By a News Reporter-Staff News Editor at Computer Weekly News -- Elephant Talk Communications Corp. (NYSE MKT: ETAK) (the "Company" or "Elephant Talk"), (www.elephanttalk.com), a leading international provider of mobile proprietary Software Defined Network Architecture (Software DNA™) platforms and a market leader in providing cyber security solutions to counter electronic fraud in the cloud, announced that the NYSE MKT LLC (the "Exchange") has notified the Company that it has extended the period for which the Company can work to regain compliance with the Exchange's listing standards until January 31, 2014.
Based on a review of information provided by Elephant Talk through December 4, 2013, the Exchange has determined that while the Company has not yet regained full compliance with Section 1003(a)(iv) of the Exchange's Company Guide, the Company has made an acceptable demonstration of its ability to regain compliance by the end of the extended plan period. The Company is devoted to regaining compliance with the Exchange's listing standards. The Company will continue to remain subject to periodic review by the Exchange during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from the Exchange.
"Management remains in discussions with the NYSE MKT in order to complete the necessary steps to regain full listing compliance," said Steven van der Velden, CEO of the Company. "Our recurring revenue model combined with our 79% gross margins, have positioned us to continue trending towards profitability and the foundation for regaining compliance with the listing standards. We expect to continue to grow our sales and Adjusted EBITDA through our mobile platforms in Europe, the Americas and the Middle East and the integration of Validsoft's technology with FICO's platform. We are confident we will regain compliance in the near future."
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