Cellstar (NASDAQ:CLSTE)
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CellStar Announces Nasdaq Delisting Notification
CARROLLTON, Texas, March 17 /PRNewswire-FirstCall/ -- CellStar Corporation
(NASDAQ:CLSTE) today announced that the Company received a Nasdaq Staff
Determination indicating that the Company's inability to timely file its annual
report on Form 10-K violates The Nasdaq Stock Market's continued listing
requirement set forth in Marketplace Rule 4310(c)(14). As a result, 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.
The Company plans to request a hearing before a Nasdaq Listing Qualifications
Panel to review the Staff Determination and request continued listing on Nasdaq
until the Company files its Form 10-K for the fiscal year ended November 30,
2004. No delisting action will take place prior to the hearing; however, the
Company can provide no assurance that the hearing panel will grant its request
for continued listing.
As a result of the Company's inability to timely file its 2004 Form 10-K, the
Company's trading symbol has been changed by The Nasdaq National Market from
"CLST" to "CLSTE" and will not revert to "CLST" until the Company has filed its
2004 Form 10-K and regained compliance with Nasdaq's Marketplace Rules.
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/