Zoom(R) Technologies Announces Receipt of NASDAQ(R) Staff Determination Letter
Market Wire, May, 2008
Zoom Technologies, Inc. (NASDAQ: ZOOM), a leading manufacturer of modems and other data communications products, today announced that it received a NASDAQ staff determination letter on May 15, 2008, stating that the Company had failed to comply with the $1.00 minimum bid price requirement for continued listing set forth in Marketplace Rule 4310(c)(4) and that its common stock is therefore subject to delisting from the NASDAQ Capital Market. Zoom has been granted an appeal of this determination at a hearing before a NASDAQ Listing Qualifications Panel scheduled for July 10, 2008. NASDAQ stayed the delisting of Zoom's securities until the outcome of the hearing, and the delisting status will be determined typically within 30 days following the hearing.
Zoom's plan to regain compliance with the NASDAQ continued listing requirements includes a reverse stock split. Authorization for Zoom's Board to approve this reverse stock split has been proposed to Zoom stockholders in the Proxy Statement which was filed with the SEC on April 28, 2008 in connection with the annual meeting of Zoom stockholders to be held on June 26, 2008. Zoom believes NASDAQ Listing Qualifications Panels have generally viewed a reverse stock split as the only definitive plan acceptable to resolve a bid price deficiency. Zoom's common stock will continue to trade on the NASDAQ Capital Market pending the outcome of the hearing.
For additional information, please contact Investor Relations, Zoom Technologies, 207 South Street, Boston, MA 02111, telephone (617) 423-1072, email investor@zoom.com , or visit Zoom's website at www.zoom.com .
About Zoom Technologies
Zoom Technologies, Inc. designs, produces, markets, and supports communication products under the Zoom, Hayes®, and Global Village® brands. Zoom is headquartered in Boston, and its European sales and support center is in the UK. Zoom markets its products in over forty countries, and provides multi-lingual support from its offices in Boston and the UK. For more information about Zoom and its products, please see www.zoom.com .
Forward-Looking Statements
This release contains forward-looking information relating to Zoom's plans, expectations, and intentions, including statements relating to future actions by Zoom and NASDAQ. These forward-looking statements are not guarantees of future results or actions and are subject to risks, uncertainties and assumptions, including the risks described in our filings with the Securities and Exchange Commission, that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Zoom cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Zoom expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Zoom's expectations or any change in events, conditions or circumstance on which any such statement is based.
Contact: Investor Relations Zoom Technologies 207 South Street Boston, MA 02111 Phone: (617) 423-1072 Email: investor@zoom.com
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