Terayon Communication Systems Receives Delisting Notice from NASDAQ
Monday April 3, 5:00 am ET
Company Expects to Begin Trading on the Pink Sheets
SANTA CLARA, Calif., April 3 /PRNewswire-FirstCall/ -- Terayon Communication Systems, Inc. (Nasdaq: TERNE - News) today announced that the NASDAQ Listing Qualifications Panel (the "Panel") has determined to de-list Terayon's securities from The NASDAQ National Market effective as of the opening of business on Tuesday, April 4, 2006. As previously announced, Terayon had communicated to the Panel that it would not be able to restate its financial statements for the fiscal year ended December 31, 2004, the four quarters of fiscal 2004 and the first two quarters of fiscal 2005 by the March 31, 2006 deadline set by the Panel, nor would Terayon be able to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2005, its Annual Report on Form 10-K for the fiscal year ended December 31, 2005, or the proxy statement for the 2005 annual shareholders' meeting by the deadline.
"Terayon is committed to regaining compliance with all SEC reporting requirements in a timely manner. We continue to work diligently to resolve our accounting issues and complete and file our financial reports," said Jerry Chase, Terayon's CEO. "Other than our ongoing operating leases, we are debt-free with sufficient cash, and our management team remains focused on the business, managing daily operations, executing against our plans and delivering to our customers' requirements."
Terayon expects that quotations for its common stock will appear in the Pink Sheets, and effective with the move to the Pink Sheets, Terayon expects that its trading symbol will be TERN.PK. Terayon intends to appeal the Panel's decision to the NASDAQ Listing and Hearing Review Council (the "Review Council"); however, this appeal will not stay the ruling of the Panel. There can be no assurances that the Review Council will grant Terayon's appeal.
And as Jack always says: "You can't handle the truth! Son"
