Transnational Financial Network Announces Notice of Non-Compliance With AMEX Listing Standards; Anticipates Satisfactory Resolu
August 03 2006 - 8:45AM
Business Wire
Transnational Financial Network, Inc. (AMEX:TFN), a wholesale and
retail mortgage banking firm, announced today that on July 31,
2006, it received a letter from the American Stock Exchange
indicating that the Company fails to comply with Section 1003(a)(i)
of the Company Guide with shareholders' equity of less than
$2,000,000 and losses from continuing operations and/or net losses
in two out of its three most recent fiscal years. Transnational has
previously announced that it has entered into an agreement to sell
3,000,000 shares of Common Stock for $0.70 per share to Pegasus
Funds. While this transaction was anticipated to close in July,
closing is now anticipated to occur in August. "We have applied to
list the shares on the American Stock Exchange to be purchased by
Pegasus Funds," said Joseph Kristul, Transnational's Chief
Executive Officer, "and anticipate closing on the investment within
ten days of the application's approval. With the sale of these
shares we are confident that our listing on the exchange will
continue." By August 30, 2006, the Company anticipates, pursuant to
the exchange's rules, submitting a plan to the exchange to assure
continued compliance with the exchange's listing standards. While
the Company believes that its current financing efforts shall
resolve any concern about the Company's continued listing on the
exchange, there can be no assurance that the Company's continued
listing will be achieved. Transnational Financial Network, Inc. is
a wholesale and retail mortgage banker that originates, funds and
sells mortgage loans secured by one to four family residential
properties. Through its strong sales and broker service programs,
the Company has built a foundation for growth and expansion,
principally in the markets of Northern California, Southern
California and Arizona. This News Release may contain
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, and Section 21E of the Securities
Exchange Act of 1934. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove correct.
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