Tennessee Commerce Bancorp Announces Withdrawal of NASDAQ Notice
22 4월 2008 - 5:47AM
Business Wire
Tennessee Commerce Bancorp, Inc. (NASDAQ: TNCC) announced today
that the Nasdaq Listing Qualifications Hearing has been cancelled
following the Company�s filing of its Annual Report on Form 10-K
effective April 18, 2008. As a result of the Company�s 10-K filing,
NASDAQ notified the Company its filing delinquency is cured and
that the hearing is considered moot. �We are pleased that NASDAQ
took immediate action to cancel the hearing following the filing of
our 2007 Form 10-K with the Securities and Exchange Commission,�
stated Art Helf, Chairman and CEO of Tennessee Commerce Bancorp,
Inc. �We delayed the filing of our 10-K to provide additional time
to review certain issues related to internal control procedures
highlighted in the year-end audit. After a full review of internal
control procedures and our financial statements, we reported no
change to the Company�s previously reported financial results for
the quarter and year ended December�31,�2007. In addition, we
developed additional systems to ensure future compliance with the
internal control provisions of Sarbanes-Oxley.� In a press release
dated March 7, 2008, the Company previously announced that it would
delay the filing of its 2007 Form 10-K. Shortly thereafter, the
Company received a letter from the Listing Qualifications Staff of
The NASDAQ Stock Market notifying the Company that it failed to
comply with NASDAQ�s 10-K filing requirement for continued listing
and that its common stock was therefore subject to delisting from
The NASDAQ Global Market. On April 21, 2008, NASDAQ cancelled the
hearing regarding this issue following the Company�s filing of its
Form 10-K. About Tennessee Commerce Bancorp, Inc. Tennessee
Commerce Bancorp, Inc. is the parent company of Tennessee Commerce
Bank. The Bank provides a wide range of banking services and is
primarily focused on business accounts. Its corporate and banking
offices are located in Franklin, Tennessee, and it has a loan
production office in Birmingham, Alabama. Tennessee Commerce
Bancorp�s stock is traded on The NASDAQ Global Market under the
symbol TNCC. Certain statements contained in this news release may
not be based on historical facts and are �forward-looking
statements� within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements may be
identified by reference to a future period or by the use of
forward-looking terminology, such as �expect,� �anticipate,�
�believe,� �estimate,� �foresee,� �may,� �might,� �will,� �intend,�
�could,� �would,� �plan,� �forecast� or future or conditional verb
tenses and variations or negatives of such terms. These
forward-looking statements include, without limitation, those
relating to addressing material weaknesses in our internal control
over financial reporting and our compliance with regulatory
requirements. We caution you not to place undue reliance on the
forward-looking statements contained in this news release because
actual results could differ materially from those indicated in such
forward-looking statements as a result of a variety of factors.
These factors include, but are not limited to, laws and regulations
affecting financial institutions and public companies in general
and other factors detailed from time to time in our press releases
and filings with the Securities and Exchange Commission.�We
undertake no obligation to update these forward-looking statements
to reflect the occurrence of changes or unanticipated events,
circumstances or results that occur after the date of this news
release. Additional information concerning Tennessee Commerce
Bancorp can be accessed at www.tncommercebank.com.
Tennessee Commerce Bancorp (TN) (MM) (NASDAQ:TNCC)
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