Comverse Technology, Inc. (MM) (NASDAQ:CMVT)
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Comverse Technology, Inc. (NASDAQ: CMVT) today announced
that due to the previously disclosed delay in filing its Form 10-Q for
the fiscal quarter ended April 30, 2006, the company received an
additional Staff Determination Letter from The NASDAQ Stock Market
indicating that the delay in the filing of the Form 10-Q could serve
as an additional basis for the delisting of the company's securities
from NASDAQ, under NASDAQ Marketplace Rule 4310(c)(14) and that the
NASDAQ Listing Qualification Panel will consider this matter in
rendering a determination regarding the company's continued listing.
As previously disclosed, on April 20, 2006 the company announced
that, due to the delay in the filing of its Annual Report on Form 10-K
for the fiscal year ended January 31, 2006, it had received a Staff
Determination Letter from The NASDAQ Stock Market indicating that the
company's securities were subject to delisting based upon the
delinquent Form 10-K, unless the company requested a hearing before
the NASDAQ Panel. The company requested a hearing and presented its
plan to regain compliance with NASDAQ's filing requirement at an
in-person hearing before the NASDAQ Panel on May 25, 2006. The NASDAQ
Panel has not yet issued a decision as a result of that hearing.
The company intends to submit to the NASDAQ Panel, within the
permissible timeframe, its plan to file the Form 10-Q for the
quarterly period ended April 30, 2006. However, there can be no
assurance that the NASDAQ Panel will grant the company's request for
continued listing on NASDAQ.
About Comverse Technology, Inc.
Comverse Technology, Inc. (NASDAQ: CMVT), through its Comverse,
Inc. subsidiary, is the world's leading provider of software and
systems enabling network-based multimedia enhanced communication and
billing services. The company's Total Communication portfolio includes
value-added messaging, personalized data and content-based services,
and real-time converged billing solutions. Over 450 communication and
content service providers in more than 120 countries use Comverse
products to generate revenues, strengthen customer loyalty and improve
operational efficiency. Other Comverse Technology subsidiaries
include: Verint Systems (NASDAQ: VRNT), a leading provider of analytic
software-based solutions for communications interception, networked
video security and business intelligence; and Ulticom (NASDAQ: ULCM),
a leading provider of service enabling signaling software for
wireline, wireless and Internet communications. Comverse Technology is
an S&P 500 and NASDAQ-100 Index company.
For additional information, visit the Comverse website at
www.comverse.com or the Comverse Technology website at www.cmvt.com
All product and company names mentioned herein may be registered
trademarks or trademarks of Comverse or the respective referenced
company(s).
Note: This release contains "forward-looking statements" under the
Private Securities Litigation Reform Act of 1995 that involve risks
and uncertainties. There can be no assurances that forward-looking
statements will be achieved, and actual results could differ
materially from forecasts and estimates. Important factors that could
cause actual results to differ materially include: the results of the
review of the Special Committee, appointed by the Board of Directors
on March 14, 2006, of matters relating to the company's stock option
grants, including, but not limited to, the accuracy of the stated
dates of option grants and whether all proper corporate procedures
were followed; the impact of any restatement of financial statements
of the company or other actions that may be taken or required as a
result of such reviews; the company's inability to file reports with
the Securities and Exchange Commission; risks associated with the
company's inability to meet NASDAQ requirements for continued listing,
including possible delisting; risks of litigation and of governmental
investigations or proceedings arising out of or related to the
company's stock option grants or any restatement of the financial
statements of the company; risks associated with integrating the
businesses and employees of the GSS division of CSG Systems,
International and Netcentrex S.A.; changes in the demand for the
company's products; changes in capital spending among the company's
current and prospective customers; the risks associated with the sale
of large, complex, high capacity systems and with new product
introductions as well as the uncertainty of customer acceptance of
these new or enhanced products from either the company or its
competition; risks associated with rapidly changing technology and the
ability of the company to introduce new products on a timely and
cost-effective basis; aggressive competition may force the company to
reduce prices; a failure to compensate any decrease in the sale of the
company's traditional products with a corresponding increase in sales
of new products; risks associated with changes in the competitive or
regulatory environment in which the company operates; risks associated
with prosecuting or defending allegations or claims of infringement of
intellectual property rights; risks associated with significant
foreign operations and international sales and investment activities,
including fluctuations in foreign currency exchange rates, interest
rates, and valuations of public and private equity; the volatility of
macroeconomic and industry conditions and the international
marketplace; risks associated with the company's ability to retain
existing personnel and recruit and retain qualified personnel; and
other risks described in filings with the Securities and Exchange
Commission. These risks and uncertainties, as well as others, are
discussed in greater detail in the filings of the company with the
Securities and Exchange Commission, including its most recent Annual
Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K. These documents are available through the
company, or its website, www.cmvt.com, or through the SEC's Electronic
Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov.
The company makes no commitment to revise or update any
forward-looking statements in order to reflect events or circumstances
after the date any such statement is made.