Carrier Access Receives Expected Nasdaq Deficiency Notice Related to Late Filing for Its Form 10-K
05 Mayo 2005 - 5:59PM
Business Wire
Carrier Access Corporation (Nasdaq: CACS), a manufacturer of
broadband communications equipment, today announced that consistent
with the information provided on its press release on May 2, 2005,
the Company has received a Nasdaq Staff Determination letter. The
letter indicates that although the company filed its Form 10-K for
the fiscal year ended December 31, 2004, the filing did not include
management's assessment of its internal controls over financial
reporting and the associated auditor attestation report
(collectively, the "Attestations"). Because the Company has not
timely filed an amended Form 10-K, with the Attestations, it is not
in compliance with the Nasdaq continued listing requirements set
forth in Nasdaq Marketplace Rule 4310(c)(14). As a result of the
delinquency, Carrier Access common stock will begin trading under
the symbol "CACSE" effective at the opening of business on Friday,
May 6, 2005, and its common stock is also subject to delisting from
the Nasdaq Stock Market. Carrier Access intends to request an
appeal hearing with the Nasdaq Listing Qualifications Panel within
seven days of the date of the Determination letter for continued
listing on the Nasdaq National Market. Under Nasdaq Market Place
Rules, Carrier Access securities will remain listed on the Nasdaq
National Market pending the outcome of the hearing. There can be no
assurance that the Panel will grant a request for continued
listing. As announced in its press release on May 2, 2005, Carrier
Access remains committed to accurate and transparent financial
reporting. The Company is working diligently with its auditors KPMG
to complete its 2004 Form 10-K and to fully comply with all
requirements for continued listing. About Carrier Access
Corporation Carrier Access (NASDAQ: CACS) provides consolidated
access technology designed to streamline the communication network
operations of service providers, enterprises and government
agencies. Carrier Access products enable customers to consolidate
and upgrade access capacity, and implement converged IP services
while lowering costs and accelerating service revenue. Carrier
Access' technologies help our customers do more with less. For more
information, visit www.carrieraccess.com.
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