Cellstar (NASDAQ:CLSTE)
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CellStar Announces Date for Nasdaq Delisting Hearing
CARROLLTON, Texas, April 4 /PRNewswire-FirstCall/ -- CellStar Corporation
(NASDAQ:CLSTE) today announced that on Thursday, April 7, 2005, the Company
will attend a hearing before a Nasdaq Listing Qualifications Panel to request
continued listing on Nasdaq until the Company files its annual report on Form
10-K for the fiscal year ended November 30, 2004.
The Company's inability to timely file its Form 10-K violated The Nasdaq Stock
Market's continued listing requirement set forth in Marketplace Rule
4310(c)(14). As a result of the violation, the Company received a Nasdaq Staff
Determination indicating that the Company's securities are subject to delisting
from The Nasdaq National Market. As previously announced, the Company has
delayed the filing of Form 10-K while it resolves issues related to accounts
receivable and revenues in its Asia-Pacific Region.
No delisting action will take place prior to the determination of the Nasdaq
Listing Qualifications Panel; however, the Company can provide no assurance
that the hearing panel will grant its request for continued listing.
About CellStar Corporation
CellStar Corporation is a leading global provider of value added logistics and
distribution services to the wireless communications industry, with operations
in the Asia-Pacific, North American and Latin American Regions. CellStar
facilitates the effective and efficient distribution of handsets, related
accessories and other wireless products from leading manufacturers to network
operators, agents, resellers, dealers and retailers. CellStar also provides
activation services in some of its markets that generate new subscribers for
its wireless carriers. For the year ended November 30, 2003, the Company
reported revenues of $1.8 billion. Additional information about CellStar may
be found on its website at http://www.cellstar.com/ .
This news release contains forward-looking statements, as defined in the
Private Securities Litigation Reform Act of 1995. A variety of risk factors,
including the Company's ability to implement its business strategies, to
maintain its channels of distribution, continue to secure an adequate supply of
competitive products on a timely basis and on commercially reasonable terms,
improve its operating margins, secure adequate financial resources, maintain an
adequate system of internal control, comply with debt covenants, and
continually turn its inventories and accounts receivable, as well as changes in
foreign laws, regulations and tariffs, new technologies, system implementation
difficulties, competition, handset shortages or overages, terrorist acts, a
decline in consumer confidence and continued economic weakness in the U.S. and
other countries in which the Company does business and other risk factors, are
discussed in the Company's Annual Report on Form 10-K and most recent Quarterly
Report on Form 10-Q. Any one, or a combination of these risk factors could
cause CellStar's actual results to vary materially from anticipated results or
other expectations expressed in the Company's forward-looking statements.
DATASOURCE: CellStar Corporation
CONTACT: Sherrian Gunn of CellStar Corporation, +1-972-466-5031
Web site: http://www.cellstar.com/