CellStar Announces Nasdaq Delisting Notification
March 17 2005 - 9:25AM
PR Newswire (US)
CellStar Announces Nasdaq Delisting Notification CARROLLTON, Texas,
March 17 /PRNewswire-FirstCall/ -- CellStar Corporation
(NASDAQ:CLSTE) today announced that the Company received a Nasdaq
Staff Determination indicating that the Company's inability to
timely file its annual report on Form 10-K violates The Nasdaq
Stock Market's continued listing requirement set forth in
Marketplace Rule 4310(c)(14). As a result, the Company's securities
are subject to delisting from The Nasdaq National Market. As
previously announced, the Company has delayed the filing of Form
10-K while it resolves issues related to accounts receivable and
revenues in its Asia-Pacific Region. The Company plans to request a
hearing before a Nasdaq Listing Qualifications Panel to review the
Staff Determination and request continued listing on Nasdaq until
the Company files its Form 10-K for the fiscal year ended November
30, 2004. No delisting action will take place prior to the hearing;
however, the Company can provide no assurance that the hearing
panel will grant its request for continued listing. As a result of
the Company's inability to timely file its 2004 Form 10-K, the
Company's trading symbol has been changed by The Nasdaq National
Market from "CLST" to "CLSTE" and will not revert to "CLST" until
the Company has filed its 2004 Form 10-K and regained compliance
with Nasdaq's Marketplace Rules. About CellStar Corporation
CellStar Corporation is a leading global provider of value added
logistics and distribution services to the wireless communications
industry, with operations in the Asia-Pacific, North American and
Latin American Regions. CellStar facilitates the effective and
efficient distribution of handsets, related accessories and other
wireless products from leading manufacturers to network operators,
agents, resellers, dealers and retailers. CellStar also provides
activation services in some of its markets that generate new
subscribers for its wireless carriers. For the year ended November
30, 2003, the Company reported revenues of $1.8 billion. Additional
information about CellStar may be found on its website at
http://www.cellstar.com/ . This news release contains
forward-looking statements, as defined in the Private Securities
Litigation Reform Act of 1995. A variety of risk factors, including
the Company's ability to implement its business strategies, to
maintain its channels of distribution, continue to secure an
adequate supply of competitive products on a timely basis and on
commercially reasonable terms, improve its operating margins,
secure adequate financial resources, maintain an adequate system of
internal control, comply with debt covenants, and continually turn
its inventories and accounts receivable, as well as changes in
foreign laws, regulations and tariffs, new technologies, system
implementation difficulties, competition, handset shortages or
overages, terrorist acts, a decline in consumer confidence and
continued economic weakness in the U.S. and other countries in
which the Company does business and other risk factors, are
discussed in the Company's Annual Report on Form 10-K and most
recent Quarterly Report on Form 10-Q. Any one, or a combination of
these risk factors could cause CellStar's actual results to vary
materially from anticipated results or other expectations expressed
in the Company's forward-looking statements. DATASOURCE: CellStar
Corporation CONTACT: Sherrian Gunn of CellStar Corporation,
+1-972-466-5031 Web site: http://www.cellstar.com/
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