Proshares Ultrashort Telecommunications (AMEX:TLL)
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Teletouch Communications, Inc. (AMEX:TLL) today released
preliminary unaudited financial information in the interest of
providing information to its shareholders with respect to its first
fiscal quarter ended August 31, 2005. The Company has released this
information in light of its previous announcement that it is
delinquent in the filing of its Annual Report on Form 10-K for the
period ended May 31, 2005 and Form 10-Q for the period ended August
31, 2005 for the reasons stated below. Readers are cautioned that the
financial information set forth in this release is preliminary, has
not been reviewed and is subject to further analysis and independent
review. The actual reviewed financial information as of August 31,
2005 for the quarter then ended may vary materially from the guidance
provided by this release.
Company management estimates that revenues for the three months
ended August 31, 2005 were approximately $5.6 million. Net loss for
the quarter is estimated to be between $0.3 and $0.4 million, or
between $0.06 and $0.08 per share based upon the 4.9 million weighted
average shares outstanding for the three month period. The Company
cautions shareholders and potential investors that BDO Seidman, LLP,
the Company's Independent Public Accountants, have not audited or
reviewed these amounts and disclaims any responsibility for them.
These results are preliminary and are subject to change, possibly
materially, following completion of the audit for the period ended May
31, 2005 and review for the period ended August 31, 2005.
As previously announced, the Company's Annual Report for the year
ended May 31, 2005 on Form 10-K has not been filed due to a
restatement of the Company's Consolidated Statement of Operations for
the years ended May 31, 2002 and 2003 and its Consolidated Balance
Sheet as of May 31, 2002 and 2003. The Company stated that it appeared
that there would be no impact on the Company's results of operations,
financial position or cash flows for the years ended May 31, 2004 and
2005, respectively, related to this restatement. In accordance with
its previously submitted and approved plan of compliance, the Company
intends to file with the SEC as soon as possible, its Form 10-K for
2005 and Form 10-Q for the period ended August 31, 2005, along with
the amended and restated financial statements on Form 10-K/A for the
fiscal year ended May 31, 2004.
In the interim, the Company urged investors and other users of the
Company's SEC filings not to rely on the Company's financial
statements for the years ended May 31, 2002 and 2003. The readers of
this press release are urged to read carefully the Company's public
announcements and regulatory filings with the Securities and Exchange
Commission, including the press release and a Current Report on Form
8-K filed with the Securities and Exchange Commission, both dated
September 2, 2005.
AMEX Non-Compliance Notification
On September 2, 2005, the American Stock Exchange (AMEX) notified
the Company that, as a result of the Company's failure to file its
Annual Report on Form 10-K for the fiscal year ended May 31, 2005
within the prescribed timeframe, the Company was not in compliance
with the currency in public reporting continued listing requirement
under the AMEX Rules. The Company submitted a plan of compliance
addressing the continued listing deficiency on September 20, 2005,
which was accepted by the AMEX on September 26, 2005. The Company must
regain its compliance with the AMEX listing requirements no later than
November 28, 2005.
About Teletouch
Teletouch Communications, Inc., a U.S. leader in wireless
messaging and related network management, provides a complete suite of
mobile asset tracking solutions using sophisticated, yet
cost-effective GPS-based hardware and software products for fleets,
hazardous materials and "worker-down" emergency notification
applications. In addition to its telemetry business, Teletouch offers
two-way radio communications, cellular and wireless messaging services
throughout the United States. Teletouch's common stock is traded on
the American Stock Exchange under stock symbol: TLL. Additional
product, business and financial information for Teletouch is available
at www.Teletouch.com.
This release contains certain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Exchange Act, as amended, that are based on
management's exercise of business judgment as well as assumptions made
by and information currently available to management. When used in
this document, the words "may," "will," "anticipate," "believe,"
"estimate," "expect," "intend," and words of similar import, are
intended to identify any forward-looking statements. You should not
place undue reliance on these forward-looking statements. Negotiations
with respect to the transaction that are the subject of this release
are ongoing and may result in significant modifications to the
transaction. There can be no assurance that the transaction that is
the focus of this release will be concluded, or if concluded that it
will be concluded on terms currently contemplated. These statements
reflect our current view of future events and are subject to certain
risks and uncertainties as noted in our securities and other
regulatory filings. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, our
actual results could differ materially from those anticipated in these
forward-looking statements. We undertake no obligation and do not
intend to update, revise or otherwise publicly release any revisions
to these forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of any
unanticipated events. Although we believe that our expectations are
based on reasonable assumptions, we can give no assurance that our
expectations will materialize. Many factors could cause actual results
to differ materially from our forward-looking statements.