Fusion Receives Deficiency Notice From AMEX
16 Octubre 2008 - 4:26PM
PR Newswire (US)
NEW YORK, Oct. 16 /PRNewswire-FirstCall/ -- Fusion (Amex: FSN;
FSN.WS) today announced that the Company received notice from the
NYSE Alternext US LLC (formerly AMEX, the "Exchange") indicating
that the Company is currently not in compliance with certain of the
Exchange's continued listing standards. Specifically, the notice
cited that Fusion is not in compliance with the following sections
of the Exchange Company Guide: -- Section 1003(a)(ii) in that
Fusion has stockholders' equity of less than $4,000,000 and losses
from continuing operations and/or net losses in three out of its
four most recent fiscal years; -- Section 1003(a)(iii) in that
Fusion has stockholders' equity of less than $6,000,000 and losses
from continuing operations and/or net losses in its five most
recent fiscal years; and, -- Section 1003(a)(iv) in that Fusion has
sustained losses which are so substantial in relation to its
overall operations or its existing financial resources, or its
financial condition has become so impaired that it appears
questionable, in the opinion of the Exchange, as to whether Fusion
will be able to continue operations and/or meet its obligations as
they mature. In order to maintain its listing on the Exchange, the
Company must submit plans to the Exchange by November 17, 2008
addressing how it intends to regain compliance with Section
1003(a)(iv) of the Company Guide by April 10, 2009, and with
Sections 1003(a)(ii) and 1003(a)(iii) of the Company Guide by April
12, 2010 (collectively the "Plans"). If the Company does not timely
submit the Plans, or if the Plans are not accepted, the Company
will be subject to delisting proceedings. If the Plans are
accepted, but the Company is not in compliance with the continued
listing standards of the Company Guide by April 10, 2009 and/or
April 12, 2010, respectively, or if the Company does not make
progress consistent with the Plans during the plan periods, the
Exchange Staff may initiate delisting proceedings as it deems
appropriate. Management fully intends to submit the Company's Plans
to bring itself into compliance with Sections 1003(a)(ii), (iii),
and (iv) of the Company Guide by the prescribed deadline of
November 17, 2008, and expects that the Plans will demonstrate the
Company's ability to meet the Exchange's continuing listing
standards within the required timeframe. Additional details are
included in the Company's Current Report on Form 8-K filed on
October 16, 2008. Statements in this Press Release that are not
purely historical facts, including statements regarding Fusion's
beliefs, expectations, intentions or strategies for the future, may
be "forward-looking statements" under the Private Securities
Litigation Reform Act of 1995. All forward-looking statements
involve a number of risks and uncertainties that could cause actual
results to differ materially from the plans, intentions and
expectations reflected in or suggested by the forward-looking
statements. Such risks and uncertainties include, among others,
introduction of products in a timely fashion, market acceptance of
new products, cost increases, fluctuations in and obsolescence of
inventory, price and product competition, availability of labor and
materials, development of new third-party products and techniques
that render Fusion's products obsolete, delays in obtaining
regulatory approvals, potential product recalls and litigation.
Risk factors, cautionary statements and other conditions which
could cause Fusion's actual results to differ from management's
current expectations are contained in Fusion's filings with the
Securities and Exchange Commission and available through
http://www.sec.gov/. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050705/NYTU073LOGO ) FUSION
Philip Turits CONTACT: 212-201-2407
http://www.newscom.com/cgi-bin/prnh/20050705/NYTU073LOGODATASOURCE:
Fusion CONTACT: Philip Turits, +1-212-201-2407, Web Site:
http://www.fusiontel.com/
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