Metalink Receives Deficiency Letter From NASDAQ Regarding Stockholders' Equity
September 30 2009 - 3:00PM
PR Newswire (US)
YAKUM, Israel, September 30 /PRNewswire-FirstCall/ -- Metalink Ltd.
(NASDAQ:MTLK), a global provider and developer of high-performance
broadband communication silicon solutions, today announced that on
September 29, 2009, it received a letter from The NASDAQ Stock
Market notifying the Company that, based on its Form 6-K for the
period ended June 30, 2009, the Company's stockholders' equity does
not comply with the minimum $2.5 million stockholders' equity
requirement for continued listing on The NASDAQ Capital Market as
required by NASDAQ Marketplace Rule 5550(b)(1) nor meet alternative
criteria for continued listing on the Capital Market. In accordance
with the NASDAQ Marketplace Rules, the Company has the opportunity
to submit to NASDAQ, by October 14, 2009, a specific plan and
timeline to achieve and sustain compliance. The Company intends to
timely submit such a plan to NASDAQ. Under NASDAQ Marketplace
Rules, if the plan is accepted, the Company will then be given up
to 105 calendar days from the date of the September 29, 2009 letter
to regain compliance. If NASDAQ determines that the Company's plan
is not sufficient, the Company's shares would be subject to
delisting from The NASDAQ Capital Market. At such time, the Company
would have the right to appeal the determination to a NASDAQ
Listing Qualifications Panel, which appeal would stay the delisting
pending a final determination by the panel. There can be no
assurance that the Company will be able to regain compliance with
the criteria for continued listing on the NASDAQ Capital Market.
ABOUT METALINK Metalink Ltd. (NASDAQ:MTLK) is a provider of high
performance wireless and wireline broadband communication silicon
solutions. Metalink's WLAN and DSL technologies are designed to
enable true broadband connectivity in every home, and its products
change the broadband experience by facilitating the convergence of
telecommunication, networking and entertainment. Metalink's
WLANPLUS(TM) is a high-throughput, 802.11n-draft-compliant wireless
LAN technology optimized for the networked home entertainment
environment. Featuring advanced MIMO technology and full support of
QoS, and operating in both 2.4GHz and 5GHz bands, WLANPLUS enables
multi-room networking of multiple high-definition video streams.
Further information is available at http://www.mtlk.com/ SAFE
HARBOR STATEMENT This press release contains "forward looking
statements" within the meaning of the United States securities
laws. Words such as "aim," "expect," "estimate," "project,"
"forecast," "anticipate," "intend," "plan," "may," "will," "could,"
"should," "believe," "predicts," "potential," "continue," and
similar expressions are intended to identify such forward-looking
statements. For example, when we discuss our plan to continue
listing on NASDAQ, we are using a forward looking statement.
Because such statements deal with future events, they are subject
to various risks and uncertainties that could cause actual results
to differ materially from those in the forward looking statements.
Factors that could cause or contribute to such differences include,
but are not limited to: in light of our cash status, our inability
to raise additional funds or enter into other strategic
transactions on a timely basis may lead us to insolvency; our
inability to regain compliance with NASDAQ'S requirements for
continued listing; any unforeseen developmental or technological
difficulties with regard to our products; changes in the
competitive landscape, including new competitors or the impact of
competitive pricing and products; and the impact on revenues of
economic and political uncertainties and weaknesses in various
regions of the world, including the commencement or escalation of
hostilities or acts of terrorism. Additional factors that could
cause actual results to differ materially from these
forward-looking statements are set forth from time to time in
Metalink's filings with the SEC, including Metalink's Annual Report
in Form F-20. Readers are cautioned not to place undue reliance on
forward-looking statements. Except as required by applicable law,
the Company undertakes no obligation to republish or revise
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrences of unanticipated
events. The Company cannot guarantee future results, events, and
levels of activity, performance, or achievements. Contact: Yuval
Ruhama CFO Metalink Ltd. Tel: +972-9-9605555 Fax: +972-9-9605544
DATASOURCE: Metalink Ltd CONTACT: Contact: Yuval Ruhama, CFO,
Metalink Ltd., Tel: +972-9-9605555, Fax: +972-9-9605544,
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