Speedus Announces Nasdaq Notification; Independent Director Becomes Executive Chairman of Subsidiary
December 15 2008 - 5:03PM
PR Newswire (US)
FREEHOLD, N.J., Dec. 15 /PRNewswire-FirstCall/ -- Speedus Corp.
(NASDAQ: SPDE) today announced that on December 12, 2008, the
Company received written notification from The Nasdaq Stock Market
advising the Company that it no longer complies with Nasdaq's audit
committee requirements as set forth in Marketplace Rule 4350 and
does not meet the independent director requirement under
Marketplace Rule 4350(c)(1). These rules require that the Company's
Audit Committee be comprised of at least three members, each of
whom must be independent and meet other requirements under
Marketplace Rule 4350, and that a majority of the Company's Board
of Directors be comprised of independent directors. This
notification has no effect on the listing of the Company's common
stock at this time. The Company became non-compliant with these
rules when Mr. Christopher Vizas, previously an independent
director and member of the Audit Committee, accepted a position as
Executive Chairman of Density Dynamics Corporation, a recently
acquired majority-owned subsidiary of Speedus and pioneer of Green
Solid RAM memory and processing products. Density Dynamics can be
found on the web at http://www.densitydynamics.com/. Mr. Vizas will
remain on the Board of Directors of Speedus. The Company has
commenced a search process and expects to comply with the
applicable Marketplace Rules as soon as practicable, but no later
than the expiration of the "cure" periods provided by Nasdaq, as
described below. With regard to the audit committee requirement,
Nasdaq has provided the Company until the earlier of the Company's
next annual shareholders' meeting or December 2, 2009; or, if the
next annual shareholders' meeting is held before June 1, 2009, June
1, 2009, to regain compliance. If the Company does not comply with
the rule by that date, the Company will receive notification that
its common stock will be delisted from The Nasdaq Stock Market. At
that time, the Company may appeal the delisting determination to a
Listing Qualifications Panel. With regard to the independent
director requirement, Nasdaq is reviewing the Company's eligibility
for continued listing on The Nasdaq Stock Market. On or before
December 29, 2008, the Company must provide to Nasdaq its specific
plan and timetable to achieve compliance with the rules. If, after
conclusion of its review process, Nasdaq determines that the plan
is not adequate, the Company will receive notification that its
common stock will be delisted from The Nasdaq Stock Market. At that
time, the Company may appeal the delisting determination to a
Listing Qualifications Panel. About Speedus Corp. Additional
information on Speedus Corp. may be obtained at
http://www.speedus.com/ or by contacting Peter Hodge at
888-773-3669 (ext. 23) or . Statements contained herein that are
not historical facts, including but not limited to statements about
the Company's product, corporate identity and focus, may be
forward-looking statements that are subject to a variety of risks
and uncertainties. There are a number of important factors that
could cause actual results to differ materially from those
expressed in any forward-looking statements made by the Company,
including, but not limited to, the continuing development of the
Company's sales, marketing and support efforts. DATASOURCE: Speedus
Corp. CONTACT: Peter Hodge, +1-888-773-3669 ext. 23, or Web Site:
http://www.densitydynamics.com/
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