ModusLink Receives Expected NASDAQ Notification Letter
WALTHAM, Mass.--(BUSINESS WIRE)--
ModusLink Global Solutions™, Inc. (NASDAQ: MLNK) today
announced that on December 18, 2012, as expected, it received a
notification letter from the Listing Qualifications Department of The
NASDAQ Stock Market LLC (“NASDAQ”). The letter stated that ModusLink’s
delay in filing the Company’s Quarterly Report on Form 10-Q for its
first quarter of fiscal 2013 ended October 31, 2012, which delay the
Company disclosed on December 10, 2012, serves as an additional basis
for the potential delisting of its shares under NASDAQ Listing Rule
5250(c)(1). The Company is working to complete its previously announced
process to restate financial results for certain prior periods and
become current in its periodic report filings with the Securities and
Exchange Commission.
As disclosed on December 13, 2012, the Company received a separate
letter from NASDAQ advising that because the Company remains
noncompliant with the filing requirements for continued listing under
NASDAQ listing rules, the Company’s common stock is subject to
suspension. The Company has the right to appeal this determination and,
as planned, a hearing before NASDAQ’s Hearings Panel has been requested
by the Company.
About ModusLink Global Solutions
ModusLink Global Solutions Inc. (NASDAQ: MLNK) executes comprehensive
supply chain and logistics services that improve clients’ revenue, cost,
sustainability and customer experience objectives. ModusLink is a
trusted and integrated provider to the world’s leading companies in
consumer electronics, communications, computing, medical devices,
software, luxury goods and retail. The Company’s operating
infrastructure annually supports more than $80 billion of its clients’
revenue and manages approximately 470 million product shipments through
more than 30 sites in 15 countries across North America, Europe, and the
Asia/Pacific region. For details on ModusLink's flexible and scalable
solutions visit www.moduslink.com
and www.valueunchained.com,
the blog for supply chain professionals.
ModusLink Global Solutions is a registered trademark of ModusLink Global
Solutions, Inc. All other company names and products are trademarks or
registered trademarks of their respective companies.
Forward Looking Information
Statements in this press release that are not historical facts may be
deemed to be “forward-looking statements,” including those statements
regarding: the Company’s progress toward completing the restatement
process; the Company’s anticipated time frame for filing its Annual
Report on Form 10-K and restated financial statements; the expected
effects of the restatement; the Company’s ability to satisfy the NASDAQ
requirements for continued listing. Actual and anticipated future
results may vary materially due to certain risks and uncertainties,
including, without limitation: unanticipated accounting issues or audit
issues regarding the financial data for the periods to be restated or
adjusted; the inability of the Company or its independent registered
public accounting firm to confirm relevant information or data;
unanticipated issues that prevent or delay the Company’s independent
registered public accounting firm from concluding the audit or that
require additional efforts, procedures or review; the Company’s
inability to design or improve internal controls to address identified
issues; there can be no assurance that the Company will be successful in
its appeal, receive a further extension from NASDAQ and remain listed on
NASDAQ; there can be no assurance the Company will complete its
restatement and become current in its regulatory filings by any future
extension date approved by NASDAQ; the impact upon operations of legal
compliance matters or internal controls review, improvement and
remediation, including the detection of wrongdoing, improper activities
or circumvention of internal controls; difficulties in controlling
expenses, including costs of legal compliance matters or internal
controls review, improvement and remediation; global economic
conditions, especially in the technology sector, which are uncertain and
subject to volatility; demand for our clients’ products, which may
decline or may not achieve the levels anticipated by our clients; strain
on managerial and operational resources as they try to oversee the
expanded operations; failure to realize the expected benefits of
restructuring and cost cutting actions; failure to expand operations in
accordance with its business strategy; difficulty achieving and
sustaining operating profitability if the Company’s cash balances are
not sufficient to allow the Company to meet all of its business and
investment goals; difficulties integrating technologies, operations and
personnel in accordance with its business strategy; the Company derives
a significant portion of its revenue from a small number of clients, and
therefore the loss of any of those clients could significantly damage
the Company’s financial condition and results of operations; the Company
frequently sells to its supply chain management clients on a purchase
order basis rather than pursuant to contracts with minimum purchase
requirements, and therefore its sales and the amount of projected
revenue that is actually realized are subject to demand variability; the
Company’s pipeline of sales opportunities represents potential sales
transactions and estimated annual revenue therefrom and there can be no
assurance that such sales efforts will be successful or that the
potential revenue will be realized; risks inherent with conducting
international operations; increased competition and technological
changes in the markets in which the Company competes; and the potential
outcome and impact of the Company’s ongoing review of strategic
alternatives. Further, there can be no assurance that the Company’s
review of strategic alternatives will lead to any transaction, result in
increased value to its stockholders or the realization of long-term
value by stockholders.
