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Not sure if they put this on their site so in case you haven't seen this: Not pretty for the holders.
BEIJING, May 30, 2013 /PRNewswire-FirstCall/-- Telestone Technologies Corporation (NASDAQ: TSTC) (the "Company"), a leading supplier of local access network solutions for communications networks in China, today announced that it received a Staff Determination Letter (the "Notice") from The NASDAQ Stock Market LLC ("NASDAQ") on May 23, 2013, indicating that NASDAQ has determined to suspend from trading and delist the Company's common stock from the NASDAQ Stock Market, effective the open of business on June 3, 2013.
As previously disclosed, the Company is not in compliance with the continued listing requirements under NASDAQ Listing Rule 5250(c)(1) due to the Company's inability to timely file its annual report on Form 10-K for the year ended December 31, 2012. On May 1, 2013, the Company filed a plan with NASDAQ to regain compliance with continued listing requirements, however NASDAQ did not approve the plan. In addition, the Company also failed to file its quarterly report on Form 10-Q for the period ended March 31, 2013, which constitutes a separate basis for delisting under NASDAQ Listing Rule 5250(c)(1). In the Notice, NASDAQ also cited NASDAQ Listing Rule 5101, which affords NASDAQ "broad discretionary authority over the initial and continued listing of securities in NASDAQ." Specifically, the Notice stated that the Staff of NASDAQ believes that the reasons underlying the Company's filing delinquencies raise significant public interest concerns under Listing Rule 5101. Based on these factors, the Staff made the determination to delist the Company's securities from The NASDAQ Stock Market.
The Company has determined not to appeal NASDAQ's determination. As previously disclosed, the Company has not obtained records from its Sichuan Ruideng subsidiary (the "Subsidiary") that are necessary for the completion of the audit of the Company's financials for the fiscal year ended December 31, 2012. Also, as disclosed in the Company's Form 12b-25 filed May 16, 2013, to date, the prior owners of the Subsidiary, who are also tasked with its management, have refused to deliver the records to the Company headquarters. The Company doubts that the potential remedial measures necessary to obtain such financial records can be completed within 180 days, and, as such, the Company feels the success of an appeal of the delisting determination would be unlikely. Therefore, the Company will not appeal NASDAQ's determination.
After the Company's common stock is delisted by NASDAQ, it may trade on the OTC Markets Group Inc. (the "Pink Sheets") but only if at least one market maker decides to quote the Company's common stock. There can be no assurance that any market maker will decide to quote the Company's common stock immediately following such delisting or at all, and thus there can be no assurance that the Company's common stock would be eligible to trade on the Pink Sheets.
About Telestone Technologies Corporation
Telestone is a leader and innovator in wireless local-access network technologies and solutions. The company has a global presence, with 30 sales offices throughout China and a network of international branch offices and sales agents. For more than 10 years, Telestone has installed radio-frequency (RF)-based 1G and 2G systems throughout China for its leading telecommunications companies. After intensive research on the needs of carriers in the 3G age, Telestone developed and commercialized its proprietary third-generation local-access network technology, Wireless Fiber-optic Distribution System (WFDS), which provides a scalable, multi-access local access network solution for China's three cellular protocols. Telestone also offers services including project design, manufacturing, installation, maintenance and after-sales support. The Company has approximately 1,400 employees.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of Telestone Technologies Corporation and its subsidiary companies. Forward looking statements can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. Telestone Technologies is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
SOURCE Telestone Technologies Corporation
/CONTACT: Telestone Technologies Corporation, Ms. Jun Man, Manager of the Office of the Board of Directors, +86-10-6860-8335 x1104, manjun-z@telestone.com
(END) Dow Jones Newswires
May 30, 2013 10:59 ET (14:59 GMT)
It looks like someone else agrees and took a few...15's hit. Certainly not looking like it will go back to trips as predicted by some. Maybe the vac man and his band of hillbillies are making headway. BTW what ever happened to that PH guy? Wasn't he using MDGC's service? $$$$ MDGC $$$$
As if things weren't bad enough, Scotttrade has taken down the chart for TSTC. Wonder what that means? Do we have anything else on the website that could bring promise to this POS?
Evidently so...this 10 dollar stock with the fantastic technology and being invited to the Verizon cattle call looks like it was only a scam. Go figure...where are all the supporters and hypesters now? My condolences to all those that were taken by the hype.
