NEWS RELEASEFor Immediate Release | |
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Technical Communications Corporation |
Contact: Michael P. Malone, |
TCC COMMENTS ON NASDAQ LISTING REQUIREMENTSCONCORD, MA (March 26, 1999) - Technical Communications Corporation (NASDAQ: TCCO) announced that it has been notified by the NASDAQ National Market that its common stock has failed to comply with the continued listing requirement of having a market value of public float greater than or equal to $5,000,000. NASDAQ has advised the Company that it may regain compliance with this listing requirement by having a minimum $5,000,000 market value of public float for a minimum of ten consecutive trading days before June 16, 1999 before any delisting action would be taken. The Company hopes and expects that this is a temporary situation, although no assurances can be given, and the Company is considering various alternatives designed to address the NASDAQ requirements. The Company believes that it currently complies with all continued listing requirements for the NASDAQ SmallCap Market, and an application to transfer to NASDAQ SmallCap will be considered if the situation cannot be addressed before early June. Matters discussed in this news release, including any discussion of or impact, expressed or implied, on the Company’s anticipated operating results and future earnings, including statements about the Company’s ability to achieve growth and profitability, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended. The Company’s operating results may differ significantly from the results indicated by such forward-looking statements. The Company’s operating results may be affected by many factors, including but not limited to future changes in export laws or regulations, changes in technology, the effect of foreign political unrest, the ability to hire, retain and motivate technical, management and sales personnel, the risks associated with the technical feasibility and market acceptance of new products, changes in telecommunications protocols, the effects of changing costs, exchange rates and interest rates, the Company's ability to renegotiate its line of credit with its banks, the correctness of management's judgement that certain expenditures will benefit the Company in the future, and the accuracy of management's estimates of the value of the Company's assets and the adequacy of its reserves. Although the Company's securities trade on the NASDAQ National Market System, no assurances can be given that the Company will continue to be in compliance with all listing requirements or that the Company's securities will continue to be listed on NASDAQ National Market or on NASDAQ SmalCap market. The delisting of the Company's securities from the NASDAQ could have material adverse effect on the market price of the Company's securities. These and other risks are detailed from time to time in the Company's filings with the Securities and Exchange Commission, including Form 10-K for the fiscal year ended October 3,1998 and Form 10-Q for the quarter ended January 2, 1999. | |