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Metro One Telecommunications Receives NASDAQ Deficiency Notice Relating to Minimum Bid Price
| Source: Metro One Telecommunications
PORTLAND, OR--(Marketwire - April 22, 2008) - Metro One Telecommunications, Inc. (NASDAQ : INFO ) (the "Company") was notified by The Nasdaq Stock Market on April 16,
2008 that it is not in compliance with Nasdaq Marketplace Rule 4310(c)(4)
(the "Minimum Bid Price Rule") because shares of its common stock had
closed at a per share bid price of less than $1.00 for 30 consecutive
business days. In accordance with Marketplace Rule 4310(c)(8)(D), the
Company has been provided 180 calendar days, or until October 13, 2008, to
regain compliance with the Minimum Bid Price Rule. This notification has no
effect on the listing of the Company's common stock at this time.
The Company will achieve compliance if, before October 13, 2008, the bid
price of the Company's common stock closes at $1.00 or more per share for a
minimum of 10 consecutive business days. If the Company does not gain
compliance by October 13, 2008, the Nasdaq staff will notify the Company
that its common stock will be delisted.
If the Company does not regain compliance by October 13, 2008, but can
demonstrate that the Company meets the criteria for initial listing set
forth in Marketplace Rule 4310(c) (other than the bid price requirement)
and its application is approved, the Company will have an additional 180
days to regain compliance while on the Nasdaq Capital Market. If the
Company does not regain compliance by October 13, 2008, the Company also
may then appeal Nasdaq's delisting determination to a Nasdaq Listing
Qualification Panel.
About Metro One Telecommunications
Based in the Portland, Ore., suburb of Beaverton, Metro One
Telecommunications, Inc. (NASDAQ : INFO ), is an information services
provider, offering inbound and outbound contact services, data and
analytics, and related services. In the past two years, the company has
processed more than 300 million search requests for information.
Safe Harbor Statement
This press release contains forward-looking statements that are made
pursuant to the safe harbor provisions of The Private Securities Litigation
Reform Act of 1995. The forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements, including, but not limited to, factors detailed
in the Company's Securities and Exchange Commission filings. The
forward-looking statements should be considered in light of these risks and
uncertainties.