Stuckholders...looks like you still have a bit of hope. The big questions is: Will it trade again on the NASDAQ? GL.
http://finance.yahoo.com/news/telestone-technologies-corporation-announces-filing-142400488.html
Looks like you could be right, PRing fluff when your company is on the line for d'listing, very sad. Tomorrow is the deadline and as of this moment it doesn't look to good for the stuck holders. This $10.00, excuse me $20.00 stock looks to be heading to .10 cents unless they can get Verizon to invite them back to another show so they can show the world again about their fantastic technology. Maybe they could get that hospital in Texas where they are supposed to be doing great things to confirm their financials. All those wonderful announcements seem to be nothing more than lies and or smoke and mirrors to scam the naive public out of their hard earned money. Shame on this NSADAQ stock! I guess having a product, having employees, having a Chinese telephone number, having an office and most importantly being listed on the NADAQ doesn't mean squat, and I forgot the most important thing, their huge manufacturing plant that is now being used as a hot house. Didn't Bernie Made-off with all the money have all those things? Sorry stock holders I hope tomorrow brings a little sunshine to your very dark skies!
OH the tangled webs we weave! Glad to hear you are having success with your service. It seems that Val is doing something in Boise besides selling vacuums. Now those speeds you are getting are they up in Darla's where there is some wireless router connected to a Century Link service? I get a little confused because there have been so many accusations about that being the only service that MDGC has and that they are not really a real busines because they don't have an office, or do they? Thanks.
Still trading but no so much for this POS. LMAO...still looking for $10.00?
BTW did you read this?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=87295145
Yes there was and it was again pointed out in these posts quite some time ago.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=73488100
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=73865145
Good luck to all the stuck holders, no one likes to see this happen to the unfortunates that were mislead.
Pretty boring here...$10.00 soon and what happened to Verizon?
It is understandable that you could be confused because there has been a tremendous amount of misinformation and spam regarding MDGC. Thankfully MDGC is not associated any longer with the Chinese because as we all know and have seen in the last couple of days businesses from China are being halted because of fraudulent business practices, and rightfully so. The MDGC leadership by no means can be regarded as informative or possessing the best business axioms but MDGC in spite of this is trading, current on all governmental responsibilities, financials are up to date and in spite of what is said by some on this board has no SEC investigations pending or to anyone’s knowledge being investigated, anything to the contrary is purely speculation.
What really seems to be impressive is that in spite of all the poor leadership the PPS seems to be stable and looks to be on the uptick. All the forecasts of .0001 have not come to fruition and because of what seems to be transpiring in Boise with one poster here it would seem that the PPS could take a substantial rise if all works out to their satisfaction.
I do have to agree that there isn't much information that suggests great things are happening in Boise but on the other hand there are no reports that would suggest that nothing is happening either, but IMO I have to think that to some degree there is a network that works and with some money and resources it could prove to be something good for the peeps of Boise. So let there be confusion until there is word one way or the other because in reality this is small potatoes compared to what is happening in Boston. Thankfully the attackers have been identified.
Good point space...unfortunately many businesses in China turn out to be scams and are either halted or shut down entirely. Although there have always been accusations of fraud and SEC investigation with MDGC it is still in business and still trading. Although run by a vacuum salesman it seems to be making some pretty good progress with one poster here that seems to be impressed with Val's ability to get a very fast network running. BTW where did these posters get the impression that he is using LMDS. Someone has very wrong info, IMO.
Maybe a good time to buy more if it does but it won't ever get to $10 as you have been predicting, probably more like .0001. The buying public will look at any numbers as being lies and question whether the books were cooked or not. It might get back on the exchange but those that are still holding will sell quickly to recoup what they can before it goes to shall we say worthless. Sorry to say but it looks like you can put a fork in this pig because it looks like it was never a legit company in the first place and nothing but a China scam. LMAO.....HAHAHAHAHA
Right...and that is why TSTC sits at .84 centsright now. You can believe anything you want but the delay is just so they can sell more shares before they are stopped. SEC will be stepping in soon and deservedly so. You holders have been scammed and unfortunately tomorrow looks like you could be sitting under .50 cents,and by the EOM you could be in the trips. Not a pretty picture so you might want to drop that anvil so you can get out of the quicksand and as you have so eloquently stated before....LMAO…. HAHAHAHA.
