Datastream Systems, Inc. Receives Nasdaq Notification
14 4월 2005 - 7:10AM
PR Newswire (US)
Datastream Systems, Inc. Receives Nasdaq Notification Delay Due to
Time and Effort Spent on Previously Announced Investigation,
Accounting Review and Restatement of Financial Statements
GREENVILLE, S.C., APRIL 13 /PRNewswire-FirstCall/ -- Datastream
Systems, Inc. (NASDAQ:DSTME) announced today that on April 7, 2005
it received a notification of noncompliance from the Listing
Qualifications Department at The Nasdaq Stock Market, Inc.
("Nasdaq"). The Company expected to receive the notification
because of the delay in filing its Form 10-K for the fiscal year
ended December 31, 2004 with the Securities and Exchange Commission
(the "Commission"). The notification states that the Company is in
noncompliance with Rule 4310(c)(14) of the National Association of
Securities Dealers, Inc. (the "NASD") for continued listing on
Nasdaq. NASD Rule 4310(c)(14) requires that a listed company file
with Nasdaq all reports and other documents filed or required to be
filed with the Commission. Datastream received a notification from
the Nasdaq Listing Qualifications Panel (the "Panel") on March 24,
2005 informing the Company that the Panel has granted the Company's
request to extend the filing deadline for its Form 10-K for the
fiscal year ended December 31, 2004 to April 30, 2005 for continued
listing on Nasdaq. The Company believes that it will be unable to
file its Form 10-K for the fiscal year ended December 31, 2004 by
April 30, 2005 and its Form 10-Q for the quarter ended March 31,
2005 by May 10, 2005. The Company is in the process of requesting
from the Panel an additional filing extension for its 2004 Form
10-K and a new filing extension for its first quarter 2005 Form
10-Q until July 15, 2005. The Company has completed the previously
announced Audit Committee investigation, review of revenue
recognition from all international resellers and restatement of its
financial statements. Datastream is now in the process of making up
for the resulting delay of its 2004 Form 10-K and management's
evaluation of internal control over financial reporting and related
auditor attestation. About Datastream Systems, Inc. Datastream
Systems, Inc. (NASDAQ:DSTMNASDAQ:-NASDAQ:News) provides Asset
Performance Management software and services to enterprises
worldwide, including more than 65 percent of the Fortune 500.
Datastream's solutions combine world-class asset management
functionality with advanced analytics to deliver a powerful
platform for optimizing enterprise asset performance. By using
Datastream's solutions, customers can maintain and manage capital
assets -- such as manufacturing equipment, vehicle fleets and
buildings -- and create analyses and forecasts so they can take
action to improve future performance. Datastream's flagship
product, Datastream 7i, delivers a complete Asset Performance
Management infrastructure by combining an Internet, web services
architecture with broad enterprise asset management functionality,
integrated procurement, advanced analytics and multi-site
capability. Datastream was founded in 1986 and has customers in
more than 140 countries. For more information, visit
http://www.datastream.net/. Datastream and Datastream 7i are marks
of Datastream Systems, Inc. ("Datastream" or the "Company"). All
other products or Company names mentioned are used for
identification purposes only and may be trademarks of their
respective owners. This press release contains forward-looking
statements that involve a number of risks and uncertainties.
Factors that could cause actual results to differ materially
include, but are not limited to: we will not be able to file our
Form 10-K for the year ended December 31, 2004 by the extended
deadline required by the Nasdaq Hearings Panel, and the Nasdaq
Hearings Panel may not grant us another requested extension; we
will not be able to file our Form 10- Q for the quarter ended March
31, 2005 by the required filing date, and the Nasdaq Hearings Panel
may not grant us an extension; even if extensions are granted for
filing our Form 10-K for the year ended December 31, 2004 and Form
10-Q for the quarter ended March 31, 2005, we may not be able to
file such documents before the extended deadlines; we may not be
able to comply with the other conditions for continued listing
issued by the Nasdaq Hearings Panel; if the Nasdaq Hearings Panel
does not grant our requested filing extensions or if we cannot
comply with the conditions for continued listing, our common stock
may no longer be approved for trading on the Nasdaq Stock Market,
which could adversely affect the liquidity of the trading market
for our common stock, and, therefore, could adversely affect the
trading price of our common stock; with respect to our review of
our internal controls, we cannot be certain that we or our
independent registered public accounting firm will be able to
assess our internal controls were working effectively at December
31, 2004; the expenses associated with our previously announced
Audit Committee investigation, review of revenue recognition from
all international resellers and restatement of our financial
statements will negatively impact our financial results for the
quarter ended March 31, 2005; increasing competition in the markets
in which the Company competes; the stability of the Company's
strategic relationships with third party suppliers and
technologies; the ability of the Company to: sell larger and more
complex software solutions, successfully transition to the
development of further Internet- based products, successfully
manage its international operations, enhance its current products
and develop new products and services that address technological
and market developments; and other risk factors listed from time to
time in Datastream's SEC reports, including, but not limited to the
"Risk Factors" contained in Datastream's Annual Report on Form 10-K
for the fiscal year ended December 31, 2003, as amended, and in
Datastream's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2004. Datastream does not have, and expressly
disclaims, any obligation to release publicly any updates or any
changes in the Company's expectations or any changes in events,
conditions or circumstances on which any forward-looking statement
is based. Investor Relations and Media Inquiries Andy Murphy
SparkSource, Inc. 1-781-274-6061 DATASOURCE: Datastream Systems,
Inc. CONTACT: Andy Murphy of SparkSource, Inc., +1-781-274-6061,
Web site: http://www.datastream.net/
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