TAIPEI, Taiwan – Dec. 8 (SEND2PRESS NEWSWIRE) — City Network, Inc. (AMEX: CSN) a company that designs, manufactures, and markets a comprehensive line of broadband and wireless Internet access solutions and consumer electronic products, announced that on December 5, 2006, the Company received notice from the American Stock Exchange (“Amex”) that it is not in compliance with certain Amex continued listing standards as a result of the Company having shareholders’ equity of less than $2,000,000 and losses from continuing operations and/or net losses in two out of the Company’s three most recent fiscal quarters, having shareholders’ equity of less than $4,000,000 and losses from continuing operations and/or net losses in three of the Company’s four most recent fiscal years, and having sustained losses which are so substantial in relation to its overall operations or its existing financing resources, or its financial condition has become so impaired that it appears questionable, in the opinion of Amex, as to whether the Company will be able to continue operations and/or meet its obligations as they mature.
The letter requests that the Company submit a plan of the actions it plans to take to bring the Company into compliance with Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iv) of the Amex Company Guide.
The Company is currently devising the necessary plan for submission to Amex.
Public Ticker: AMEX:CSN
News issued by: City Network, Inc.
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Original Story ID: (2302) :: 2006-12-1208-001
Original Keywords: City Network, Inc., broadband and wireless Internet access solutions and consumer electronic products, AMEX CSN City Network, Inc.
News Source: City Network Inc