So where is the $10.00 as predicted over and over again by you? As the PPS indicates just another China Scam being uncovered, IMO. But again, it is a great time for you to pick up more cheapies! HAHAHAHAHAHA
LONG AND STRONG here also....Looking forward to LV and LF paying up. $$$$ MDGC $$$$
OH my God...whatever happened to Verizon doing business with the next best china scam? What a loser this one is, looks like peeps have finally realized that this is toast. LMAO. But you have another great opportunity to pick up some cheapies. HAHAHAHAHA!
Excellent point Sklauble...things have gotten pretty low when all that is discussed is whether a picture of JL is accurate and whether Val won a prize. LMAO
What the heck is that all about and what relevance does that post have to do with anything regarding MDGC? That BS is older than your cat...Are we having difficulty finding any dirt on the new BOD? Go MDGC
wow a Gap...maybe that needs to be filled before we can move higher. Go MDGC....
Looks like that poorly written PR seems to have gotten some legs. Those that sold yesterday are probably wishing they had not been so quick on the trigger since we are currently up 50% today on relatively the same volume. Love to hear your expert explanation on why it seems to be moving up. I would gladly take an 11% drop if we get a 50 % increase the following day; I believe that is called consolidating? I'm sure you will correct me if I am wrong. Looking forward to your DD on the new BOD, they are solid so have fun.
Really...TSTC goes up a couple of pennies and everyone starts celebrating, but after the drastic drop the last couple of years I guess something positive although small seems like a win? I don't see anything close to the $10.00 or for that matter the $2.00 that has been suggested on this board but time will tell. It appears to be a dead cat bounce, IMO since no news or volume increase but who knows maybe something good will happen. Congrats on your new found riches but it will be curious to see if all the high fives continue this time next week.
Nice Rocks...Some people just can't let the old school tech die. This world is going to be in a bind shortly unless someone can come up with a way to band together multiple frequencies and increase the bandwidth, that is a fact. Who's to say that Val's ideas aren't legit and we are at the beginning of a paradigm shift. I'm willing to ride this concept because if nothing else it is stepping out of the box and getting away from the "old school" thinking, except the "middle mile" where he will supply the bandwidth for all the nodes. I could be wrong about this and some will say he doesn't have the patents any more but if we all remember he doesn't need them, he has all rights to the US without them. My guess he has some fashion of the problem solved and if my speculation is correct he didn’t do this alone. Boise has become very tech savvy so I have to venture to guess that he has been working with some pretty smart techies so who knows how they have enhanced the patents.
I have to say this is pretty exciting stuff and just maybe Val did find the "Holy Grail" and will be demonstrating to an audience near you. It seems that those who disagree with our beliefs should take a quieter stance until they have factual information. I’m willing to say I made a mistake with “MY” money but are they willing to say they made a mistake with their accusations. Interesting thought but my guess is we will never see them again. LOL…aren’t peeps funny? $$$$ MDGC $$$$
Doesn't look like we need to help this falling knife, it seems to do just fine on its own. 72% of the shares today were dumped in the last 2 hours, somebody seems to think that this POS is just that, a POS and wants out before it crashes. I doubt that anyone wants to buy into this, all they need to know is that it has outdated technology, can't collect on its receivables and the price has gone from $26 to 1.35, oh and did I mention it had another down day. I believe the time has come for those beautiful pictures of TSTC construction site to be labeled "sweat shop" because that is the only thing they will be used for. Oh and it looks like you have another buying opportunity with todays dip. $10.00 coming "soon." What a joke!
CHL is one big company but they didn't get that way by being "stupid" so that "IF" looms quite large and this POS will only get bread crumbs, if that. My guess is they will deploy the 4G until they get word that some upstart company that has ties to China has leaped over the 4G thing and has developed 5G. Once that happens this little China Scam will no longer exist, IMO. What's even more interesting, could that upstart company be somehow related to the "vacuum man" you keep referring to? Keep buying on the dips that $10.00 is just around the corner.
Cute but I don't see anything that talks about the POS that you are promoting. I have no doubt that China Mobile is going to 4G but prove that they are going to use TSTC as there vendor. Oh yah they have in the past but they didn't pay them or should we say they pay them when they want, LOL. Your China scam has lost its luster as the charts indicate. Going from $26 to a buck 40 is a laugher and if you have been holding all the way down you are being dilutional that it will ever come close to $2 again. You are riding a dog here and by the way I believe that the Chinese eat dog on a regular basis, TSTC is next. Next stop for this tootsie roll is penny land. JMO.
