PSi Technologies Receives Nasdaq Delisting Notice and Deficiency Letter
18 Luglio 2006 - 7:49PM
PR Newswire (US)
MANILA, Philippines, July 18 /PRNewswire-FirstCall/ -- PSi
Technologies Holdings, Inc., (NASDAQ:PSIT), a leading independent
provider of assembly and test services for the power semiconductor
market, today announced that it has received a Nasdaq Staff
Determination letter indicating that the Company failed to submit
Form 20-F for the period ended June 30, 2006 as required by
Marketplace Rule 4320(e)(12), and that its securities are,
therefore, subject to delisting from The Nasdaq Small Cap Market.
On June 30, 2006, the Company filed a Form 12b-25 with the U.S.
Securities and Exchange Commission that indicated the Company
expects to file its Form 20-F no later than 45 days after June 30,
2006. The Company will request a hearing before a Nasdaq Listing
Qualifications Panel to review the Staff Determination which will
stay the delisting action pending the issuance of a final decision
by the Panel. However, there can be no assurance the Panel will
grant the Company's request for continued listing. The Company also
received a Nasdaq Staff Deficiency letter on July 17, 2006,
indicating that the Company fails to comply with the minimum bid
price requirement for continued listing set forth in Marketplace
Rule 4320(e)(2)(E)(i). The Company will be provided 180 calendar
days, or until January 16, 2007, to regain compliance with the
minimum bid price requirement of $1.00 per American Depositary
Share of the Company for a minimum of 10 consecutive business days.
If the minimum bid price requirement has not been met by January
16, 2007, Nasdaq Staff will provide the Company with an additional
180 calendar day compliance period only if the Company meets
certain other listing criteria. About PSi Technologies PSi
Technologies is a focused independent semiconductor assembly and
test service provider to the power semiconductor market. The
Company provides comprehensive package design, assembly and test
services for power semiconductors used in telecommunications and
networking systems, computers and computer peripherals, consumer
electronics, electronic office equipment, automotive systems and
industrial products. Their customers include most of the major
power semiconductor manufacturers in the world such as Infineon
Technologies, ON Semiconductor, Philips Semiconductor, and ST
Microelectronics. For more information, visit the Company's web
site at http://www.psitechnologies.com/ or call: At PSi
Technologies Holdings, Inc.: Thelma G. Oribello (63 2) 838 44 89 At
Financial Relations Board: Erin Cox (310) 854 8319 Safe Harbor
Statement This press release contains forward-looking statements
that involve risks and uncertainties. Actual results and outcomes
may differ materially. Factors that might cause a difference
include, but are not limited to, those relating to the pace of
development and market acceptance of PSi's products and the power
semiconductor market generally, commercialization and technological
delays or difficulties, the impact of competitive products and
technologies, competitive pricing pressures, manufacturing risks,
the possibility of our products infringing patents and other
intellectual property of third parties, product defects, costs of
product development, manufacturing and government regulation, risks
inherent in emerging markets, including but not limited to,
currency volatility and depreciation, restricted access to
financing and political and social unrest and the possibility that
the initiatives described herein may not produce the intended
results. PSi undertakes no responsibility to update these
forward-looking statements to reflect events or circumstances after
the date hereof. More detailed information about potential factors
that could affect PSi's financial results is included in the
documents PSi files from time to time with the Securities and
Exchange Commission. DATASOURCE: PSi Technologies Holdings, Inc.
CONTACT: Thelma G. Oribello of PSi Technologies Holdings, Inc., +63
2 838 44 89, ; or Erin Cox of Financial Relations Board, +1-310-854
8319, , for PSi Technologies Holdings, Inc. Web site:
http://www.psitechnologies.com/
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