NOVATO, Calif. Nov. 5 /PRNewswire-FirstCall/ -- Purple Communications(TM),
Inc. ("Purple" or "the Company") (Nasdaq: 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®", 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.
CONTACT:
Purple Communications
Laura Kowalcyk
CJP Communications
lkowalcyk@cjpcom.com
212-279-3115 x209
SOURCE Purple Communications
Laura Kowalcyk of CJP Communications, +1-212-279-3115 x209,
lkowalcyk@cjpcom.com, for Purple Communications
