Speedus Receives and Appeals Nasdaq Notice
February 02 2010 - 8:10PM
PR Newswire (US)
FREEHOLD, N.J., Feb. 2 /PRNewswire-FirstCall/ -- Speedus Corp.
(NASDAQ: SPDE), today announced that on January 28th, 2010 it
received notice from Nasdaq, in the form of a staff determination
letter, informing the Company that it did not meet the terms of the
extension granted to the Company on December 11, 2009 to comply
with the stockholders' equity requirement of Marketplace Listing
Rule 5550(b) (the "Rule"), which requires the Company to maintain
either (1) a minimum of $2.5 million in stockholders' equity; (2)
market value of listed securities of $35 million; or (3) net income
from continuing operations of $500,000 in the most recently
completed fiscal year or two of the last three most recently
completed fiscal years. On February 2, 2010, Speedus submitted an
appeal regarding the Nasdaq staff determination by requesting a
hearing with the Nasdaq Hearings Panel (the "Panel"). As a result,
a hearing has been scheduled for March 11, 2010, at which time the
Panel will consider the plan Speedus has developed for regaining
and sustaining compliance with the Rule. The Panel generally issues
a decision within 30 to 45 days following a hearing. While the
Panel has the authority to grant the Company up to 180 days from
January 28, 2010 to regain compliance with the Rule, there can be
no assurance that the Panel will grant the Company's request for
continued listing. The Company's securities will continue to be
listed on Nasdaq during this appeal process. About Speedus Corp.
Speedus Corp. (NASDAQ:SPDE) operates through its two majority
subsidiaries, Zargis Medical Corp. and Density Dynamics, Inc.
Additional information on Speedus Corp. may be obtained at
http://www.speedus.com/ or by contacting Peter Hodge at
888-773-3669 (ext. 23) or . Statements contained herein that are
not historical facts, including but not limited to statements about
the Company's product, corporate identity and focus, may be
forward-looking statements that are subject to a variety of risks
and uncertainties. There are a number of important factors that
could cause actual results to differ materially from those
expressed in any forward-looking statements made by the Company,
including, but not limited to, the continuing development of the
Company's sales, marketing and support efforts. DATASOURCE: Speedus
Corp. CONTACT: Peter Hodge, +1-888-773-3669 (ext. 23), Web Site:
http://www.speedus.com/
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