American Stock Exchange Grants eLinear Extension of Time to Regain Compliance
January 27 2006 - 8:30AM
Business Wire
eLinear, Inc. (AMEX:ELU) announced today an update in relation to
the November 22, 2005 notice the company received from the Amex
staff indicating that the company did not meet certain of the
American Stock Exchange's continued listing standards due to its
delayed filing of its fiscal third quarter financial statements per
the Amex Company Guide. The company was afforded the opportunity to
submit a plan of compliance to the exchange and on December 8,
2005, presented its plan to the Amex. On January 24, 2006, the
American Stock Exchange notified eLinear that it accepted the
company's plan of compliance and granted eLinear an extension of
time to regain compliance with the continued listing standards. The
company will be subject to periodic review by Amex staff during the
extension period which ends on February 15, 2006. Failure to make
progress consistent with the plan to regain compliance with the
continued listing standards by the end of the extension period
could result in the company being delisted from the American Stock
Exchange. Michael Lewis, President & Chief Executive Officer of
eLinear, stated, "Consistent with our previous announcements, we
continue to keep a fully open communication channel with the
American Stock Exchange as we work our way through the regulatory
process with the SEC that initially prohibited us from filing our
fiscal third quarter financial statements in a timely manner per
the Amex Company Guide. We are pleased with the progress we have
been making towards getting through the process and getting the
outstanding issues behind us and remain confident that our listing
on the American Stock Exchange will not be affected." About
eLinear, Inc. eLinear, Inc. is a communications, security and
compliance company providing integrated technology solutions
including information and physical security, IP Telephony and
network and storage solutions infrastructure. Typically, the
company's customers are Fortune 2000 and small to medium sized
business organizations. eLinear's services are offered to companies
seeking to increase productivity or reduce costs through investing
in technology. eLinear has a national and international footprint
and has its headquarters in Houston, Texas. For more information,
see http://www.elinear.com. Safe Harbor Statement This press
release contains statements that may constitute forward-looking
statements, including the company's ability to realize the
projected revenues from the newly announced project orders and the
future strength of the company's business and industry. These
statements are based on current expectations and assumptions and
involve a number of uncertainties and risks that could cause actual
results to differ materially from those currently expected. For
additional information about eLinear please visit www.elinear.com
or www.sec.gov. eLinear undertakes no obligation to update any
forward-looking statement that may be made from time to time by or
on behalf of the company, whether as a result of new information,
future events or otherwise.
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