American Stock Exchange Notifies AXS-One Inc. That It is Noncompliant With Listing Standards
October 12 2006 - 5:01PM
PR Newswire (US)
RUTHERFORD, N.J., Oct. 12 /PRNewswire-FirstCall/ -- AXS-One Inc.
(AMEX:AXO) has received notice from the American Stock Exchange
(AMEX) that the Company is not in compliance with certain
conditions of AMEX's continued listing standards. Specifically,
AMEX noted that the Company's shareholders' equity as of June 30,
2006 was less than $2 million and losses from continuing operations
and/or net losses were incurred in two of the three most recent
fiscal years. Additionally, according to the AMEX Company Guide,
AMEX will not normally consider suspending dealings in the
securities of a company which is below a total market
capitalization of $50 million and has at least 1.1 million publicly
held shares with a market value of at least $15 million and 400
round lot shareholders. AXS-One's market capitalization has
recently fallen below $50 million. The notice is based on a review
by the AMEX of AXS-One Inc.'s Form 10-Q for the quarter ended June
30, 2006 which publicly disclosed the financial status of the
Company at that time. The Company will submit a plan on or before
November 6, 2006 advising AMEX of what actions have been or will be
taken that would bring the Company into compliance with the
continued listing standards within a maximum of 18 months from the
date of the notification by AMEX. Upon receipt of the plan, the
Listings Qualifications Department of AMEX will make a
determination as to whether the Company has made a reasonable
demonstration of an ability to regain compliance within the plan
period of 18 months. If the plan is accepted, the Company may be
able to continue its listing during the plan period subject to
periodic review to determine progress consistent with the plan.
About AXS-One Inc. AXS-One (AMEX:AXO) is a leading provider of high
performance Records Compliance Management solutions. The AXS-One
Compliance Platform enables organizations to implement secure,
scalable and enforceable policies that address records management
for corporate governance, legal discovery and industry regulations
such as SEC17a-4, NASD 3010, Sarbanes-Oxley, HIPAA, The Patriot Act
and Gramm-Leach Bliley. AXS-One's technology has been critically
acclaimed as best of class and delivers digital archiving, business
process management, electronic document delivery and integrated
records disposition and discovery for e-mail, instant messaging,
images, SAP and other corporate records. Founded in 1979, and
headquartered in Rutherford, NJ, AXS-One has offices worldwide
including in the United States, Australia, Singapore, United
Kingdom and South Africa. For further information, visit the
AXS-One website at http://www.axsone.com/. AXS-One, the AXS-One
logo, "Access Tomorrow Today," AXSPoint, and TransAXS are
registered trademarks of, and AXS-One Compliance Platform, AXS-One
Retention Manager, AXS-One Rapid-AXS, AXS-Link for Desktop,
AXS-Link for SAP, AXS-Link for Lotus Notes, AXS-Link for Microsoft
Exchange, "The Records Compliance Management Company,"
e-Cellerator, AXS Desk, "AXS-One Collaboration FrameWorks," SMART,
AXS-Link and Tivity are trademarks of, AXS-One Inc., in the U.S.
All other company and product names are trademarks or registered
trademarks of their respective companies. Special Note Regarding
Forward-Looking Statements: A number of statements contained in
this release are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 that involve
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied in the applicable
statements. These risks and uncertainties include, but are not
limited to: our ability to return to profitability; our ability to
grow license and service revenue; potential vulnerability to
technological obsolescence; the risks that our current and future
products may contain errors or defects that would be difficult and
costly to detect and correct; potential difficulties in managing
growth; dependence on key personnel; the possible impact of
competitive products and pricing; and other risks described in more
detail in AXO's most recent Form 10-K and other Securities and
Exchange Commission filings. Company Contact: IR Contact: Joseph
Dwyer Matthew Hayden AXS-One Inc. Hayden Communications
201.935.3400 858.704.5065 or Brett Maas Hayden Communications
646-536-7331 DATASOURCE: AXS-One Inc. CONTACT: Joseph Dwyer of
AXS-One Inc., +1-201-935-3400, ; or IR, Matthew Hayden,
+1-858-704-5065, , or Brett Maas, +1-646-536-7331, , both of Hayden
Communications, for AXS-One Inc. Web site: http://www.axsone.com/
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