Asconi Receives Delisting Notice from AMEX
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Monday, October 3, 2005, 4:30 pm ET
Press Release Source: Asconi Corporation
ORLANDO, Fla.--(Business Wire)--Oct. 26, 2005-- Asconi Corporation (Amex: ACD), an Eastern European producer of wines and spirits, today announced that on October 20, 2005, it received notice from the American Stock Exchange ("AMEX") that AMEX Staff ("Staff") has determined to proceed to strike the listing of the Company's securities from the AMEX in accordance with Section 1009(d) of the AMEX Company Guide.
The Staff's foregoing determination followed the Company's October 3, 2005 request for an oral hearing before an AMEX Panel to appeal the Staff's delisting determination dated September 27, 2005.
Notwithstanding the Company's appeal request, pursuant to Section 1203 of the AMEX Company Guide, the Staff deemed the Company to have waived its opportunity to request an oral hearing before the Panel due to the Company's partial payment of its outstanding fees owed to the AMEX.
The Company expects the Staff to initiate the delisting proceedings
to remove the Company's securities from listing on the AMEX within
several days. Upon delisting, the Company's securities will be quoted
in the Pink Sheets. The Company may also seek quotation of its securities
on the OTC Bulletin Board if and when it regains
currency in the public reporting. The Company will disseminate the
information regarding the new trading symbol once it is available.
The Company disclosed its previous AMEX notices and circumstances relating to current listing deficiency in its Current Reports on Form 8-K filed with the SEC on August 30 and October 3, 2005. Readers of this press release are urged to carefully read the Company's public announcements and regulatory filings with the Securities and Exchange Commission, including the press releases dated August 30, September 7 and October 3, 2005 as well as the Current Reports on Form 8-K filed with the Securities and Exchange Commission on August 30 and October 3, 2005.
About Asconi Corporation
Asconi Corporation (AMEX:ASCD) is a producer and distributor of
wines and spirits in Eastern Europe. For more information, please
visit http://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.
Asconi Corporation
Phone: 407 245 7379
Email: info@asconi.com
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