Farmstead Telephone Group Receives Notice from AMEX
November 14 2005 - 2:22PM
PR Newswire (US)
EAST HARTFORD, Conn., Nov. 14 /PRNewswire-FirstCall/ -- Farmstead
Telephone Group, Inc. (AMEX:FTG) announced today that it has
received notice from the American Stock Exchange ("AMEX") that the
Company no longer complies with the AMEX's continued listing
standards due to its failure to maintain stockholders' equity of at
least $4 million, as set forth in Section 1003 (a) (ii) of the AMEX
Company Guide, and that its securities are, therefore, subject to
being delisted from the AMEX. The Company was previously granted an
eighteen month period to regain compliance with this standard, and
such compliance period ended as of November 7, 2005. The Company
plans to appeal this determination by the AMEX and to request a
hearing before an AMEX panel. The Company also announced that on
October 31, 2005 the Company entered into an agreement with a
leading New York-based investment banking firm, which has agreed to
act as the lead placement agent for an immediate private offering
of securities on a "best efforts" basis and to be the managing
underwriter for a possible secondary public offering of common
stock on a "firm-commitment" basis planned for sometime in 2006.
Jean-Marc Stiegemeier, Farmstead's Chairman and CEO, said, "we are
currently in the process of soliciting shareholder approval for one
or a series of private and public offerings which would provide
sufficient capital to allow us to satisfy our continued listing
requirements and fund the continuing buildout of our new IP
telephony business. We believe that we can obtain shareholder
approval and complete a private offering prior to the end of the
appeal period specified by the Amex." To listen to an interview
with Jean-Marc Stiegemeier, CEO of Farmstead Telephone Group, in
which he provides a business update and comments on the AMEX
notice, please visit
http://www.runonideas.com/execUpdate.asp?symbol=FTG&id=11142005
About One IP Voice One IP Voice, a wholly owned subsidiary of
Farmstead Telephone Group, provides carrier-based Hosted IP
Telephony solutions along with Network Services. The primary target
of the One IP Voice offering will be to the Small to Medium
Businesses (SMB) market for the under 200-employee businesses. The
facilities-based One IP Voice offering will include Hosted IP
Centrex and IP Trunking services, bundled with private One IP Voice
"Last Mile" connectivity on a national basis, long distance
calling, On Net calling, local area calling, 911 capabilities and
Wide Area Network (WAN) voice and data connectivity. One IP Voice
will also offer a consumer VoIP product. About Farmstead Telephone
Group, Inc. Farmstead Telephone Group, Inc. is an Avaya Inc.
Platinum Business Partner, selling, installing and maintaining
Avaya business communications products nationwide. Further
information about Farmstead Telephone may be found at
http://www.farmstead.com/. We are interested in your feedback and
comments. To respond to questions from our management team, click
here:
http://www.b2i.us/sendFeedBack.asp?B=1042&RL=7853&S=12204
To add yourself to our email distribution list, click here:
http://www.b2i.us/frame.asp?BzID=1042&to=ea&Nav=1&S=0&L=1
Forward-Looking Statements Certain statements contained herein
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current expectations,
estimates and projections about the Company's industry,
management's beliefs and certain assumptions made by management.
Readers are cautioned that any such forward-looking statements are
not guarantees of future performance and are subject to certain
risks, uncertainties and assumptions that are difficult to predict.
Because such statements involve risks and uncertainties, the actual
results and performance of the Company may differ materially from
the results expressed or implied by such forward-looking
statements. Given these uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. Unless
otherwise required by law, the Company also disclaims any
obligation to update its view of any such risks or uncertainties or
to announce publicly the result of any revisions to the
forward-looking statements made here; however, readers should
review carefully reports of documents the Company files
periodically with the SEC. Contact: Investor Contact: Alex Lewis or
Dave Gentry Aurelius Consulting Group 407-644-4256
http://www.runonideas.com/ Mel Lipes, Farmstead Telephone Group
860-610-6005 DATASOURCE: Farmstead Telephone Group, Inc. CONTACT:
Alex Lewis or Dave Gentry, both of Aurelius Consulting Group,
+1-407-644-4256, ; or Mel Lipes of Farmstead Telephone Group,
+1-860-610-6005, Web site: http://www.farmstead.com/
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