CellStar Announces Date for Nasdaq Delisting Hearing
April 04 2005 - 6:15PM
PR Newswire (US)
CellStar Announces Date for Nasdaq Delisting Hearing CARROLLTON,
Texas, April 4 /PRNewswire-FirstCall/ -- CellStar Corporation
(NASDAQ:CLSTE) today announced that on Thursday, April 7, 2005, the
Company will attend a hearing before a Nasdaq Listing
Qualifications Panel to request continued listing on Nasdaq until
the Company files its annual report on Form 10-K for the fiscal
year ended November 30, 2004. The Company's inability to timely
file its Form 10-K violated The Nasdaq Stock Market's continued
listing requirement set forth in Marketplace Rule 4310(c)(14). As a
result of the violation, the Company received a Nasdaq Staff
Determination indicating that 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. No delisting action will take place prior to
the determination of the Nasdaq Listing Qualifications Panel;
however, the Company can provide no assurance that the hearing
panel will grant its request for continued listing. 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/
Copyright
Cellstar (NASDAQ:CLSTE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cellstar (NASDAQ:CLSTE)
Historical Stock Chart
From Jul 2023 to Jul 2024