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Telkonet Receives Notice From NYSE Amex, LLC
GERMANTOWN, MD, Nov 06, 2009 (MARKETWIRE via COMTEX) --
Telkonet, Inc. (NYSE Amex: TKO), a Clean Technology company that
develops and manufactures proprietary energy management and Smart
Grid networking technology, today announced that on November 3, 2009,
Telkonet, Inc., received notice from NYSE Amex, LLC (the "Exchange")
that a Listing Qualifications Panel of the Exchange's Committee on
Securities (the "Panel") had affirmed the Exchange's Listing
Qualifications Department staff's determination to delist the
Company's common stock from the Exchange.
By way of background, as previously reported in the Company's Current
Reports on Form 8-K (filed on May 21, 2009 and September 2, 2009),
the Company previously received notices from the Exchange regarding
the delisting of its common stock because the Company was not in
compliance with Section 1003(a)(iv) of the Exchange's Company Guide
(the "Company Guide") in that it had sustained losses which were so
substantial in relation to its overall operations or its existing
financial resources, or its financial condition had become so
impaired that it appeared questionable, in the opinion of the
Exchange, as to whether the Company would be able to continue
operations and/or meet its obligations as they mature.
After considering the costs to the Company of compliance with the
continued listing requirements of the Exchange and other factors, the
Company determined that it was not in the best interest of the Company
and its shareholders to appeal the delisting of the Company's
securities from the Exchange and approved the voluntary delisting of
the securities. The Company intends to file a Form 25 with the
Securities and Exchange Commission ("SEC") and anticipates that the
delisting will be effective 10 days after the date of filing of the
Form 25. Upon delisting from the Exchange, the Company intends to
have its common stock quoted on the OTC Bulletin Board ("OTCBB").
Jason Tienor, Chief Executive Officer of Telkonet, commented, "This
decision by the Exchange, while disappointing, was not completely
unexpected. More importantly, this decision has no effect on
Telkonet's day-to-day operations. Notwithstanding the Exchange's
decision, we remain optimistic about our business for the longer term
and will continue to focus on growing our core business regardless of
any transition from the NYSE Amex to the OTCBB."
About Telkonet
Telkonet provides integrated, centrally-managed energy management and
Smart Grid networking solutions that improve energy efficiency and
reduce the demand for new energy generation. The company's energy
management systems are lowering HVAC costs in over 160,000 rooms, and
are an integral part of various utilities' green energy efficiency
and rebate programs.
Primarily targeting Smart Grid and utility applications, Telkonet's
patented PLC platform delivers cost-effective, robust networking,
with real-time online monitoring, increasing the reliability and
energy efficiency across the entire utility grid. www.telkonet.com.
All company, brand or product names are registered trademarks or
trademarks of their respective holders.
Statements included in this release may constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements involve a number of risks and
uncertainties such as competitive factors, technological development,
market demand and the Company's ability to obtain new contracts and
accurately estimate net revenue due to variability in size, scope and
duration of projects, and internal issues in the sponsoring client.
Further information on potential factors that could affect the
Company's financial results, can be found in the Company's
Registration Statement and in its Reports on Forms 8-K filed with the
Securities and Exchange Commission (SEC).
SOURCE: Telkonet
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