Technical Communications Corporation Reports Death of Director and Audit Committee Member
May 31 2018 - 04:30PM
Technical Communications Corporation (NasdaqCM:TCCO) today
announced the unfortunate passing of long time director and member
of its Audit Committee, Mitchell B. Briskin. Mr. Briskin has been a
valued member of the Company since 1998, and will be remembered for
the many significant contributions he has made to the Company over
the past 20 years.
In conjunction with the passing of Mr. Briskin,
the Company notified The NASDAQ Stock Market on May 29, 2018 that
it was no longer in compliance with Rule 5605(c)(2). This rule
requires the Company to maintain an audit committee comprised of at
least three directors, all of whom must be independent pursuant to
the rules of the NASDAQ Stock Market and applicable law. On May 29,
2018, Nasdaq notified the Company that it has been provided a cure
period in order to regain compliance until the earlier of the
Company’s next annual shareholders’ meeting or May 27, 2019. The
Board of Directors expects to begin a search shortly for a new
independent director and audit committee member and expects to be
in compliance with Nasdaq Rule 5605(c)(2) prior to the expiration
of the cure period.
About Technical Communications
Corporation
For over 50 years, TCC has specialized in
superior-grade secure communications systems and customized
solutions, supporting our CipherONE® best-in-class criteria,
to protect highly sensitive voice, data and video transmitted over
a wide range of networks. Government entities, military agencies
and corporate enterprises in 115 countries have selected TCC's
proven security to protect their communications. Learn
more: www.tccsecure.com.
Statements made in this press release or as may
otherwise be incorporated by reference herein constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include but are not limited to statements regarding
anticipated operating results, future earnings, and the ability to
achieve growth and profitability. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors,
including but not limited to the effect of foreign political
unrest; domestic and foreign government policies and economic
conditions; future changes in export laws or regulations; changes
in technology; the ability to hire, retain and motivate technical,
management and sales personnel; the risks associated with the
technical feasibility and market acceptance of new products;
changes in telecommunications protocols; the effects of changing
costs, exchange rates and interest rates; and the Company's ability
to secure adequate capital resources. Such risks, uncertainties and
other factors could cause the actual results, performance or
achievements of the Company, or industry results, to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. For a more
detailed discussion of the risks facing the Company, see the
Company’s filings with the Securities and Exchange Commission,
including its Quarterly Reports on Form 10Q for the quarters ended
March 31, 2018 and December 30, 2017 and its Annual Report on Form
10-K for the fiscal year ended September 30, 2017 and the “Risk
Factors” section included therein.
Michael P. MaloneChief Financial Officer(978)
287-5100www.tccsecure.com
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