Fusion Receives NYSE Alternext US LLC Notice of Delisting and Announces Its Intent to Appeal
February 12 2009 - 3:46PM
PR Newswire (US)
NEW YORK, Feb. 12 /PRNewswire-FirstCall/ -- Fusion (Amex: "FSN";
"FSN.WS") today announced that the Company received notice from the
NYSE Alternext US LLC (formerly AMEX, the "Exchange") on February
6, 2009, indicating the Exchange's intent to strike the Company's
common stock and common stock purchase warrants (collectively the
"Securities") from listing on the Exchange. The Exchange notice
reflects the view of the staff of the Exchange that the Company's
proposed plan of compliance, submitted on November 17, 2008, did
not satisfactorily demonstrate the Company's ability to regain
compliance with deficiencies under the following sections of the
Exchange Company Guide: -- Section 1003(a)(ii) in that Fusion has
stockholders' equity of less than $4,000,000 and losses from
continuing operations and/or net losses in three out of its four
most recent fiscal years; -- Section 1003(a)(iii) in that Fusion
has stockholders' equity of less than $6,000,000 and losses from
continuing operations and/or net losses in its five most recent
fiscal years; and, -- Section 1003(a)(iv) in that Fusion has
sustained losses which are so substantial in relation to its
overall operations or its existing financial resources, or its
financial condition has become so impaired that it appears
questionable, in the opinion of the Exchange, as to whether Fusion
will be able to continue operations and/or meet its obligations as
they mature. The Exchange notice also cites deficiencies under the
following sections of the Exchange Company Guide as additional
bases for its determination: -- Section 1003(a)(i) in that Fusion
has stockholders' equity below $2 million and net losses in two of
its three most recent fiscal years, and, -- Section 1003(f)(v) in
that the Company did not adequately address the low selling price
of its securities within a reasonable time following being advised
by the staff of the Exchange that it deemed it appropriate for the
Company to effect a reverse stock split. The Company intends to
appeal the Exchange's decision on or before Friday, February 13,
2009. The Company's Securities will continue to be listed on the
Exchange pending a decision of the Listing Qualifications Panel
that will hear the Company's appeal. If the Company's Securities
are delisted from the Exchange, the Company believes its Securities
are eligible to continue trading on the Over-the-Counter Bulletin
Board. About Fusion: Fusion delivers a full range of IP-based
services to customers worldwide. Statements in this Press Release
that are not purely historical facts, including statements
regarding Fusion's beliefs, expectations, intentions or strategies
for the future, may be "forward-looking statements" under the
Private Securities Litigation Reform Act of 1995. All
forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially
from the plans, intentions and expectations reflected in or
suggested by the forward-looking statements. Such risks and
uncertainties include, among others, introduction of products in a
timely fashion, market acceptance of new products, cost increases,
fluctuations in and obsolescence of inventory, price and product
competition, availability of labor and materials, development of
new third-party products and techniques that render Fusion's
products obsolete, delays in obtaining regulatory approvals,
potential product recalls and litigation. Risk factors, cautionary
statements and other conditions which could cause Fusion's actual
results to differ from management's current expectations are
contained in Fusion's filings with the Securities and Exchange
Commission and available through http://www.sec.gov/. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050705/NYTU073LOGO ) FUSION
Philip Turits CONTACT: 212-201-2407
http://www.newscom.com/cgi-bin/prnh/20050705/NYTU073LOGODATASOURCE:
Fusion CONTACT: Philip Turits for Fusion, +1-212-201-2407,
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