Zoom Achieves Compliance With Nasdaq Listing Requirements
Market Wire, August, 2008
Zoom Technologies, Inc. (NASDAQ: ZOOM) today announced that the Company received notice from Nasdaq on August 22, 2008 that the Nasdaq Hearing Panel decided to continue Zoom's listing on The Nasdaq Stock Market. Zoom implemented a 1-for-5 reverse stock split on August 7, 2008 and the Company achieved compliance because its common stock traded above $1.00 for 10 consecutive trading days. Zoom will trade under the symbol ZOOMD until the open of business on Friday, September 5, 2008 when it will return to trading under the symbol ZOOM.
Frank Manning, Zoom's President and CEO, said, "We are pleased that the reverse stock split had its intended effect, raising Zoom's stock price and keeping Zoom listed on The Nasdaq Stock Market. This is important to our shareholders, and it makes Zoom better able to pursue strategic options."
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 office is in the UK. Zoom markets its products in over forty countries, and provides multi-lingual support from its offices in Boston. For more information about Zoom and its products, please see www.zoom.com .
Safe Harbor Statement
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Zoom or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements in this release that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements are made only as of the date hereof. We undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
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Contact: Robert Crist 617-753-0698 Email: investor@zoom.com Zoom Technologies, Inc. 207 South Street Boston, MA 02111 617-423-1072 www.zoom.com
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