Comverse Technology, Inc. (MM) (NASDAQ:CMVT)
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Comverse Technology, Inc. (NASDAQ: CMVT) today announced
that, due to the previously announced delay in filing its Form 10-Q
for the fiscal quarter ended July 31, 2006, on September 12, 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 serves as an additional basis for the delisting of the
company's securities from NASDAQ, under NASDAQ Marketplace Rule
4310(c)(14).
As announced earlier today, on September 15, 2006, the NASDAQ
Listing and Hearing Review Council (the "Listing Council") notified
the company that it had determined to stay the NASDAQ Listing
Qualifications Panel's (the "Panel") August 18, 2006 decision (the
"Stay"), which required the company to file the Form 10-K for the
fiscal year ended January 31, 2006 and the Form 10-Q for the quarter
ended April 30, 2006 by September 25, 2006, and any future Panel
determinations to suspend the company's securities from trading
pending further action by the Listing Council. In the company's
original petition to the Listing Council requesting the Stay, the
company requested an additional 60 day exception period to file its
Quarterly Reports on Form 10-Q for the quarters ended July 31, 2006
and April 30, 2006, and its Annual Report Form 10-K for the fiscal
year ended January 31, 2006. As a result, the company does not intend
to request that the Panel grant it an additional exception for the
filing of the Form 10-Q for the quarter ended July 31, 2006.
The company intends to make an additional submission to the
Listing Council in support of its request for an additional extension
of time by the deadline of October 13, 2006, which was set forth in
the Listing Council's September 15, 2006 decision.
There can be no assurance that the outcome of the Listing
Council's review will be favorable to the company or that the
company's securities will remain listed on the NASDAQ Stock Market.
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, Netcentrex S.A., and Netonomy, Inc.; 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.