Mercury Interactive Corporation Requests NASDAQ Extension
27 Diciembre 2005 - 6:55AM
PR Newswire (US)
-- Company Informs NASDAQ it will be Unable to be in Full
Compliance with Filing Requirements by January 3, 2006 Deadline
MOUNTAIN VIEW, Calif., Dec. 27 /PRNewswire-FirstCall/ -- Mercury
Interactive Corporation (NASDAQ:MERQE) today announced that while
it has made substantial progress in the completion of its
previously announced restatement, the Company has requested an
extension to the January 3, 2006 NASDAQ deadline in order to finish
the significant volume of work required to be fully compliant with
NASDAQ requirements for continued listing related to its financial
restatements and SEC filings. The Company requested this extension
from the NASDAQ Listing Qualifications Panel and will report the
Panel's response promptly after written notice of the response is
received. The Company also requested that, in the event the Panel
does not grant the Company's extension request and decides to
delist the Company's common stock from NASDAQ, the Panel will grant
the Company the right to relist on an expedited basis. The Company
requested expedited relisting under The NASDAQ National Market
maintenance standards once the Company fulfills its filing
requirement and demonstrates compliance with all other initial
listing standards for The NASDAQ National Market. "We have
completed a significant amount of the work required to finish our
restatement, and we have strong visibility into the steps we need
to take to ensure that our restated financials meet NASDAQ
requirements," said Tony Zingale, chief executive officer at
Mercury. "Mercury's management remains fully focused on running our
business while completing the restatement in as timely of a manner
as possible. We are leaving no stone unturned to ensure our
restated financials are thorough, complete and accurate. Our
shareholders, employees and customers can be assured that the core
strengths of Mercury's business operations, excellent product
offerings, and large market opportunity remain the same." The
restatement of Mercury's financial statements is being undertaken
as a result of the determinations made by the Company's Special
Committee of the Board of Directors reported on November 2, 2005,
regarding stock option matters and loans to certain officers. As
previously announced, the NASDAQ Panel granted the Company an
extension of time until January 3, 2006 in which to file its
quarterly reports on Form 10-Q for the periods ended June 30, 2005
and September 30, 2005, all required restated and other financial
statements for previous periods, and to otherwise meet all
necessary listing standards of The NASDAQ National Market. In
making the grant, the Panel noted that it would not entertain
further extension requests should the Company be unable to make its
filings by the January 3, 2006 deadline, and that if the Company is
unable to comply with the conditions for continued listing required
by the Panel, the Company's shares of common stock are subject to
immediate delisting from The NASDAQ National Market. About Mercury
Mercury Interactive Corporation, the global leader in business
technology optimization (BTO) software, is committed to helping
customers optimize the business value of information technology.
Founded in 1989, Mercury conducts business worldwide and is one of
the largest enterprise software companies today. Mercury provides
software and services for IT Governance, Application Delivery, and
Application Management. Customers worldwide rely on Mercury
offerings to govern the priorities, processes and people of IT and
test and manage the quality and performance of business-critical
applications. Mercury BTO offerings are complemented by
technologies and services from global business partners. For more
information, please visit http://www.mercury.com/. Forward Looking
Statements This press release contains "forward-looking statements"
under the Private Securities Litigation Reform Act of 1995 that
reflect Mercury's judgment and involve risks and uncertainties as
of the date of this release. These forward looking statements
include those related to compliance with the NASDAQ Listing
Qualifications Panel requirements, the completion of the
restatement of Mercury's financial statements, the filing of
delinquent reports on Forms 10-Q and the potential delisting of
Mercury's securities. Actual events or results may differ
materially from the results predicted or from any other
forward-looking statements made by, or on behalf of, Mercury and
should not be considered as an indication of future events or
results. Potential risks and uncertainties include, among other
things: 1) the timing of completion of the Company's review,
restatement and filing of its historical financial statements and
the filing of its Form 10-Q for the second and third quarters of
fiscal year 2005, 2) the impact of the expensing of stock options
and stock purchases under Mercury's employee stock purchase program
pursuant to Financial Accounting Standards Board's Statement 123
including, without limitation, the impact of the restatement, 3)
the impact of the resignations of Amnon Landan, Douglas Smith and
Susan Skaer, 4) the possibility that the trustee for Mercury's Zero
Coupon Senior Convertible Notes due 2008 (the 2003 Notes) and 4.75%
Convertible Subordinated Notes due 2007 (the 2000 Notes and,
together with the 2003 Notes, the Notes) or the holders of at least
25% of the outstanding principal amount of the 2000 or the 2003
Notes may, if the Company does not file its historical financial
statements and periodic reports by March 31, 2006, cause
acceleration of repayment of the entire principal amount and
accrued interest on such Notes, 5) the nature and scope of the
ongoing SEC investigation, 6) the risk that if the Company is
delisted, the Company will not achieve relisting by The NASDAQ
National Market, 7) the effect of any third party litigation
arising out of the Special Committee investigation, 8) costs
incurred by Mercury in connection with the Special Committee
investigation and the SEC investigation, and 9) the additional
risks and important factors described in Mercury's SEC reports,
including the Quarterly Report on Form 10-Q for the fiscal quarter
ended March 31, 2005, which is available at the SEC's website at
http://www.sec.gov/ . All of the information in this press release
is made as of December 27, 2005 and Mercury undertakes no duty to
update this information. NOTE: Mercury, Mercury Interactive and the
Mercury logo are trademarks of Mercury Interactive Corporation and
may be registered in certain jurisdictions. Other product and
company names are used herein for identification purposes only, and
may be trademarks of their respective companies. DATASOURCE:
Mercury Interactive Corporation CONTACT: investors, Michelle
Ahlmann, +1-650-603-5464, or media, Dave Peterson, +1-650-603-5231,
both of Mercury Interactive; or Paul Sherer of Ogilvy Public
Relations, +1-415-385-5970, for Mercury Interactive Web site:
http://www.mercury.com/
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