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ClearOne Announces Receipt of NASDAQ Notification Letter
Apr 22, 2010 (05:04 PM EDT)
SALT LAKE CITY, April 22 /PRNewswire-FirstCall/ -- ClearOne (http://www.clearone.com) (Nasdaq: CLRO), the leading global provider of high performance audio conferencing solutions, today announced that on April 16, 2010, it received a letter from the NASDAQ Stock Market ("NASDAQ") stating that ClearOne no longer complies with NASDAQ Marketplace Rule 5250(c)(1) as a result of delay in filing its transition report in Form 10-K ("Form 10-K") for the period ended December 31, 2009. The letter was issued by NASDAQ under NASDAQ Listing Rule 5810(b) for ClearOne's failure to comply with NASDAQ Listing Rule 5250(c)(1). As already informed through Form NT 10-K filed with the Securities and Exchange Commission ("SEC") on April 1, 2010 and Form 8-K filed with the SEC on April 16, 2010, the delay in filing ClearOne's Form 10-K was due to the delay in completing the accounting for its recent acquisition of NetStreams, Inc.
ClearOne has 60 calendar days, or until June 15, 2010, to submit to NASDAQ a plan (the "Plan") to regain compliance with the NASDAQ Listing Rules. ClearOne intends to file its Form 10-K as soon as possible and before the Plan has to be submitted to regain compliance.
ClearOne is a communications solutions company that develops and sells audio conferencing systems and other related products for audio, video, and web conferencing and collaboration applications. The reliability, flexibility, and performance of ClearOne's comprehensive solutions create a natural communications environment, which saves organizations time and money by enabling more effective and efficient communication.
ClearOne dominates the professional conferencing space with over 50% global market share and is a pioneer in audio conferencing technologies. We have developed a broad portfolio of award-winning products that benefit from our innovative leadership in areas such as distributed echo cancellation, automatic microphone mixing, signal routing, equalization, automatic level control, compression, and other advanced audio processing functions.
NetStreams, recently acquired by ClearOne, delivers the ultimate IP A/V experience by distributing high definition audio and video over TCP/IP networks. NetStreams' products, designed for commercial and residential use, offer unprecedented levels of performance, functionality, simplicity, reliability, and expandability. By combining audio/video content, meta-data and control signals into one stream and incorporating industry standards, NetStreams' newly patented StreamNet® solutions are a smart investment, enabling the Power of AV over IP™ – today.
NetStreams' StreamNet technology provides elegant solutions for streaming media & control applications such as digital signage, distribution of HD video and audio, LAN Cloud Matrix Switching™, and audio paging over data networks.
This release contains "forward-looking" statements that are based on present circumstances and on ClearOne's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements, including statements regarding the company's intention to regain compliance, are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements. Such forward-looking statements are made only as of the date of this release and ClearOne assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements.