AirNet Communications Receives Non-Compliance Notice from Nasdaq
February 15 2006 - 4:15PM
Business Wire
AirNet Communications Corporation (NASDAQ:ANCC), the technology
leader in base station products for wireless communications, today
announced that it has received a notice dated February 10, 2006
from the Listing Qualifications Department of The Nasdaq Stock
Market confirming that for the last thirty consecutive business
days, the bid price of AirNet's common stock has closed below the
$1.00 minimum per share requirement for continued inclusion under
Marketplace Rule 4450(a)(5) (the "Rule"). AirNet will be provided
with 180 calendar days or until August 9, 2006 to regain bid price
compliance. If at any time before August 9, 2006, the bid price for
AirNet's common stock closes at $1.00 per share for a minimum of
ten consecutive business days, the Nasdaq staff will provide
notification that it has regained compliance with the Rule. If
AirNet does not regain compliance by August 9, 2006, the Nasdaq
staff will provide AirNet with another written notification that
its common stock will be delisted. At that time, AirNet may appeal
the Nasdaq staff's determination to a Listing Qualifications Panel.
Alternatively, AirNet also has the option of applying to transfer
its common stock to the Nasdaq Capital Market if it satisfies the
requirements for initial inclusion set forth in Marketplace Rule
4310(c). If its application is approved, AirNet would then be
afforded the remainder of this market's second 180 calendar day
compliance period in order to regain compliance while on the Nasdaq
Capital Market. AirNet may also submit an application at any time
during the initial 180 day compliance period to transfer its
listing to the Nasdaq Capital Market. About AirNet AirNet
Communications Corporation is a leader in wireless base stations
and other telecommunications equipment that allow service operators
to cost-effectively and simultaneously offer high-speed wireless
data and voice services to mobile subscribers. AirNet's patented
broadband, software-defined AdaptaCell(R) SuperCapacity(TM)
adaptive array base station solution provides a high-capacity base
station with a software upgrade path to high-speed data. The
Company's RapidCell(TM) base station provides government
communications users with up to 96 voice and data channels in a
compact, rapidly deployable design capable of processing multiple
GSM protocols simultaneously. The Company's AirSite(R) Backhaul
Free(TM) base station carries wireless voice and data signals back
to the wireline network, eliminating the need for a physical
backhaul link, thus reducing operating costs. AirNet has 69 patents
issued or filed and has received the coveted World Award for Best
Technical Innovation from the GSM Association, representing over
400 operators around the world. More information about AirNet may
be obtained by visiting the AirNet Web site at
http://www.airnetcom.com. Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995 Certain statements in this
news release may constitute forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 (the Reform Act), Section 27A of the United States
Securities Act of 1933 and Section 21E of the United States
Securities and Exchange Act of 1934. These forward-looking
statements may relate to anticipated financial performance,
management's plans and objectives for future operations, business
prospects, market conditions, financial forecasts and other
matters. All statements contained in this news release that do not
relate to matters of historical fact should be considered
forward-looking statements, and are generally identified by words
such as "anticipate", "believe", "hope", "estimate", "expect",
"intend", "plan", and "objective" and other similar expressions.
Readers should not place undue reliance on the forward-looking
statements contained in this news release. Such statements are
based on management's beliefs and assumptions and on information
currently available to management and are subject to risks,
uncertainties and changes in condition, significance, value and
effect. Such risks include the risk that AirNet may not be able to
regain compliance with minimum bid price requirements of the
Nasdaq; AirNet may become non-compliant with other Nasdaq
Marketplace rules regarding continued listing, including
stockholders' equity requirements; and that AirNet may not be able
to successfully transfer to the Nasdaq Capital Market if it does
not meet initial inclusion requirements. If we are unable to raise
sufficient new additional capital or to generate sufficient new
sales, we may not be able to operate as a going concern. These and
other risks are detailed in reports and documents filed by AirNet
the United States Securities and Exchange Commission. Such risks,
uncertainties and changes in condition, significance, value and
effect, many of which are beyond AirNet's control, could cause
AirNet's actual results and other future events to differ
materially from those anticipated. AirNet does not, however, assume
any obligation to update these forward-looking statements to
reflect actual results, changes in assumptions or changes in other
factors affecting such forward-looking statements. The stylized
AirNet mark, AirNet, AdaptaCell and AirSite are registered
trademarks with the U.S. Patent and Trademark Office.
SuperCapacity(TM), RapidCell(TM) and Backhaul Free(TM) are
trademarks of AirNet Communications Corporation. Other names are
registered trademarks or trademarks of their respective companies
or organizations.
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