Form 8-K for ORSUS XELENT TECHNOLOGIES INC
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21-Oct-2011
Notice of Delisting or Failure to Satisfy a Continued Listing Rule
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On October 14, 2011, Orsus Xelent Technologies, Inc. (the "Company") received the final determination of the NYSE Amex Listing Qualifications Panel (the "Panel") following the October 3, 2011 oral hearing before the Panel. The Panel affirmed the Exchange Staff's earlier determination to delist the Company's securities from the Exchange due to the Company's inability to remain in compliance with certain of the Exchange's continued listing requirements because it was financially impaired. The Company is entitled to request that the full Committee on Securities review the Panel's determination within 15 days of the receipt of such determination. The Company will not request such review. Accordingly, the delisting is expected to become effective at the open of the market on Friday, October 21, 2011.
Although the Company's provides no assurance to this effect, the Company currently anticipates that, following the removal from the NYSE Amex, its securities may be quoted in the National Daily Quotation Sheets, commonly referred to as the "pink sheets". The Company is contemplating, through a market maker, getting its securities quoted on the OTC Bulletin Board (the "OTC-BB"). However, the Company cannot give any assurance that there will be any market maker for the Company's securities to be quoted on the OTC-BB or that such securities will be traded on any market.
The Company will continue to file periodic reports with the SEC pursuant to the requirements of the Securities Exchange Act of 1934, as amended.
