INX Inc. Receives Favorable Listing Decision from NASDAQ
December 22 2010 - 6:00AM
Business Wire
INX Inc. (the “Company”) today announced receipt of a positive
determination from the NASDAQ Listing Qualifications Panel (the
“Panel”), advising the Company that the Panel had determined to
grant the Company’s request for continued listing on The NASDAQ
Stock Market, subject to the Company filing its periodic reports,
including its Annual Report on Form 10-K for the fiscal year ended
December 31, 2009, and its Quarterly Reports on Form 10-Q for the
quarters ended March 31, June 30, and September 30, 2010, with the
Securities and Exchange Commission by April 11, 2011. This date
represents the maximum length of time that the Panel may grant
under NASDAQ’s Listing Rules.
As previously announced, the Company identified historical
accounting errors that require a restatement of its financial
statements reported on Form 10-K/A for the year ended December 31,
2008, the financial statements reported on Form 10-Q/A for the
quarterly period ended March 31, 2009, and the financial statements
reported on Form 10-Q for the quarterly periods ended June 30, 2009
and September 30, 2009. Due to the review and analysis of these
errors, the Company was unable to timely file its annual report for
the fiscal year ended December 31, 2009, and the subsequent reports
for the quarterly periods ended March 31, June 30, and September
30, 2010. The Company continues to work towards the completion of
all of its periodic reports and intends to make all necessary
filings as soon as possible. However, there can be no assurance
that the Company will timely satisfy the terms of the Panel’s
decision in this matter.
ABOUT INX INC.:
INX Inc. (NASDAQ:INXI - News) is a leading U.S. provider of IP
communications and data center solutions for enterprise
organizations. INX offers a suite of advanced technology solutions
focused around the entire lifecycle of enterprise IP network
communications and data center infrastructure. Services are
centered on the design, implementation and support of network
infrastructure, including routing and switching, wireless,
security, unified communications, and data center solutions such as
storage and server virtualization. Customers include enterprise
organizations such as corporations, as well as federal, state and
local governmental agencies. Additional information about INX can
be found on the Web at www.INXI.com.
SAFE HARBOR STATEMENT:
The statements contained in this document that are not
statements of historical fact, including, but not limited to,
statements identified by the use of terms such as "anticipate,"
"appear," "believe," "could," "estimate," "expect," "hope,"
"indicate," "intend," "likely," "may," "might," "plan,"
"potential," "project," "seek," "should," "will," "would," and
other variations or negative expressions of these terms, including
statements related to expected benefits from the announced contract
award are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 and involve a
number of risks and uncertainties. Additional information about
risk factors are contained in the Company's most recent filings
with the SEC on Forms 10-K and 10-Q. The actual results of the
future events described in the forward-looking statements in this
document could differ materially from those stated in the
forward-looking statements due to numerous factors. Recipients of
this document are cautioned to consider these risks and
uncertainties and to not place undue reliance on these
forward-looking statements. The Company expressly disclaims any
obligation or undertaking to update or revise any forward-looking
statement contained herein to reflect any change in the Company's
expectations with regard thereto or any change in events,
conditions or circumstances upon which any statement is based.
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