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News, Articles and Releases
ASCONI ANNOUNCES THAT ITS ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2003 AND CERTAIN AMENDED INTERIM REPORTS FOR 2003 WILL BE FILED LATER THAN EXPECTED; SUBMITS A PLAN OF COMPLIANCE TO AMEX
MONDAY MAY 3, 4:41 PM ET
ORLANDO, Fla., May 3 /PRNewswire-FirstCall/ -- Asconi Corporation (Amex: ACD - News) today announced that it did not file its Annual Report on Form 10- KSB for the fiscal year ended December 31, 2003 by April 30, 2004. The Company's review and restatement efforts have been extended to include its financial statements for all of the fiscal 2003 quarterly periods, as well as for the 2001 and 2002 fiscal years. The Company's efforts have proven to be more time and staff intensive than originally contemplated. The Company, with the assistance of its independent public accountants and independent consultants retained by the Audit Committee, is in the process of completing both the necessary revisions of its previously filed public reports and the financial statements contained therein. Once the Company's efforts are completed, the Company will amend the affected periodic reports. The Company is hopeful that it will regain compliance with the federal securities laws and the rules promulgated thereunder by no later than May 31, 2004.
On April 15, 2004, the American Stock Exchange (AMEX) notified the Company that it was not in compliance with the AMEX public reporting continued listing requirement and invited the Company to submit a plan of compliance with the failing listing requirement by no later than April 30, 2004. The Company made a timely submission to the AMEX staff in which submission it presented a plan to regain compliance with the continued listing deficiency. In that submission, the Company requested that the AMEX staff grant the Company a 30- day extension, until May 31, 2004, to complete its efforts. There is no assurance that AMEX will grant the Company's request. Even if AMEX grants the Company's request, there can be no assurance that the Company will execute its plan in a timely manner or in a manner satisfactory to AMEX. In the event the Company fails to regain its compliance with the AMEX continued listing requirement, its securities may be subject to delisting from AMEX. Should the Company's securities be delisted from AMEX, they may become quoted in the Pink Sheets upon application by a market maker. The Company's securities will not be eligible to trade on the OTC Bulletin Board until the Company becomes current in all of its periodic filings in compliance with the reporting requirements pursuant to Section 13 of the Securities Exchange Act of 1934, as amended.
About the Company Corporation
Asconi Corporation (Amex: ACD - News) is a producer and distributor of wines and spirits in Eastern Europe. For more information, please visit www.asconi.com.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here; however, readers should review carefully reports of documents the Company files periodically with the SEC.
Contact: Mr. Serguei Melnik,
Asconi Corporation Chief Operations Officer
Phone: 407 679-9463
Email: info@asconi.com
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