Proshares Ultrashort Telecommunications (AMEX:TLL)
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Teletouch Communications, Inc. (AMEX:TLL) today announced that on
November 17, 2006, the American Stock Exchange (“AMEX”)
Listing Qualifications staff notified the Company that it had determined
to initiate delisting proceedings against the Company due to the Company’s
inability to maintain compliance with certain AMEX continued listing
requirements. Specifically, the AMEX staff determined that the Company
was not in compliance with Sections 1003(a)(ii) and (a)(iv) of the AMEX
Company Guide as well as Section 134 and 1101 of the same Company Guide.
These Sections, in essence, require AMEX-listed companies to comply with
the minimum shareholders’ equity and currency
in public reporting under the Securities Exchange Act of 1934, as
amended, continued listing requirements.
The Company expects to request an oral hearing before an AMEX
Qualifications Panel (the “Panel”)
to appeal the foregoing delisting determination by the AMEX staff, at
which hearing the Company intends to present its plan of compliance with
the alleged listing deficiencies. The time and place of this hearing has
not been set as of the date hereof. Pending the Panel’s
determination, the Company’s securities will
remain trading on AMEX. In the event the Panel accepts the Company’s
plan for compliance to be presented at the hearing, the Company’s
stock will continue trading on the AMEX for the duration of the
compliance period. Otherwise, the Company’s
securities would be delisted from AMEX immediately following the
hearing. In that event, the Company’s stock
may continue to be quoted in the Pink Sheets trading system. The Company
may also re-apply for a listing of its securities on the AMEX, Nasdaq or
OTC Bulletin Board when it again becomes current in its public
reporting. There is no assurance that the Panel will accept the Company’s
plan of compliance or that, even if such plan is accepted, the Company
will be able to implement the plan within the prescribed timeframe.
About Teletouch
For over 40-years, Teletouch has offered a comprehensive suite of
telecommunications products and services, including cellular, two-way
radio communications, GPS-telemetry and wireless messaging services
throughout the United States. Teletouch’s
wholly-owned subsidiary, Progressive Concepts, Inc., is a leading U.S.
provider of wireless cellular voice, data, and entertainment products
and branded wireless services to individuals, businesses, and government
agencies. PCI provides these products and services through its chain of
retail stores (under the “Hawk Electronics”
brand), Hawk-branded agents, a direct sales force in Texas and Arkansas,
and through the Internet (www.hawkelectronics.com).
PCI also operates a significant national wholesale distribution business
serving smaller cellular and automotive retailers, car dealers and
cellular service providers throughout the country. Teletouch's common
stock is traded on the American Stock Exchange under stock symbol: TLL.
Additional information about Teletouch can be found 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).
Forward-looking statements by their nature address matters that are, to
different degrees, uncertain. Forward-looking statements may address the
Company's expected future business or financial performance, and future
reporting of historic operating results the accounting for which has not
been completed. Forward-looking statements often contain words such as
"expects," "anticipates," "intends," "plans," "believes," "seeks," or
"will." The quarterly results for the period ended August 31, 2006
recited above are preliminary and therefore are forward-looking. 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 statement.
Teletouch Communications, Inc. (AMEX:TLL) today announced that on
November 17, 2006, the American Stock Exchange ("AMEX") Listing
Qualifications staff notified the Company that it had determined to
initiate delisting proceedings against the Company due to the
Company's inability to maintain compliance with certain AMEX continued
listing requirements. Specifically, the AMEX staff determined that the
Company was not in compliance with Sections 1003(a)(ii) and (a)(iv) of
the AMEX Company Guide as well as Section 134 and 1101 of the same
Company Guide. These Sections, in essence, require AMEX-listed
companies to comply with the minimum shareholders' equity and currency
in public reporting under the Securities Exchange Act of 1934, as
amended, continued listing requirements.
The Company expects to request an oral hearing before an AMEX
Qualifications Panel (the "Panel") to appeal the foregoing delisting
determination by the AMEX staff, at which hearing the Company intends
to present its plan of compliance with the alleged listing
deficiencies. The time and place of this hearing has not been set as
of the date hereof. Pending the Panel's determination, the Company's
securities will remain trading on AMEX. In the event the Panel accepts
the Company's plan for compliance to be presented at the hearing, the
Company's stock will continue trading on the AMEX for the duration of
the compliance period. Otherwise, the Company's securities would be
delisted from AMEX immediately following the hearing. In that event,
the Company's stock may continue to be quoted in the Pink Sheets
trading system. The Company may also re-apply for a listing of its
securities on the AMEX, Nasdaq or OTC Bulletin Board when it again
becomes current in its public reporting. There is no assurance that
the Panel will accept the Company's plan of compliance or that, even
if such plan is accepted, the Company will be able to implement the
plan within the prescribed timeframe.
About Teletouch
For over 40-years, Teletouch has offered a comprehensive suite of
telecommunications products and services, including cellular, two-way
radio communications, GPS-telemetry and wireless messaging services
throughout the United States. Teletouch's wholly-owned subsidiary,
Progressive Concepts, Inc., is a leading U.S. provider of wireless
cellular voice, data, and entertainment products and branded wireless
services to individuals, businesses, and government agencies. PCI
provides these products and services through its chain of retail
stores (under the "Hawk Electronics" brand), Hawk-branded agents, a
direct sales force in Texas and Arkansas, and through the Internet
(www.hawkelectronics.com). PCI also operates a significant national
wholesale distribution business serving smaller cellular and
automotive retailers, car dealers and cellular service providers
throughout the country. Teletouch's common stock is traded on the
American Stock Exchange under stock symbol: TLL. Additional
information about Teletouch can be found 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). Forward-looking statements by their
nature address matters that are, to different degrees, uncertain.
Forward-looking statements may address the Company's expected future
business or financial performance, and future reporting of historic
operating results the accounting for which has not been completed.
Forward-looking statements often contain words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," or "will." The
quarterly results for the period ended August 31, 2006 recited above
are preliminary and therefore are forward-looking. 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 statement.