27.04.2005 23:03:00
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Insignia Nasdaq Delisting Stayed -- Hearing Scheduled for May 19th
Business Editors/High-Tech Editors
FREMONT, Calif.--(BUSINESS WIRE)--April 27, 2005--Insignia Solutions (Nasdaq:INSG) today announced that Nasdaq has received Insignia's request to appeal the Nasdaq Staff Determination to delist the Company's securities from The Nasdaq SmallCap Market. The Nasdaq Staff Determination was based upon the fact that as of December 31, 2004, the Company was not in compliance with the stockholders' equity requirement for continued listing set forth in MarketPlace Rule 4310(c)(2)(B), which specifies a minimum shareholder equity value of at least $2.5 million. As a result of Insignia's appeal of the Staff Determination, the delisting has been stayed and an oral hearing has been scheduled for May 19, 2005. Although as of March 31, 2005 the company's stockholders' equity exceeded $2,500,000, Insignia can give no assurance that the Nasdaq panel will grant the company's request for continued listing.
Forward-looking statements
This press release contains forward-looking statements that involve risks and uncertainties. The statements in this press release relating to matters that are not historical are forward-looking statements that involve risks and uncertainties. This release includes forward-looking statements that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those referred to in the forward-looking statements. Such factors include, but are not limited to, Insignia's delisting from Nasdaq, Insignia's need for additional capital to sustain operations, Insignia's need to generate significantly greater revenue to achieve profitability and Insignia's liquidity and capital needs. Further details on these and other risks are set forth in Insignia Solutions' filings with the Securities and Exchange Commission, including its most recent filing on Forms 10-K. This filing is available on a website maintained by the Securities and Exchange Commission at http://www.sec.gov. Insignia Solutions does not undertake an obligation to update forward-looking or other statements in this release.
About Insignia Solutions
Insignia enables mobile operators and terminal manufacturers to manage a growing, complex and diverse community of mobile devices. Insignia's products and services radically reduce customer care and recall costs, maintain device integrity, and enable a wide range of new mobile services. Insignia SSPv2 product is a complete standard-based mobile device management offering, which includes client provisioning technologies supported by most of the mobile devices in the past, OMA-DM based technology used by current mobile devices and future OMA-DM based technologies. Founded in 1986, Insignia has a long history of innovation, stewardship of major industry standards, and the trust of dozens of manufacturers around the world. Insignia Solutions is traded on NASDAQ under the symbol INSG. Insignia is headquartered in Fremont, California, with research and development and European operations based in the United Kingdom and Sweden as well as regional offices in Hong Kong and Seoul. For additional information about Insignia or its products, please visit www.insignia.com.
Insignia's global customer list includes ACCS, Amena, Axalto, Campuz Mobile, CTBC, Dobson, I wireless, MTN, New World Mobility, Porta, Telstra, 3, Soutec, Spinbox and Vodacom.
Insignia, Insignia Solutions, and the Insignia Solutions logo are registered trademarks of Insignia Solutions, Inc.
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CONTACT: Insignia Solutions Roger Friedberger, 510-360-3700 or Financial Dynamics Teresa Thuruthiyil, 415-439-4500 (Investors)
KEYWORD: CALIFORNIA INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS BANKING TELECOMMUNICATIONS SOFTWARE SOURCE: Insignia Solutions
Copyright Business Wire 2005
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