Attached files
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| 8-K - CURRENT REPORT - TELKONET INC | telkonet_8k-110309.htm |
EXHIBIT 99.1
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News Release |
Media
Contacts:
Telkonet
Investor Relations, 240.912.1811, ir@telkonet.com
Garrett
Axford, Georgina Garrett / Simon Jones, 866.940.9987, +44.1903.854900 mail@garrett-axford.co.uk
For
Immediate Release
Telkonet
Receives Notice From NYSE Amex, LLC
November
6, 2009: Germantown, MD – Telkonet, Inc. (NYSE Amex: TKO), a Clean Technology
company that develops and manufactures proprietary energy management and Smart
Grid networking technology, today announced that on November 3, 2009, Telkonet,
Inc., received notice from NYSE Amex, LLC (the "Exchange") that a Listing
Qualifications Panel of the Exchange’s Committee on Securities (the "Panel") had
affirmed the Exchange’s Listing Qualifications Department staff's determination
to delist the Company's common stock from the Exchange.
By way of
background, as previously reported in the Company's Current Reports on Form 8-K
(filed on May 21, 2009 and September 2, 2009), the Company has previously
received notices from Exchange regarding the delisting of its common stock
because the Company was not in compliance with Section 1003(a)(iv) of the
Exchange’s Company Guide (the “Company Guide”) in that it had sustained losses
which were so substantial in relation to its overall operations or its existing
financial resources, or its financial condition had become so impaired that it
appeared questionable, in the opinion of the Exchange, as to whether the Company
would be able to continue operations and/or meet its obligations as they
mature.
After
considering the costs to the Company of compliance with the continued listing
requirements of the Exchange and other factors, the Company determined that it
was not in the best interests of the Company and its shareholders to appeal the
delisting of the Company’s securities from the Exchange and approved the
voluntary delisting of the securities. The Company intends to file a Form 25
with the Securities and Exchange Commission (“SEC”) and anticipates that the
delisting will be effective 10 days after the date of filing of the Form 25.
Upon delisting from the Exchange, the Company intends to have its common stock
quoted on the OTC Bulletin Board (“OTCBB”).
Jason
Tienor, Chief Executive Officer of Telkonet, commented, "This decision by the
Exchange, while disappointing, was not completely unexpected. More importantly,
this decision has no effect on Telkonet’s day-to-day operations. Notwithstanding
the Exchange’s decision, we remain optimistic about our business for the longer
term and will continue to focus on growing our core business regardless of any
transition from the NYSE Amex to the OTCBB.”
About
Telkonet
Telkonet
provides integrated, centrally-managed energy management and Smart Grid
networking solutions that improve energy efficiency and reduce the demand for
new energy generation. The company’s energy management systems are dynamically
lowering HVAC costs in over 160,000 rooms, and are an integral part of various
utilities’ green energy efficiency and rebate programs.
Primarily
targeting Smart Grid and utility applications, Telkonet’s patented powerline
communications (PLC) platform delivers cost-effective, robust networking, with
real-time online monitoring and maintenance capabilities, increasing the
reliability and energy efficiency across the entire utility grid. www.telkonet.com.
###
All
company, brand or product names are registered trademarks or trademarks of their
respective holders.
Statements
included in this release may constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such statements
involve a number of risks and uncertainties such as competitive factors,
technological development, market demand and the Company’s ability to obtain new
contracts and accurately estimate net revenue due to variability in size, scope
and duration of projects, and internal issues in the sponsoring client. Further
information on potential factors that could affect the Company’s financial
results, can be found in the Company’s Registration Statement and in its Reports
on Forms 8-K filed with the Securities and Exchange Commission
(SEC).