NASDAQ Grants Interlink Electronics' Request for Continued Listing
10 Janeiro 2006 - 11:00AM
Business Wire
Interlink Electronics, Inc. (Nasdaq:LINKE) today announced that
NASDAQ has granted its request for continued listing, subject to
certain conditions. As previously announced, NASDAQ had earlier
notified Interlink of its intention to delist Interlink's stock as
a result of the company's failure to timely file its quarterly
report on Form 10-Q for the third quarter of 2005. As previously
announced, the failure is the result of an investigation being
conducted at the direction of Interlink's Audit Committee into
certain financial matters requiring the restatements of Interlink's
financial statements. The investigation has made substantial
progress and Interlink expects to resume normal financial reporting
upon or soon after its completion. In explaining its decision to
grant Interlink's request for continued listing, NASDAQ stated:
"The issues causing the delay in filing were first identified by
the Company and its consultants, during a review intended to
strengthen controls. It took the proper steps in response to
identification of the problems, and appears to have a good
understanding of the issues leading to the need for restatement.
Although the investigation, if conducted thoroughly, is likely to
take some time, the Company is already taking appropriate remedial
measures, and appears committed to adopt the (Audit) Committee's
recommendations." There are two conditions to the grant of
continued listing: (1) on or before February 3, 2006, Interlink
must provide NASDAQ with a copy of the investigation report or a
response to questions relating to the investigation; and (2)
Interlink must file its quarterly report for the third quarter of
2005 and all required restatements on or before March 1, 2006.
Interlink is also required to provide prompt notification of any
significant events that occur during this period. Gene Hovanec,
Chairman of the Audit Committee stated: "This is obviously a
difficult time for Interlink and its stockholders but I am
encouraged by the progress that the investigation team has made and
hopeful that the investigation can be completed in a timely and
effective manner. As NASDAQ noted in its decision, Interlink
continues to make a major effort to upgrade its internal accounting
systems and I am convinced that we will emerge from this process
with a solid set of internal controls and procedures that will
serve Interlink and its stockholders well in the future." About
Interlink Electronics, Inc. Interlink Electronics, Inc.
(Nasdaq:LINKE) is a world leader in the development of intuitive
interface technologies and solutions for business and home
applications. Creating today's interface standards, our Business
Communications, E-Transactions, Home Entertainment and Specialty
Components businesses have established Interlink as the
comprehensive source for branded and OEM solutions. Selected
customers who buy through our OEM channel include Dell, HP/Compaq,
InFocus, Microsoft, Mitsubishi, NEC, Sanyo, Sharp, Sony and
Toshiba. Recognized worldwide for innovative interface technologies
and solutions, Interlink Electronics, Inc. serves an international
customer base from its corporate headquarters in Camarillo, Calif.,
and offices in Tokyo, Hong Kong and China. The Company currently
holds numerous patents on sensor technologies, e-signature
technologies, wireless communication protocols and product design
properties. See Interlink Electronics online at
http://www.interlinkelectronics.com/ or in Japan at
http://www.interlinkelec.co.jp/ All registrations and trademarks
are properties of their respective owners. This document contains
forward-looking statements that involve a number of risks and
uncertainties. The following are among the factors that could cause
actual results to differ materially from the forward-looking
statements: business conditions and growth in the electronics
industry and general economies, both domestic and international;
lower than expected customer orders; delays in receipt of orders or
cancellation of orders; competitive factors, including increased
competition, new product offerings by competitors and price
pressures; the availability of third party parts and supplies at
reasonable prices; changes in product mix; significant quarterly
performance fluctuations due to the receipt of a significant
portion of customer orders and product shipments in the last month
of each quarter; and product shipment interruptions due to
manufacturing problems. The forward-looking statements contained in
this document regarding the Company's financial statements should
be considered in light of these factors.
Interlink Electronics (NASDAQ:LINKE)
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