Blonder Tongue Receives Response from the American Stock Exchange - Search for Independent Director in Progress
December 18 2007 - 3:23PM
Business Wire
Blonder Tongue Laboratories, Inc. (AMEX: BDR) today announced that
it had received a warning letter, dated December 14, 2007, from the
American Stock Exchange (AMEX) stating that it is out of compliance
with the AMEX Company Guide, which requires that Blonder Tongue
have a majority of independent directors. The circumstances giving
rise to the change in Blonder Tongue�s Board of Director
composition was announced in a prior press release on December 6,
2007 and Blonder Tongue notified AMEX of such change and
non-compliance on the same date. �As discussed in the Company�s
previous release, Blonder Tongue entered into an agreement with
Buffalo City Center Leasing, LLC to provide manufacturing, research
and development and product support to Buffalo City and Turnpike
Global Technologies, LLC,� stated James Luksch, Blonder Tongue CEO.
�Jim Williams, a director of Blonder Tongue, is a managing member
of Buffalo City and has a material ownership. Based on this
relationship, Jim no longer qualifies as an "independent" director,
therefore only three of Blonder Tongue�s seven directors are
independent and the board is no longer in compliance with the
listing standards of AMEX.� As described in the letter from AMEX,
the Exchange is giving the Company until March 11, 2008 to regain
compliance with the Exchange�s requirements. In setting the
deadline, AMEX has determined not to apply the continued listing
evaluation and follow-up procedures specified in Section 1009 of
the AMEX Company Guide. If the composition of Blonder Tongue�s
Board of Directors does not meet the applicable AMEX listing
standard by the deadline, AMEX will assess Blonder Tongue�s
continued listing eligibility. Mr. Luksch added, �The Company has
strong director candidates identified and has commenced the
interviewing process. We believe that Blonder Tongue will make
appropriate changes to the Board and regain compliance by the AMEX
deadline.� In the letter, AMEX also noted that Blonder Tongue will
be included in a list of issuers posted on the AMEX website that
are not in compliance with the AMEX�s continued listing standards.
Further, Blonder Tongue will become subject to the indicator �.BC�
at the end of its ticker symbol to denote its noncompliance.
Blonder Tongue will remain subject to the AMEX website posting and
indicator until it regains compliance with the AMEX listing
requirements. Founded in 1950, Blonder Tongue Laboratories, Inc.
has evolved from a manufacturer of electronic equipment for the
private cable industry to a principal provider of integrated
network solutions and technical services to broadband service
providers in the multiple dwelling unit, lodging and hospitality,
and institutional cable markets. The Company designs, manufactures,
and supplies a comprehensive line of equipment to deliver video
(analog & digital), high speed data and voice services over
integrated coaxial and fiber optic broadband networks today and
over packet based, Internet protocol networks of the future. For
more information regarding Blonder Tongue or its products, please
visit the Company's Web site at www.blondertongue.com or contact
the Company directly at (732) 679-4000. �Safe Harbor� Statement
under the Private Securities Litigation Reform Act of 1995: The
information set forth above includes �forward-looking� statements
and accordingly, the cautionary statements contained in Blonder
Tongue�s Annual Report and Form 10-K for the year ended December
31, 2006 (See Item 1: Business, Item 1A: Risk Factors and Item 7:
Management�s Discussion and Analysis of Financial Condition and
Results of Operations), and other filings with the Securities and
Exchange Commission are incorporated herein by reference. The words
�believe�, �expect�, �anticipate�, �should�, �project�, and similar
expressions identify forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which reflect management�s analysis only as of the date
hereof. Blonder Tongue undertakes no obligation to publicly revise
these forward-looking statements to reflect events or circumstances
that arise after the date hereof. Blonder Tongue�s actual results
may differ from the anticipated results or other expectations
expressed in Blonder Tongue�s �forward-looking� statements, and
there can be no assurance that Blonder Tongue will be able to
appoint qualified independent directors to serve on the Board of
Directors or to regain compliance with the AMEX Company Guide
requirements.
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