TEK
DigiTel Corporation Informs Shareholders Of Trading and Quotation Status
April 19, 2000 - Germantown, MD TEK DigiTel Corporation (OTC BB -TEKIE) announced today that effective April 20, 2000, TEK will not be in compliance with the Eligibility Rule for Over-the-Counter Electronic Bulletin Board (OTC BB) companies. As a result, TEK's common stock will no longer be eligible for quotation on the OTC BB. For TEK to continuously remain on the OTC BB, TEK must have registered its common stock with the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934 (the 1934 Act) prior to the April 19, 2000 OTC BB deadline. This means that the SEC must have reviewed and cleared TEK’s registration statement prior to the deadline. As of this date, TEK has not filed a 1934 Act registration statement with the SEC.
TEK
applied for quotation on the National Quotation Bureau’s “Pink Sheets” and
beginning April 20, 2000, TEK’s common stock will be quoted in this medium
under the trading symbol “TEKI”. Although
the Pink Sheets is a less transparent marketplace, one market maker has made a
formal application to make a market in TEK’s common stock in the Pink Sheets
and others have given verbal commitments to continue to make a market for TEK
stock. TEK will continue to solicit additional market maker support.
Please contact investor relations to receive a complete list of current
market makers who may continue to make a market in TEK on the “Pink Sheets”.
Quotations of TEK’s stock may be obtained from brokers or from various
websites such as www.quicken.com,
www.cnbc.com, www.dljdirect.com,
and www.pcquote.com.
TEK’s investor relations department can also provide quotes from these
sources.
While
TEK is trading on the Pink Sheets, TEK’s management will continue to work with
its independent auditors and legal counsel to resolve any outstanding
accounting, legal and business issues in order to file a 1934 Act registration
statement so that it may become an SEC-reporting company and again be eligible
for quotation on the OTC BB. TEK
will continue to provide shareholders with status updates on this project and to
assist investors in obtaining TEK quotes. TEK’s
Investor Relations Team is accessible at 1-888-393-4979 (or at 416-323-3888 for
callers outside the U.S. and Canada) to answer questions.
Co-Chairman
and CEO, Enghe Chimood stated, “We fully expect our stock’s move to the Pink
Sheets to be a temporary situation as we continue to work towards becoming an
SEC-reporting company. Further, the
SEC registration process has not negatively impacted the fundamentals of our
business. We continue to aggressively market our products through participation
in trade shows including the upcoming Communications Solutions Expo in
Washington DC.” The show will be held April 26-28 and TEK will be exhibiting
in booth #365. Additionally, CentreCom, a Pronto customer, will be participating
with Net2Phone and Deltathree.com at the “Internet Phone Center”. For more
information visit www.tmcnet.com/comsolexpo/.
About
TEK DigiTel Corporation
Based
in Germantown, Maryland, TEK DigiTel Corporation delivers integrated CPE
(Customer Premise Equipment) communications solutions optimized for use in SOHO,
small- and medium-sized businesses. Working with
Service Providers and OEM partners, the Company is focused on integrating fax-
and Voice-over-IP (VoIP) technologies with conventional PBX systems and data
routing devices to create a low- cost, easy-to-use Internet communications hub.
Founded in 1998, TEK DigiTel is headed by a management team with extensive
related experience gained at leading manufacturers and service providers
including Motorola, 3Com, IBM, Nortel Networks, Rockwell, Hughes, MCI Worldcom,
Bell Atlantic, Bell Canada, BellSouth and GTE.