Proshares Ultrashort Telecommunications (AMEX:TLL)
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Tyler, Texas-based Teletouch Communications, Inc.
(AMEX:TLL) announced today that the American Stock Exchange (the
"AMEX") notified Teletouch on February 24, 2006, that it had accepted
the Company's plan of compliance and granted the requested extension
to regain compliance with the AMEX continued listing standards through
November 30, 2006.
The AMEX Staff reviewed Teletouch's plan of compliance as
submitted by the Company on January 17, 2006 and supplemented on
February 8, 2006 (the "Plan"), and concluded that the Plan made a
reasonable demonstration of the Company's ability to regain compliance
with the listing requirements. As a result, AMEX Staff granted a
listing extension of the Company's securities on the AMEX through
November 30, 2006, provided that the Company meets certain interim
disclosure and performance milestones through the period.
Specifically, and for example, on or before March 27, 2006, the
Company is required to provide additional financial and other
documentation supporting the Plan presented. In addition, the Company
will be required to provide periodic updates to the Staff in
connection with the Plan. The Company can provide no assurance that it
will be able to satisfy the terms of the Staff's extension or that it
will execute upon the Plan as submitted to the Staff. Failure to make
progress consistent with the Plan or regain compliance with the
continued listing standards by the end of the extension period could
result in the Company being delisted from the AMEX.
On December 13, 2005, the Company announced the receipt of the
AMEX Staff's original listing deficiency notification stating, in
part, that based on a review of the Company's Form 10-K for the fiscal
year ended May 31, 2005 and Form 10-Q for the period ended August 31,
2005, the Company was no longer in compliance with Section 1003(a)(ii)
of the AMEX Company Guide, specifically stating that the Company no
longer had shareholders' equity greater than $4,000,000, and that it
had sustained losses from continuing operations in three of its four
most recent fiscal years. At that time, Teletouch was invited to
present to Staff its plan to comply with the foregoing listing
deficiencies.
About Teletouch
Teletouch offers data and communication network management for
telemetry and GPS-location based mobile asset monitoring, as well as
cellular, two-way radio communications and wireless messaging services
throughout the United States. Teletouch's common stock is traded on
the American Stock Exchange under stock symbol: TLL. Additional
business and financial information on Teletouch is available at
www.Teletouch.com.
All statements in this news release that are not based on
historical fact are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995 and the
provisions of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended
(which Sections were adopted as part of the Private Securities
Litigation Reform Act of 1995). While management has based any
forward-looking statements contained herein on its current
expectations, the information on which such expectations were based
may change. These forward-looking statements rely on a number of
assumptions concerning future events and are subject to a number of
risks, uncertainties, and other factors, many of which are outside of
our control, that could cause actual results to materially differ from
such statements. Such risks, uncertainties, and other factors include,
but are not necessarily limited to, those set forth under the caption
"Additional Factors That May Affect Our Business" in the Company's
most recent Form 10-K and 10-Q filings, and amendments thereto. In
addition, we operate in a highly competitive and rapidly changing
environment, and new risks may arise. Accordingly, investors should
not place any reliance on forward-looking statements as a prediction
of actual results. We disclaim any intention to, and undertake no
obligation to, update or revise any forward-looking statements.