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Metro One Telecommunications Receives Nasdaq Staff Determination Letter
| Source: Metro One Telecommunications
PORTLAND, OR--(Marketwire - July 31, 2008) - Metro One Telecommunications, Inc. (NASDAQ : INFO ) (the "Company") announced today that it has received a Nasdaq Staff
Determination letter dated July 25, 2008, indicating that the Company has
not presented a definitive plan evidencing its ability to achieve
compliance with the continued listing requirements of The Nasdaq Capital
Market. The Nasdaq staff letter further states that, unless the Company
requests a hearing to appeal the staff determination, trading of the
Company's common stock will be suspended at the opening of business on
August 5, 2008, and the common stock will be delisted. The Company intends
to request a hearing to appeal the staff determination, which request will
stay the delisting until the appeal is resolved. There can be no
assurance that Nasdaq will grant the Company's request for continued
listing.
The Nasdaq Staff Determination follows prior correspondence from Nasdaq
dated May 22, 2008, regarding the Company's failure to comply with minimum
stockholders' equity requirements under Nasdaq Marketplace Rule 4310(c)(3).
This letter was disclosed by the Company in a press release dated May 29,
2008.
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.