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Wednesday November 25, 3:00 pm Eastern Time
Company Press Release
SOURCE: Enhanced Services Company, Inc.
Enhanced Services Confirms Notice
LOS ANGELES, Nov. 25 /PRNewswire/ -- Enhanced Services Company, Inc. (Nasdaq: ESVS - news) confirmed today that it received notification from NASDAQ that its securities have been delisted. NASDAQ cited the Company's failure to meet the recently changed net tangible assets rule and to comply with new corporate governance requirements as the principal bases for its determination.
Bob Smith, the Company's Chief Financial Officer, said, ''We reported in excess of $2 million in net tangible assets in our Form 10-Q for the quarter ending August 31, 1998 and, as previously reported, are convening a shareholders' meeting for later this year to obtain approval on all matters and to address the technical compliance issues.'' The Company indicated that its current financial position and equity received since August places it in current compliance with all financial requirements for listing on NASDAQ and numerous other exchanges.
Smith added, ''We are taking all actions at this time to assure a fully listed NASDAQ or other exchange market for our shareholders. In the interim, we are arranging for the Company's securities to trade on the OTC Bulletin Board under the stock symbol 'ESVS.'''
Forward-looking statements in this release concerning trends or anticipated operating results are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties related to the company's operations. These risks and uncertainties include, but are not limited to, competitive factors (including the possibility of increased competition or technological development, competitors and price pressures); legal factors (such as limited protection of the company's proprietary technology and changes in government regulations); and the company's dependence on key personnel and
significant customers. |
