LCC International, Inc. (NASDAQ:LCCI) (the “Company”), a leader in advanced wireless services and solutions, announced today that it notified The NASDAQ Stock Market (“NASDAQ”) on September 5, 2008 of its decision to voluntarily delist from The NASDAQ Global Market (the “Exchange”).
On August 8, 2008 the Company received a notice from NASDAQ indicating that the Company failed to comply with the minimum bid price requirement for continued listing because the bid price of its Class A Common Stock closed under $1.00 for 30 consecutive business days. Under the NASDAQ Marketplace Rules, the Company has been provided 180 calendar days, or until February 4, 2009, to regain compliance by having the closing bid price of the Company’s Class A Common Stock remaining at or above $1.00 per share for a minimum of 10 consecutive business days no later than February 4, 2009.
Delisting will provide greater flexibility and more options in acquiring capital financing and the Board of Directors has determined it is in the Company’s best interests to voluntarily delist from the Exchange. The Company also expects possible cost savings related to reduced compliance efforts and listing fees.
The Company plans to file a Form 25 with the Securities and Exchange Commission no sooner than 10 calendar days from September 5, 2008 and the Company expects that the delisting will be effective after 10 calendar days from such filing. Once the Company’s Class A Common Stock is officially delisted, the Company will pursue having its Class A Common Stock traded on the Over-the-Counter Bulletin Board under the same ticker symbol.
About LCC International, Inc.
Celebrating 25 years in the wireless industry, LCC International (NASDAQ: LCCI) is the recognized leader in providing wireless voice and data turn-key services to the telecommunications industry. Our service offering includes network services, business consulting, tools-based solutions, and training through our world-renowned Wireless Institute. The Company has worked with all major access technologies (including UMTS, EV-DO, HSDPA and WiMAX) and has participated in the success of some of the most sophisticated wireless systems in the world. LCC is unique in its ability to provide comprehensive turnkey services to wireless operators around the world. We bring local knowledge and global capabilities to our customers, offering innovative solutions, insight into cutting-edge developments and delivering solutions that increase business efficiencies. News and additional information are available at www.lcc.com.
Cautionary Note regarding forward-looking statements under the Private Securities Litigation Reform Act of 1995:
Information in this release regarding LCC’s expectations, beliefs, and intentions are forward-looking statements that involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to LCC as of the date of this release, which may change, and LCC assumes no obligation to update any such forward-looking statement. These statements are not guarantees. Factors that could cause or contribute to differences from such expectations include, but are not limited to risks associated with international operations, challenges and costs arising from integration of new operations and other factors that may affect our business are discussed in LCC’s filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and our quarterly reports on Form 10-Q.
Contacts:
Nancy Feeney, +1 703-873-2077
Area
Vice President
nancy_feeney@lcc.com
