Press Releases
Occam Networks Receives NASDAQ Notification Related to Delay in Filing of Form 10-Q for Quarter Ended March 31, 2007
SANTA BARBARA, California – May 21, 2007 – Occam Networks, Inc. (NASDAQ: OCNW) announced today that on May 17, 2007 it received a notice from the Nasdaq Stock Market stating that Occam is not in compliance with NASDAQ'S Marketplace Rule 4310(c)(14) because Occam has not timely filed its Quarterly Report on Form 10-Q for the three months ended March 31, 2007. NASDAQ will continue to broadcast an indicator over its market data dissemination network noting Occam's non-compliance. The presence of an indicator does not constitute a trading halt or delisting.
Occam has delayed the filing of its Form 10-Q as well as its Form 10-K for the fiscal year ended December 31, 2006 because its Audit Committee is conducting a review of Occam's prior revenue recognition practices, including a review of Occam's commitments to provide customers with software, hardware and software maintenance, upgrades, training, and other services in connection with customers' purchases of Occam's network equipment. Occam is working diligently to complete this review and to file its Form 10-K and Form 10-Q.
Occam has requested a hearing before a NASDAQ Listing Qualifications Panel for continued listing on The NASDAQ Global Market. This appeal resulted in an automatic stay of the delisting and Occam's common stock will remain listed on The NASDAQ Global Market pending a decision by the Listing Qualifications Panel. Occam's hearing before the Panel is currently scheduled for May 31, 2007.About Occam Networks Inc.
Occam Networks' broadband loop carrier (BLC) solutions enable telecommunications and other service providers to offer innovative voice, broadband, IPTV and full triple play services over copper or fiber. Occam solutions give telco service providers the flexibility and scalability to continuously expand their offerings, with simplicity of service deployment. Occam's BLC products and services are currently deployed at over 225 service providers in North America. For more information, please visit www.occamnetworks.com.
Cautionary Note About Forward-Looking Statement
Portions of this press release may contain forward-looking statements regarding future events or the future performance of Occam Networks, including statements predicting commercial shipments of the BLC 6450 Blade in June 2007and statements concerning market acceptance and adoption of products and technologies offered by Occam and the willingness and ability of our customers to purchase Occam products and upgrades, including the BLC 6450 Blade. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from any future performance suggested in such statements. In particular, rapidly changing technologies and market conditions may require changes to Occam's products, and the willingness of our customers to purchase Occam products, including the BLC 6450 Blade, will depend in part on customers' existing network configurations and any incremental costs associated with purchasing and implementing Occam products and upgrades. Occam does not undertake any obligation to publicly update any forward-looking statements as a result of new information, future events or otherwise. Please also refer to the company's most recent quarterly report on Form 10-Q, annual report on Form 10-K and other filings with the SEC. These filings contain and identify other important factors that could cause actual results to differ materially from those contained in any forward-looking statements.
Contact:
Kirsten McGregor
Occam Networks
1.805.692.2917
kmcgregor@occamnetworks.com
Tim Johnson
Stearns Johnson Communications
+1 415.397.7600
tjohnson@stearnsjohnson.com
Occam Networks is a registered trademark of Occam Networks Inc. in the United States and/or other countries. All other trademarks mentioned are the property of their respective owners.