City Network, Inc. Receives Notice from Amex That It is Not in Compliance with Continued Listing Standards – Amendment to Press Release dated November 28, 2006
TAIPEI, Taiwan – Nov. 29 (SEND2PRESS NEWSWIRE) — City Network, Inc. (AMEX:CSN) a company that designs, manufactures, and markets a comprehensive line of broadband and wireless Internet access solutions and consumer electronic products, announced that on November 22, 2006, the Company received notice from the American Stock Exchange (“Amex”) that it is not in compliance with certain Amex continued listing standards, as a result of the Company’s failure to file in a timely manner a Form 10-QSB for the quarter ended September 30, 2006.
The letter requests that the Company submit a plan of the actions it plans to take to bring the Company into compliance with Sections 134 and 1101 of the Amex Company Guide.
The Company issued a press release on November 22, 2006 explaining that the delay in filing Form 10-QSB is the result of a delay in management’s ongoing evaluation of the Company’s internal control over financial reporting for the quarter ended September 30, 2006, and that the Company expects to file its Form 10-QSB on November 29, 2006.
In addition, the Company announced that on November 22, 2006, the Company received notice from Amex that it is not in compliance with Section 1003(f)(v) of the Amex Company Guide, a notification that Amex deems a reverse stock split to be appropriate. The letter requests that the Company submit a plan of actions it plans to take to bring the Company into compliance with Section 1003(f)(v) of the Amex Company Guide. The Company plans to comply with Section 1003(f)(v) of the Amex Company Guide by effecting a reverse stock split by January 5, 2007.
Website: www.citynetwork.com.tw
News Source: City Network, Inc. :: This press release was issued by Send2Press® and is Copyright © 2006 Neotrope® News Network – all rights reserved.