NOVATO, Calif., Nov 05, 2009 -- Purple Communications(TM), Inc. ("Purple" or "the Company") (PRPL) announced today that it has given formal notice to the Nasdaq Stock Market of the Company's intention to voluntarily delist its common stock from the Nasdaq Capital Market. Purple will remain a reporting company and will continue to be required to file periodic reports with the SEC.
The decision to delist has been reached as part of the Company's strategy to conserve resources and manage costs and administrative burden given the current investigations by certain government regulators, which investigations have been previously described and disclosed in the Company's SEC filings; accordingly the Company's Board of Directors concluded that the compliance costs, listing fees and expenses and administrative burdens of maintaining the listing of its common stock with Nasdaq outweighed the benefits at this time.
Purple currently anticipates that it will file with the SEC and Nasdaq a Form 25 relating to the delisting of its common stock on or about November 16, 2009, with the delisting of its common stock taking effect no earlier than ten days thereafter. As a result, Purple expects that the last day of trading of its common stock on the NASDAQ Capital Market will be on or about November 27, 2009.
Following the delisting, Purple's common stock is expected to be quoted on the Pink Sheets, a centralized electronic quotation service for over-the-counter securities, so long as market makers demonstrate an interest in trading in the Company's stock. For more information about this service, please see www.pinksheets.com. However, the Company can give no assurance that trading in its common stock will continue on the Pink Sheets or any other securities exchange or quotation medium.
About Purple Communications
Purple Communications is a leading provider of onsite interpreting services, video relay and text relay services, and video remote interpreting, offering a wide array of options designed to meet the varied communication needs of its customers. The Company's vision is to enable free-flowing communication between people, inclusive of differences in abilities, languages, or locations. For more information on the Company or its services, visit www.purple.us or contact Purple Communications directly by voice at 415-408-2300, by Internet relay by visiting www.i711.com or www.ip-relay.com, or by video phone by connecting to hovrs.tv.
Safe Harbor
The statements contained in this news release that are not based on historical fact - including statements regarding the anticipated results of the transactions described in this press release - constitute "forward-looking statements" that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terminology such as "may", "will", "expect", "estimate", "anticipate", "continue", or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve risks and uncertainties, including, but not limited to: (i) our ability to integrate the businesses and technologies we have acquired; (ii) our ability to respond to the rapid technological change of the wireless data industry and offer new services; (iii) our dependence on wireless carrier networks; (iv) our ability to respond to increased competition in the wireless data industry; (v) our ability to generate revenue growth; (vi) our ability to increase or maintain gross margins, profitability, liquidity and capital resources; and (vii) difficulties inherent in predicting the outcome of regulatory processes. Such risks and others are more fully described in the Risk Factors set forth in our filings with the Securities and Exchange Commission. Our actual results could differ materially from the results expressed in, or implied by, such forward-looking statements. Purple Communications(TM) is not obligated to update and does not undertake to update any of its forward looking statements made in this press release. Each reference in this news release to "Purple(R)", the "Company" or "We", or any variation thereof, is a reference to Purple Communications(TM), Inc. and its subsidiaries.
"GoAmerica", "i711", the "i711.com" logo, "Relay and Beyond", and "Hands On Video Relay Service" are registered trademarks of Purple Communications, Inc. "Purple", "Powered by Purple", "IP-Relay.com", "hovrs", and "P3" are either registered trademarks, trademarks, or service marks of Purple Communications, Inc. Other names may be trademarks of their respective owners.