Elinear (AMEX:ELU)
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From Sep 2019 to Sep 2024
eLinear, Inc. (AMEX:ELU) announced today an update in
relation to the November 22, 2005 notice the company received from the
Amex staff indicating that the company did not meet certain criteria
of the American Stock Exchange's continued listing standards due to
its delayed filing of its fiscal third quarter financial statements
per the Amex Company Guide. The company was afforded the opportunity
to submit a plan of compliance to the exchange and on December 8,
2005, presented its plan to the Amex. The plan included the valuation
and restatement steps that are necessary precedents to the quarterly
filing for September 30, 2005. The Company is required to amend
filings beginning with the quarter ended March 31, 2004 and
adjustments made therein flow from quarter to each successive quarter
thereafter.
On January 24, 2006, the American Stock Exchange notified eLinear
that it accepted the company's plan of compliance and granted eLinear
an extension of time to regain compliance with the continued listing
standards. The company was subject to periodic review by Amex staff
during the extension period which ended on February 15, 2006.
eLinear's failure to make progress consistent with the plan to regain
compliance with the continued listing standards by the end of the
extension period could result in the company being delisted from the
American Stock Exchange. However, the company has been and will
continue to be diligent and in constant communication with the Amex
and has requested a further extension of the previously Amex approved
timeline and parameters for achieving compliance.
Michael Lewis, President & Chief Executive Officer of eLinear,
stated, "We are working with our various third party consultants in
making our best efforts to get through the six restated filings in
addition to the September 30, 2005 quarterly report. We have not yet
finished going through that very complicated process and hope to be
complete in the next several weeks. We are in constant communication
with both the SEC and Amex and currently, we are in discussions in
relation to the additional time we are requesting. We look forward to
getting through the process and getting the outstanding issues behind
us."
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 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 please visit www.elinear.com or
www.sec.gov. 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.