SAN FRANCISCO, Jan. 25, 2012 /PRNewswire/ -- FiberTower
Corporation (NASDAQ: FTWR), a wireless backhaul services provider,
today announced that it has engaged the Corporate Finance &
Restructuring Group of FTI Consulting, Inc., to assist the Company
with identifying and evaluating financial and strategic
alternatives to maximize value for the Company's stakeholders.
The Company also announced that on January 19, 2012, it received a letter from the
Listing Qualifications Department of the Nasdaq Stock Market
(Nasdaq) notifying FiberTower of its intent to delist the Company's
securities from the Nasdaq. The letter provides that, absent an
appeal of the staff's determination by the Company, trading in the
Company's common stock will be suspended at the opening of business
on January 30, 2012, and Nasdaq will
file a Form 25-NSE with the Securities and Exchange Commission to
remove the Company's securities from listing and registration on
Nasdaq.
FiberTower previously announced that it received a letter from
the Nasdaq stating that it no longer complied with the rules
required for continued listing on Nasdaq under Nasdaq Listing Rule
5250(c)(1). FiberTower was provided with an initial
period of 60 calendar days during which it could submit a plan to
regain compliance. In accordance with Listing Rule 5810(b),
Nasdaq has notified the Company that failure to submit a plan has
made it subject to delisting.
The Company has the right to appeal the Nasdaq staff's
determination to suspend trading in the Company's securities and
its delisting and deregistration from Nasdaq, but does not expect
to do so. Effective Monday, January
30, 2012 the Company anticipates that its common stock will
commence trading under the symbol FTWR on the OTC Pink-Limited
Information Tier, operated by OTC Markets Group. The
Company's common stock will cease trading on Nasdaq at the opening
of the market on Monday, January 30,
2012.
About FiberTower
FiberTower is a backhaul and access services provider
focused primarily on the wireless carrier market. With its
extensive spectrum footprint in 24 GHz and 39 GHz bands,
carrier-class fiber and microwave networks in 13 major markets and
master service agreements with nine U.S. wireless carriers,
FiberTower is an alternative carrier for wireless backhaul.
FiberTower also provides backhaul and access service to government
and enterprise markets. For more information, please visit our
website at www.fibertower.com.
Forward-Looking Statements
This news release includes "forward-looking'" statements,
as that term is defined in the Private Securities Litigation Reform
Act of 1995 or by the Securities and Exchange Commission, or SEC,
in its rules, regulations and releases. Forward-looking
statements relate to expectations, beliefs, projections, future
plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts.
These include statements regarding, among other things, our future
financial performance and results of operations including our
financial and business prospects, the determination of asset
impairment charges for the quarterly period ended September 30, 2011, our ability to file our third
quarter report on Form 10-Q for the period ended September 30, 2011 in a timely fashion, the
deployment of our services, capital requirements, financing
prospects, planned capital expenditures, anticipated customer
growth, expansion plans, and anticipated cash balances.
There are many risks, uncertainties and other factors that can
prevent the achievement of goals or cause results to differ
materially from those expressed or implied by these forward-looking
statements. These include, among other things, negative cash flows
and operating and net losses, additional liquidity requirements,
potential loss of significant customers, downturns in the wireless
communication industry, regulatory costs and restrictions,
potential loss of FCC licenses, equipment supply disruptions and
cost increases, competition from alternative backhaul service
providers and technologies, along with those risk factors described
in the company's Annual Reports on Form 10-K and Quarterly Reports
on Form 10-Q, as filed with the SEC.
SOURCE FiberTower Corporation