinear, Inc. eLinear, Inc. is a communications, security and compliance company providing integrated technology solutions including information and physical security, IP Telephony and network and storage solutions infrastructure. Typically, the company's customers are Fortune 2000 and small to medium sized business organizations. eLinear's services are offered to companies seeking to increase productivity or reduce costs through investing in technology. eLinear has a national and international footprint and has its headquarters in Houston, Texas. For more information, see http://www.elinear.com. 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. Statement This press release contains statements that may constitute forward-looking statements, including the company's ability to realize the projected revenues from the newly announced project orders and the future strength of the company's business and industry. These statements are based on current expectations and assumptions and involve a number of uncertainties and risks that could cause actual results to differ materially from those currently expected. For additional information about eLinear's future business and financial results, refer to eLinear's Annual Report on Form 10-KSB for the year ended December 31, 2004, which was filed with the SEC on March 18, 2005, eLinear's Q1 2005 Report filed with the SEC on May 20, 2005 and eLinear's Q2 2005 Report filed with the SEC on August 12, 2005. eLinear undertakes no obligation to update any forward-looking statement that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise. |
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