Provided 180 Days, or Until March 14, 2006, to Regain Compliance
STOCKTON, Calif., Sept. 16 /PRNewswire-FirstCall/ -- Pac-West Telecomm,
Inc. (Nasdaq: PACW), a provider of traditional and next-generation voice
communications services in the Western U.S., today announced that it has
received a Nasdaq deficiency notice.
This action has been taken in response to Nasdaq Marketplace Rule
4310(c)(4) requiring a minimum bid price of $1.00 for continued listing on the
Nasdaq SmallCap Market. Pac-West will be provided 180 calendar days, or until
March 14, 2006, to regain compliance. If, at any time before March 14, 2006,
the bid price of Pac-West's common stock closes at $1.00 per share or more for
a minimum of 10 consecutive business days, the company may requalify for
continued listing, however Nasdaq has the discretion to require a period in
excess of 10 business days before determining that the ability to maintain
long-term compliance has been demonstrated.
If compliance with the minimum bid price of $1.00 cannot be demonstrated
by March 14, 2006, Nasdaq will determine if Pac-West meets the Nasdaq SmallCap
Market initial listing criteria as set forth in Marketplace Rule 4310(c),
except for the bid price requirement. If it meets the initial listing
criteria, Nasdaq will notify Pac-West that it has been granted an additional
180 calendar day compliance period. If Pac-West is not eligible for an
additional compliance period, Nasdaq will provide written notification that
the company's securities will be delisted. At that time, Pac-West may appeal
the determination to delist its securities to a Listing Qualifications Panel.
Pac-West intends to monitor the bid price between now and March 14, 2006,
and consider available options if its common stock does not trade at a level
that is likely to result in Pac-West regaining compliance with the Nasdaq
minimum bid price requirement.
About Pac-West Telecomm, Inc.
Founded in 1980 and first incorporated in 1981, Pac-West Telecomm, Inc.
has been offering telephone service to its customers since 1982. Pac-West's
network averages over 120 million minutes of voice and data traffic per day,
and carries an estimated 20% of the dial-up Internet traffic in California. In
addition to California, Pac-West has operations in Nevada, Washington,
Arizona, and Oregon. For more information, please visit Pac-West's website at
http://www.pacwest.com.
Forward-Looking Statements
In this press release, our use of the words "outlook," "expect,"
"anticipate," "estimate," "forecast," "project," "likely," "objective,"
"plan," "designed," "goal," "target," and similar expressions is intended to
identify forward-looking statements. While these statements represent our
current judgment on what the future may hold, and we believe these judgments
are reasonable, actual results may differ materially due to numerous important
risk factors that are described in our Annual Report on Form 10-K for the
period ended December 31, 2004, as filed with the SEC on March 30, 2005, which
may be revised or supplemented in subsequent reports filed by us with the SEC.
Such risk factors include, but are not limited to: our level of indebtedness;
an inability to generate sufficient cash to service our indebtedness;
regulatory and legal uncertainty with respect to intercarrier compensation
payments received by us; the inability to expand our business as a result of
the unavailability of funds to do so; the migration to broadband Internet
access affecting dial-up Internet access; the loss of key executive officers
could negatively impact our business prospects; an increase in our network
expenses which could result if the migration of our enterprise customer base
to U.S. TelePacific Corp. occurs sooner or later than contemplated; and our
principal competitors for local services and potential additional competitors
have advantages that may adversely affect our ability to compete with them.
SOURCE Pac-West Telecomm, Inc.
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Related links:
http://www.pacwest.com
CONTACT:
Investors, Reid Cox of Pac-West Telecom,
Inc., +1-209-926-3417, or rcox@pacwest.com
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