HUGHES Telematics Announces Receipt of Anticipated Deficiency Letter from NYSE Amex
07 Avril 2009 - 1:00AM
PR Newswire (US)
ATLANTA, April 6 /PRNewswire-FirstCall/ -- HUGHES Telematics, Inc.
(NYSE Amex: HTC) announced today that it had, as anticipated and
previously disclosed in its supplemental proxy, received a
delisting letter from the NYSE Amex on April 2, 2009 indicating
that the Company was not in compliance with the public stockholder
requirements of Section 102(a) of the NYSE Amex Company Guide (the
"Company Guide") because the Company has fewer than 400 public
stockholders. The delisting letter also indicated that the Company
was not in compliance with the information submission requirements
of Section 1003(d) of the Company Guide because the Company failed
to submit a new listing application for the post-merger HUGHES
Telematics and, therefore, failed to satisfy the NYSE Amex's
initial listing standards pursuant to Section 341, which were
applicable at the time of the consummation of the merger between
HUGHES Telematics and Polaris Acquisition Corp. The notification
from the NYSE Amex indicates that the Company has until April 9,
2009 to appeal the NYSE Amex's determination by requesting an oral
hearing or a hearing based on a written submission before the NYSE
Amex's Listings Qualifications Panel. The Company intends to appeal
the NYSE Amex's determination as soon as practicable and no later
than the April 9, 2009 deadline. There can be no assurance that the
Company's appeal will be successful. About Hughes Telematics HUGHES
Telematics (NYSE Amex: HTC) is a leader in implementing the next
generation of connected services for the automobile. Centered on a
core platform of safety and security offerings, the company
develops and manages vehicle- and driver-centric solutions to
enhance the driving and ownership experience. Headquartered in
Atlanta, Ga., HUGHES Telematics offers a portfolio of consumer,
manufacturer, fleet and dealer services provided through two-way
connectivity to the vehicle. Networkfleet, Inc., a wholly owned
subsidiary of HUGHES Telematics located in San Diego, Ca., offers
remote vehicle diagnostics, an integrated GPS tracking and
emissions monitoring system for wireless fleet vehicle management.
Additional information about HUGHES Telematics can be found at
http://www.hughestelematics.com/. DATASOURCE: HUGHES Telematics,
Inc. CONTACT: Robert Lewis, General Counsel, +1-770-391-6403 Web
Site: http://www.hughestelematics.com/
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