ModusLink Investor Relations Robert Joyce, 781-663-5120 ir@moduslink.com
Press Release $MLNK ModusLink Global Solutions, Inc.
WALTHAM, Mass.--(BUSINESS WIRE)-- ModusLink Global Solutions™, Inc. (NASDAQ: MLNK) today announced that on December 18, 2012, as expected, it received a notification letter from the Listing Qualifications Department of The NASDAQ Stock Market LLC (“NASDAQ”). The letter stated that ModusLink’s delay in filing the Company’s Quarterly Report on Form 10-Q for its first quarter of fiscal 2013 ended October 31, 2012, which delay the Company disclosed on December 10, 2012, serves as an additional basis for the potential delisting of its shares under NASDAQ Listing Rule 5250(c)(1). The Company is working to complete its previously announced process to restate financial results for certain prior periods and become current in its periodic report filings with the Securities and Exchange Commission.
As disclosed on December 13, 2012, the Company received a separate letter from NASDAQ advising that because the Company remains noncompliant with the filing requirements for continued listing under NASDAQ listing rules, the Company’s common stock is subject to suspension. The Company has the right to appeal this determination and, as planned, a hearing before NASDAQ’s Hearings Panel has been requested by the Company.
About ModusLink Global Solutions
ModusLink Global Solutions Inc. (NASDAQ: MLNK) executes comprehensive supply chain and logistics services that improve clients’ revenue, cost, sustainability and customer experience objectives. ModusLink is a trusted and integrated provider to the world’s leading companies in consumer electronics, communications, computing, medical devices, software, luxury goods and retail. The Company’s operating infrastructure annually supports more than $80 billion of its clients’ revenue and manages approximately 470 million product shipments through more than 30 sites in 15 countries across North America, Europe, and the Asia/Pacific region. For details on ModusLink's flexible and scalable solutions visit www.moduslink.com and www.valueunchained.com, the blog for supply chain professionals.
ModusLink Global Solutions is a registered trademark of ModusLink Global Solutions, Inc. All other company names and products are trademarks or registered trademarks of their respective companies.
Forward Looking Information
Statements in this press release that are not historical facts may be deemed to be “forward-looking statements,” including those statements regarding: the Company’s progress toward completing the restatement process; the Company’s anticipated time frame for filing its Annual Report on Form 10-K and restated financial statements; the expected effects of the restatement; the Company’s ability to satisfy the NASDAQ requirements for continued listing. Actual and anticipated future results may vary materially due to certain risks and uncertainties, including, without limitation: unanticipated accounting issues or audit issues regarding the financial data for the periods to be restated or adjusted; the inability of the Company or its independent registered public accounting firm to confirm relevant information or data; unanticipated issues that prevent or delay the Company’s independent registered public accounting firm from concluding the audit or that require additional efforts, procedures or review; the Company’s inability to design or improve internal controls to address identified issues; there can be no assurance that the Company will be successful in its appeal, receive a further extension from NASDAQ and remain listed on NASDAQ; there can be no assurance the Company will complete its restatement and become current in its regulatory filings by any future extension date approved by NASDAQ; the impact upon operations of legal compliance matters or internal controls review, improvement and remediation, including the detection of wrongdoing, improper activities or circumvention of internal controls; difficulties in controlling expenses, including costs of legal compliance matters or internal controls review, improvement and remediation; global economic conditions, especially in the technology sector, which are uncertain and subject to volatility; demand for our clients’ products, which may decline or may not achieve the levels anticipated by our clients; strain on managerial and operational resources as they try to oversee the expanded operations; failure to realize the expected benefits of restructuring and cost cutting actions; failure to expand operations in accordance with its business strategy; difficulty achieving and sustaining operating profitability if the Company’s cash balances are not sufficient to allow the Company to meet all of its business and investment goals; difficulties integrating technologies, operations and personnel in accordance with its business strategy; the Company derives a significant portion of its revenue from a small number of clients, and therefore the loss of any of those clients could significantly damage the Company’s financial condition and results of operations; the Company frequently sells to its supply chain management clients on a purchase order basis rather than pursuant to contracts with minimum purchase requirements, and therefore its sales and the amount of projected revenue that is actually realized are subject to demand variability; the Company’s pipeline of sales opportunities represents potential sales transactions and estimated annual revenue therefrom and there can be no assurance that such sales efforts will be successful or that the potential revenue will be realized; risks inherent with conducting international operations; increased competition and technological changes in the markets in which the Company competes; and the potential outcome and impact of the Company’s ongoing review of strategic alternatives. Further, there can be no assurance that the Company’s review of strategic alternatives will lead to any transaction, result in increased value to its stockholders or the realization of long-term value by stockholders.
ModusLink Investor Relations
Robert Joyce, 781-663-5120
ir@moduslink.com
Source: ModusLink Global Solutions, Inc.