Moscow CableCom Corp. Receives Nasdaq Staff Determination Letter Regarding Noncompliance with Listing Requirements
November 28 2006 - 5:15PM
PR Newswire (US)
NEW YORK, Nov. 28 /PRNewswire-FirstCall/ -- Moscow CableCom Corp.
(NASDAQ:MOCC) today announced that on November 21, 2006, it
received a Nasdaq Staff Determination letter indicating that, as a
result of the delay in filing the Company's Quarterly Report on
Form 10-Q for the period ended September 30, 2006, the Company is
not in compliance with the qualification requirements for continued
listing as set forth in Marketplace Rule 4310(c)(14), and that its
common stock is, therefore, subject to potential delisting from the
Nasdaq Global Market. The Company has requested a hearing before a
Nasdaq listing Qualifications Panel to review the Staff
Determination. The Company is working diligently to finalize and
file its Quarterly Report on Form 10-Q in the next two days, which
will enable it to regain compliance with Nasdaq's listing
requirements. About Moscow CableCom Moscow CableCom Corp
(NASDAQ:MOCC) is the US-based parent of a Moscow, Russia-based
company that provides access to cable television and Internet
services under the brand name "AKADO". AKADO is in the process of
expanding its hybrid fiber-coaxial network in Moscow to provide
residential and business customers with comprehensive broadband
services in digital cable TV and radio, and high-speed data
transmission and Internet access. The Company has licenses to
provide its services to 1.5 million homes and businesses in Moscow,
through its proprietary agreements for use of the Moscow Fiber
Optic Network (MFON), the largest high-speed transportation network
in Moscow. For more information on Moscow CableCom Corp. and AKADO,
visit: http://www.moscowcablecom.com/ and http://www.akado.ru/ .
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 This press release may contain "forward-looking
statements", as the phrase is defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements may
contain words such as "expects," "anticipates," "plans," believes,"
"projects" and words of similar meaning. These statements relate to
our future business and financial performance, including AKADO's
development, its ability to attract new subscribers, to continue to
expand its network, to achieve positive cash flow and our ability
to raise funds for AKADO's development. These statements are based
on management's best assessment of Moscow CableCom's and AKADO's
strategic and financial position and of future market conditions
and trends and involve substantial risks and uncertainties. The
actual outcome may differ materially from these statements. Certain
factors that could cause actual results to differ materially from
those discussed in any forward-looking statements, including lack
of operating history of AKADO, liquidity difficulties, developments
in the marketplace for cable services in Moscow, Russia,
technological changes, operating in the Russian Federation,
including general economic, political, social and tax conditions
and legislative and regulatory matters affecting the cable
industry, and changes in generally accepted accounting principles
are described in the our Annual Report on Form 10-K /A for the year
ended December 31, 2005 and other public filings made by us with
the Securities and Exchange Commission, which descriptions are
incorporated herein by reference. There may be other risks that we
have not described that may adversely affect our business and
financial condition. We disclaim any obligation to update
developments of these risks or to announce publicly any revision to
any of the forward-looking statements contained in this release, or
to make corrections to reflect future events or developments.
DATASOURCE: Moscow CableCom Corp. CONTACT: Tate Fite, Chief
Financial Officer of Moscow CableCom Corp., +011-7-495-737-5177, ;
or Barbara Cano of Breakstone Group International for Moscow
CableCom Corp., +1-646-452-2334,
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