Teknowledge Receives Nasdaq Delisting Notification
October 19 2005 - 9:00PM
PR Newswire (US)
PALO ALTO, Calif., Oct. 19 /PRNewswire-FirstCall/ -- On October 18,
2005, Teknowledge Corporation (the "Company") received notice that
The Nasdaq Stock Market, Inc. ("Nasdaq") and the Nasdaq Listing
Qualifications Hearings Panel (the "Panel") have determined to
delist the Company's common stock from the Nasdaq SmallCap Market
effective at the opening of business on Thursday, October 20, 2005.
The Panel informed the Company that the Company does not comply
with Marketplace Rule 4310(c)(2)(B), which requires the Company to
have (i) a minimum of $2.5 million in stockholders' equity, (ii)
market value of listed securities of $35 million, or (iii) net
income from continuing operations of $500,000 in the most recently
completed fiscal year or in two of the last three most recently
completed fiscal years. The Company previously announced on August
5, 2005 that Teknowledge was granted an extension by the Panel to
comply with the rule by September 30, 2005. The Company requested a
second extension, but the Panel did not extend the compliance time.
The Company will file an appeal within fifteen days of the notice,
but the appeal will not prevent the scheduled delisting. The
Company quotations for its common stock will move to the Pink
Sheets quotation service for at least thirty days, after which time
it may qualify for listing in the OTC Bulletin Board (OTCBB)
quotation service. Effective with the open of business on Thursday,
October 20, 2005, the trading symbol for Teknowledge securities
will be changed from "TEKCC" on the Nasdaq SmallCap Market to
"TEKC" in the OTC market. About Teknowledge Corporation Teknowledge
(TEKCC) delivers innovative software and services to transform data
into value. It provides integration services for financial
institutions, and is a contractor for government R&D in network
security, Web-based training, distributed systems, and knowledge
processing. Founded in 1981, Teknowledge holds an extensive
intellectual property portfolio, including six active software
patents. Forward looking statement: Except for the historical
information, the matters discussed in this news release may contain
forward-looking statements, including, but not limited to, factors
relating to future sale and income growth. These forward-looking
statements may involve a number of risks and uncertainties. Actual
results may vary significantly based on a number of factors,
including, but not limited to, uncertainties in product demand, the
impact of competitive products and pricing, changing economic
conditions around the world, release and sales of new products and
other risk factors detailed in the Company's most recent annual
report on Form 10-KSB and its other filings with the Securities and
Exchange Commission. AT TEKNOWLEDGE Dennis Bugbee Vice President of
Finance and CFO Ph: 650-424-0500 DATASOURCE: Teknowledge
Corporation CONTACT: Dennis Bugbee, Vice President of Finance and
CFO of Teknowledge, +1-650-424-0500, or Web site:
http://www.teknowledge.com/
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