Boston Communications (NASDAQ:BCGI)
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Boston Communications Group, Inc. (Nasdaq:BCGI), a leading
provider of solutions to mobile operators and MVNOs worldwide, today
announced that on April 4, 2007, as expected, it received from Nasdaq an
Additional Staff Determination letter indicating that the Company is not
in compliance with the filing requirements for continued listing as set
forth in Marketplace Rule 4310(c)(14) due to the delay in filing the
Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2006.
On April 3, 2007, the Company filed a Form 12b-25 with the Securities
and Exchange Commission reporting that it had delayed filing its Annual
Report on Form 10-K pending the completion of its review and restatement
of its historical financial statements. The Company intends to file its
restated financial statements, including its Annual Report on Form 10-K
for the fiscal year ended December 31, 2006, as soon as practicable and
currently expects it will make such filings within 60 to 90 days. The
Company is working diligently toward the completion of its restated
financial statements and the filing of its periodic reports with the
Securities and Exchange Commission to regain compliance with Nasdaq's
listing requirements, but there can be no assurance about any specific
filing date.
As previously announced, Nasdaq initially informed the Company in a
Staff Determination letter dated August 17, 2006 that the Company was
not in compliance with the filing requirements for continued listing as
set forth in Marketplace Rule 4310(c)(14) due to the delay in filing the
Company’s Quarterly Report on Form 10-Q for
the quarter ended June 30, 2006. On February 7, 2007, the Nasdaq Listing
and Hearing Review Council (the “Listing
Council”) stayed the earlier decision by the
Nasdaq Listing Qualifications Panel to suspend trading of the Company’s
securities pending further action by the Listing Council. The Company’s
common stock will remain listed on the Nasdaq Global Market until such
Listing Council action. There can be no assurance that the Company’s
common stock will continue to be listed on the Nasdaq stock market.
About bcgi
bcgi delivers innovative products and services that enable mobile
operators and MVNOs worldwide to differentiate their offerings and
increase market penetration while reducing costs. Founded in 1988, bcgi
is a leader in identifying and addressing new market needs with proven
solutions, including prepaid and postpaid billing, payments and access
management. For more information, visit www.bcgi.net.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve
risks and uncertainties, including statements regarding the continued
listing of the Company’s common stock on the
Nasdaq stock market and the filing of public reports. Such statements
are based on management’s current expectations
and are subject to a number of uncertainties and risks that could cause
actual results to differ materially from those described in the
forward-looking statements. Among the important factors that would cause
actual results to differ materially from those indicated by such
forward-looking statements are potential delays in the Company’s
restatement of its historical financial statements, the Company’s
ability to file required reports with the SEC, and the actions of the
Nasdaq Listing Council, as well as the other factors that may affect
future operating results described in the Company’s
Form 10-Q for the three months ended March 31, 2006 filed with the
Securities and Exchange Commission. The Company undertakes no obligation
to update any of the forward-looking statements after the date of this
press release.