Comamtech Inc. Delisting From Nasdaq Stock Market
December 22 2010 - 4:01PM
Marketwired
Comamtech Inc. ("Comamtech") (NASDAQ: COMT) today announced that
the Company had received a letter from the NASDAQ Stock Market,
Inc. ("Nasdaq") on December 21, 2010 informing the Company that it
will be delisted from the Nasdaq Stock Market and that trading in
its shares will be suspended effective upon the open of business on
Thursday, December 23, 2010. The Company expects that its common
stock will be quoted on the OTC Bulletin Board in the near future.
Quotes for OTC Bulletin Board stocks can be found at OTCBB.com. The
Company will continue to maintain its status as a reporting company
with the Securities and Exchange Commission and update its
shareholders on material events and financial information as
required.
On September 20, 2010, the Nasdaq staff notified the Company
that it had determined that the Company would be a public shell as
a result of the completion of its transaction with N. Harris
Computer Corporation. As previously announced, upon closing of the
N. Harris Computer Corporation transaction on November 4, 2010, the
Nasdaq Staff informed the Company that, based on the public shell
determination under Nasdaq Listing Rule 5101, the Company would be
delisted, unless it appealed the determination by requesting a
hearing. On November 10, 2010, the Company requested a hearing,
which was held on December 16, 2010.
The Nasdaq Hearing Panel acknowledged that the Company appears
to be making good faith and diligent efforts to move quickly toward
a reverse merger acquisition with DecisionPoint Systems Inc.
(OTCBB: DNPI). However, the Nasdaq Hearing Panel concluded that the
prospective timeline and associated uncertainty regarding
conditions required for Nasdaq listing in connection with the DNPI
transaction are longer than a public shell should remain listed on
Nasdaq. The Nasdaq Hearing Panel therefore declined to exercise
discretionary authority to permit continued listing of the Company
pending the DNPI closing and determined that the Company will be
delisted.
Marc Ferland, CEO of the Company commented, "Although the Nasdaq
Hearing Panel declined to exercise their discretionary authority to
continue our listing through the closing of the merger with DNPI,
the merger transaction will result in a going concern and we intend
to be fully compliant with the new listing qualifications
post-closing."
Mr. Nicholas Toms, Chairman and CEO of DNPI stated: "Upon the
completion of the merger transaction, the Company will promptly
pursue a new listing on Nasdaq."
About Comamtech Inc.
Comamtech is the successor to Copernic Inc. which was sold to N.
Harris Computer Corporation on November 4, 2010.
About DecisionPoint Systems, Inc.
DecisionPoint Systems, Inc. (OTCBB: DNPI) delivers improved
productivity and operational advantages to its clients by helping
them move their business decision points closer to their customers.
They do this by making enterprise software applications accessible
to the front-line worker anytime, anywhere. DecisionPoint utilizes
all the latest wireless, mobility, and RFID technologies. For more
information on DecisionPoint Systems visit
http://www.decisionpt.com/news.php.
Statements contained in this press release, which are not
historical facts, are forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to risks and
uncertainties that can cause actual outcomes to differ materially
from plans, projections, expectations and other anticipated
results. Some of these risks and uncertainties are detailed in the
Company's filings with the U.S. Securities and Exchange Commission
and the Ontario Securities Commission. The Company expressly
disclaims an intent or obligation to update any description of the
scope, focus or subject matter of the forward-looking statements or
any other matters contained in this press release except as
otherwise required by law.
Contacts: Comamtech Inc. Marc Ferland President and Chief
Executive Officer 418-653-1555 mferland@comamtech.com
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