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Metro One Telecommunications Receives Nasdaq Deficiency Notice
| Source: Metro One Telecommunications, Inc.
PORTLAND, OR--(Marketwire - May 29, 2008) - Metro One Telecommunications, Inc. (NASDAQ : INFO ) ("Metro One") announced that it has received a letter from The Nasdaq
Stock Market dated May 22, 2008 informing Metro One that the company no
longer complies with the requirements of Marketplace Rule 4310(c)(3) for
continued listing on The Nasdaq Capital Market. Marketplace Rule
4310(c)(3) requires that Metro One maintain minimum stockholders' equity of
$2.5 million, or a market value of listed securities of $35 million, or
have net income from continuing operations of $500,000 in the most recently
completed fiscal year or in two of the last three most recently completed
fiscal years. Nasdaq Staff determined that, as of the date of the letter,
Metro One does not meet any of these requirements. This notification has
no effect on the listing of Metro One's common stock at this time.
Under these circumstances, Nasdaq Staff is reviewing Metro One's
eligibility for continued listing on The Nasdaq Capital Market. Metro One
has been asked and presently intends to provide a plan to achieve and
sustain compliance with Marketplace Rule 4310(c)(3) and other Nasdaq
listing requirements on or before June 6, 2008, and to include the time
frame for completion of this plan. Following Nasdaq Staff review of Metro
One's plan and supporting material, if the Nasdaq Staff determines that the
plan does not adequately address the issues noted, Nasdaq Staff will
provide written notification that Metro One's securities will be delisted.
At that time, Metro One would have the opportunity appeal the decision to a
Nasdaq Listing Qualifications Panel.
About Metro One Telecommunications
Based in the Portland, Ore., suburb of Beaverton, Metro One 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 or occurrences to differ
materially from those suggested by 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. There can be no assurance that Metro One will be able to
maintain its listing on Nasdaq.