Durham, NC, January 03, 2008 --(PR.com
)-- GigaBeam Corporation (NASDAQ:GGBM - News), today announced that it has provided formal notice to the Nasdaq Stock Market of its intention to voluntarily delist its common stock, its “IPO Warrants” and its “Z Warrants” from the Nasdaq Capital Market. The ticker symbol for the common stock is GGBM, the ticker symbol for the “IPO Warrants” is GGBMW and the ticker symbol for the “Z Warrants” is GGBMZ.
The Company received a Notice of Noncompliance from NASDAQ on November 30, 2007 indicating the Company is not in compliance with the continued listing standards. This letter was sent in response to the Company’s failure to have a minimum of $2,500,000 in stockholders’ equity or $35,000,000 market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years, as required by Nasdaq Marketplace Rule 4310(c)(3).
The Company does not foresee that it will become compliant with these listing standards in the foreseeable future and as such will voluntarily delist from the Nasdaq Capital Market. The Company intends to file a Form 25 with the Securities and Exchange Commission on or about January 11, 2007 with the delisting becoming effective 10 days after such filing. Accordingly, the Company anticipates that the last day of trading on NASDAQ of its common stock, “IPO Warrants” and “Z Warrants” will be on January 21, 2007. The Company believes that its common stock will be eligible for listing on the NASD Over-the-Counter Bulletin Board following its delisting from the Nasdaq Capital Market.
About GigaBeam Corporation
GigaBeam's WiFiber® product ushers in a new era of communications by allowing customers to bypass the restrictive telecom oligopoly and connect directly to any city's fiber optics hub or Point-of-Presence (POP). The disruptive impact of an easily deployable, low cost alternative to fiber optics cables is difficult to overestimate, especially since WiFiber's point-to-point high-speed units transmit data via the highest approved radio frequency at speeds equal to 647 T1 lines or 1000 DSL lines.
Current GigaBeam partners, customers and end users include Google, Sprint, The Department of Defense, as well as several cities and universities such as San Francisco and Boston University. The Company has implemented a strategy to expand into major metropolitan areas around the world.
GigaBeam's management team, which pioneered rule making in the 70GHz and 80GHz spectrum, is fully committed to augmenting current revenues through a network of authorized dealers and resellers across North America, South America, Europe, Africa, the Middle East, India and Asia that have local expertise and established contacts. GigaBeam is a company with market disruptive wireless technology, a pioneering management team and a worldwide network dedicated to penetrating major metropolitan markets around the globe.
To learn more about GigaBeam's revolutionary wireless technology, please visit www.gigabeam.com/.
Safe Harbor Statement
Statements in this press release regarding GigaBeam's products, services, capabilities, performance, opportunities, development and business outlook that are forward-looking involve and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond GigaBeam's control and difficult to predict, and could cause actual results to differ materially from these anticipated, expressed or forecasted in the forward-looking statements. Such risks and uncertainties may include, but are not limited to: limited capital resources and continued dependence of our operations on additional financing, limited operating history, difficulties in distinguishing GigaBeam's products and services, ability to manufacture and deploy GigaBeam's products, lack of or delay in market acceptance and fluctuations in customer demand, dependence on a limited number of significant customers, reliance on third party vendors and strategic partners, availability of raw materials, subassemblies and components, ability to meet future capital requirements on acceptable terms, continuing uncertainty in the telecommunications industry and the global economy, intense competition in the telecommunications equipment industry and resulting impact on pricing and general financial performance, compliance with federal and state regulatory requirements, timing, availability and success of new technology and product introductions and the other factors discussed in GigaBeam's filings with the Securities and Exchange Commission. GigaBeam does not intend to update the statements in this press release to conform to actual results unless required by law.
Mark Hahn, 919-313-3992
Marijke McCandless, 919-599-6210
Director, Marketing Communications and Investor Relations