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Channell Receives Nasdaq Deficiency Notice Related to Minimum Bid Price Rule; Granted 180-Day Cure Period TEMECULA, CA--(MARKET WIRE)--Sep 2, 2008 -- Channell Commercial Corporation (CHNL - News), a designer
and manufacturer of telecommunications equipment supplied
to operators of communications networks worldwide and water
harvesting
solutions distributed in markets throughout Australia, announced
that on
August 28, 2008 the Company received a letter from the Nasdaq
Stock Market
("Nasdaq") notifying the Company that it no longer complies
with Nasdaq
4450 (a)(5) (the "Minimum Bid Price Rule"), as the bid price
of the
Company's shares closed below the minimum $1.00 per share
for the 30
consecutive business days prior to the date of the letter.
In accordance
with Marketplace Rule 4450 (e)(2), the Company will be provided
180
calendar days, or until February 24, 2009, to regain compliance
with the
Minimum Bid Price Rule. The deficiency letter has no effect
on the listing
of the Company's common stock at this time and its shares
will continue to
trade on the Nasdaq Global Market under the symbol "CHNL." If at any time before February 24, 2009, the bid price of the Company's stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will notify the Company that it has achieved compliance with the Minimum Bid Price Rule. If the Company does not regain compliance with the Minimum Bid Price Rule by February 24, 2009, Nasdaq will notify the Company that its common stock will be delisted from the Nasdaq Global Market. In the event that the Company receives notice that its common stock is being delisted from the Nasdaq Global Market, Nasdaq rules permit the Company to appeal any delisting determination by the Nasdaq staff to a Listing Qualifications Panel. Alternatively, Nasdaq may permit the Company to transfer its common stock to the Nasdaq Capital Market if it satisfies the requirements for initial inclusion set forth in Marketplace Rule 4310(c), except for the bid price requirement. If its application for transfer is approved, the Company would have an additional 180 calendar days to comply with the Minimum Bid Price Rule in order to remain on the Nasdaq Capital Market. About Channell Channell Commercial Corporation is a designer and manufacturer of telecommunications equipment supplied to communications network operators worldwide and water storage tanks distributed in markets throughout Australia. Major product lines include a complete line of thermoplastic and metal fabricated enclosures, advanced copper termination and connectorization products, fiber-optic cable management systems and polyethylene water storage tanks. The Company's headquarters and U.S. manufacturing facilities are in Temecula, California. International operations include facilities in Toronto (Canada), London (U.K.) and various locations throughout Australia. The Company's website is www.channell.com Forward-Looking Statements This news release contains statements that are not historical in nature and that may be characterized as "forward-looking statements" within the meaning of the securities laws. These statements are based on management's current expectations, are neither promises nor guarantees, and are subject to a number of uncertainties and risks that could cause a failure to comply with these forward-looking statements. For a detailed discussion of such risks and uncertainties, please see the Company's filings with the Securities and Exchange Commission, which you are encouraged to review in connection with this release. You should not place undue reliance on any such forward-looking statements in this press release, which are current only as of the date when made, and you should not expect that these forward-looking statements will be updated or supplemented as a result of changing circumstances or otherwise. Contact: CONTACT:
At the Company:
Michael Perica
Treasurer
951-719-2600
Email Contact
Source: Channell Commercial Corporation
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