Interlink Electronics (NASDAQ:LINKE)
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From Jul 2019 to Jul 2024
Interlink Electronics, Inc. (Nasdaq:LINKE) today
announced that NASDAQ has granted its request for continued listing,
subject to certain conditions. As previously announced, NASDAQ had
earlier notified Interlink of its intention to delist Interlink's
stock as a result of the company's failure to timely file its
quarterly report on Form 10-Q for the third quarter of 2005. As
previously announced, the failure is the result of an investigation
being conducted at the direction of Interlink's Audit Committee into
certain financial matters requiring the restatements of Interlink's
financial statements. The investigation has made substantial progress
and Interlink expects to resume normal financial reporting upon or
soon after its completion.
In explaining its decision to grant Interlink's request for
continued listing, NASDAQ stated: "The issues causing the delay in
filing were first identified by the Company and its consultants,
during a review intended to strengthen controls. It took the proper
steps in response to identification of the problems, and appears to
have a good understanding of the issues leading to the need for
restatement. Although the investigation, if conducted thoroughly, is
likely to take some time, the Company is already taking appropriate
remedial measures, and appears committed to adopt the (Audit)
Committee's recommendations."
There are two conditions to the grant of continued listing: (1) on
or before February 3, 2006, Interlink must provide NASDAQ with a copy
of the investigation report or a response to questions relating to the
investigation; and (2) Interlink must file its quarterly report for
the third quarter of 2005 and all required restatements on or before
March 1, 2006. Interlink is also required to provide prompt
notification of any significant events that occur during this period.
Gene Hovanec, Chairman of the Audit Committee stated: "This is
obviously a difficult time for Interlink and its stockholders but I am
encouraged by the progress that the investigation team has made and
hopeful that the investigation can be completed in a timely and
effective manner. As NASDAQ noted in its decision, Interlink continues
to make a major effort to upgrade its internal accounting systems and
I am convinced that we will emerge from this process with a solid set
of internal controls and procedures that will serve Interlink and its
stockholders well in the future."
About Interlink Electronics, Inc.
Interlink Electronics, Inc. (Nasdaq:LINKE) is a world leader in
the development of intuitive interface technologies and solutions for
business and home applications. Creating today's interface standards,
our Business Communications, E-Transactions, Home Entertainment and
Specialty Components businesses have established Interlink as the
comprehensive source for branded and OEM solutions. Selected customers
who buy through our OEM channel include Dell, HP/Compaq, InFocus,
Microsoft, Mitsubishi, NEC, Sanyo, Sharp, Sony and Toshiba.
Recognized worldwide for innovative interface technologies and
solutions, Interlink Electronics, Inc. serves an international
customer base from its corporate headquarters in Camarillo, Calif.,
and offices in Tokyo, Hong Kong and China. The Company currently holds
numerous patents on sensor technologies, e-signature technologies,
wireless communication protocols and product design properties. See
Interlink Electronics online at http://www.interlinkelectronics.com/
or in Japan at http://www.interlinkelec.co.jp/
All registrations and trademarks are properties of their
respective owners.
This document contains forward-looking statements that involve a
number of risks and uncertainties. The following are among the factors
that could cause actual results to differ materially from the
forward-looking statements: business conditions and growth in the
electronics industry and general economies, both domestic and
international; lower than expected customer orders; delays in receipt
of orders or cancellation of orders; competitive factors, including
increased competition, new product offerings by competitors and price
pressures; the availability of third party parts and supplies at
reasonable prices; changes in product mix; significant quarterly
performance fluctuations due to the receipt of a significant portion
of customer orders and product shipments in the last month of each
quarter; and product shipment interruptions due to manufacturing
problems. The forward-looking statements contained in this document
regarding the Company's financial statements should be considered in
light of these factors.