BTW this article is a week old, not todays news but then that is how fast the Chinese move.
Yes if I were you I would definately take my pennies today so you can by back in the trip 000. JMO...Go MDGC
You forgot to add a real company with real old technology that nobody wants. I see we have that "dead cat" bounce that we all have been waiting for! What a crock...LMAO
Define up...this POS was once at $26 so indicating this is up is an out and out fabrication. One month ago it opened at 1.78 and it is now 1.30. You crazy man! Oh but you keep buying on the dips don't you because when the financials come out it will be at $10.00. Shouldn't there be some large increases before they come out or is it the insiders knowing what is really up and selling? What a scam but you keep buying, love to see you smile.
Not initially, it is suppose to create havoc to those who were non believers. MDGC is real and Karma is like Mother Nature, you don't want to make her mad. JMO $$$$ MDGC $$$$
HMMMM those top accountants can't seem to make the bleeding stop. Broke thru resistance and is now at 1.29. Maybe they need to tweak the financials again. LMAO.
If things are so rosy then why does it stay in this nose dive. Quite pumping, this is a POS and a scam that will be halted once FINRA gets done with the investigation. Once the financials are out it will be in penny land, IMO.
HMMM...not looking so good now. 1.31 This might firm up but it will be in the pennies when it does. Hope you are not to deep as others who like the drop in price are. They keep trying to average down but they keep chasing the falling knife. Isn't the price supose to go up before the financials, unless those in the know are bailing knowing that there is trouble ahead. Rumor is that FINRA is looking very closely at this scam, could be halted soon? GLTY
HOW DO YOU LIKE IT NOW? Karma is a tough lover. Whatever your average is now it is still to high, better buy more at these prices because the financials are coming out and we all know what will happen then, KABOOM $10.00 or will it be .0001? My monies on .0001. Like to know what your newest pump is.
OMG, not another new low, Day High 1.40 Day Low 1.28 !!! These bag holders can really average down now, it will make them happy because we all heard that once the financials come out it will jump to 10.00. What a crock and PIGS FLY! Rocks I do feel sorry for the peeps who started investing in this scam at 26 or anywhere since. FINRA needs to shut this down and IMO it is getting close. Do they have Band-Aids for this type of bleeding?
OMG...another all time low 1.368. Here is another buying opportunity for you, it justs keeps getting better for your averaging down. Those financials must have some juicy stuff in them, at least for the insiders because they seem to be jumping ship. Maybe there is something to the FINRA investigation, I know there have been many complaints and it will be just a matter of time before this scam is shut down. Karma my friend, keep buying so others can at least have some lunch money!
OH BTW another new low 1.41. I hear rumors of FINRA getting involved with this one. Better fill up that bag before they halt this POS.
Good for you but did you notice today it hit another all time low! 1.426 You keep buying until the financials come out and then you will be able to drop your average down considerable because it will be well under a $ then. Stay positive you still could see $10.00 again, IN YOUR DREAMS! It looks like the bag is getting heavier for those who invested at 26, LMAO and good luck because this scam is about to eat you up!
LOL...you hanging your hat on this generic article. Even if this does make a difference it will take many months for it to be implemented, things move slowly in China. So you are you accepting the fact that TSTC's antiquated technology is just that and they will need help from outside to make this company viable? Are you also suggesting that the huge build out that they are supposedly involved in is going to bring outside investors in and they will finally manufacture something? What a joke and if you believe that you truly are living in a make believe world. If you haven't noticed the PPS is dropping like a rock, low today of 1.45. BTW new yearly low, AGAIN! The insiders know what is happening here but you just keep believing and those $26 shares you bought are now down a whopping 95%. If I were you I would average down so after the financials come out you will make a killing when it hits $10....LMAO. OH yea, Karma is cruel! GLTY
No trashing just speaking the truth which can be a hard pill to swallow when you are upside down in a big way, did you buy at $26.00? BTW I just left my backyard and it was quite lovely, no fires so maybe you should visit and try to relax, anger can cause all sorts of health issues. Hope your day gets better but if you are invested here it doesn't look to promising! 2 year chart is quite depressing no matter how you look at it. Keep smiling better days might be coming but I wouldn't be holding my breath!