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Channell Receives Nasdaq Deficiency Notice Related to Market Value of Publicly Held Shares; Granted 90-Day Cure Period TEMECULA, CA--(MARKET WIRE)--Sep 24, 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 and
North America,
announced that on September 22, 2008 the Company received
a letter from the
Nasdaq Stock Market ("Nasdaq") notifying the Company that
it no longer
complies with Nasdaq Marketplace Rule 4450(a)(2) ("MVPHS
Rule"), which
requires a minimum market value of publicly held shares
("MVPHS") of $5
million, as a result of the MVPHS of the common stock of
the Company having
been below $5 million for the 30 consecutive business days
prior to the
date of the letter. In accordance with Marketplace Rule
4450(e)(1), the
Company will be provided 90 calendar days, or until December
22, 2008, to
regain compliance with the MVPHS 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 December 22, 2008, the MVPHS of the Company's common stock is $5 million or greater for a minimum of 10 consecutive trading days, Nasdaq will notify the Company that it has achieved compliance with the MVPHS Rule. If the Company does not regain compliance with the MVPHS Rule by December 22, 2008, 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 continued inclusion requirements for that market. If the Company submits a transfer application and pays the applicable listing fees by December 22, 2008, the initiation of the delisting proceedings will be stayed pending Nasdaq's review of the application. About Channell Channell Commercial Corporation is a designer and manufacturer of telecommunications equipment supplied to communications network operators worldwide and water harvesting solutions distributed in markets throughout Australia and North America. 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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