Global ePoint Receives Notice from Nasdaq
CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--Sept. 29, 2005--Global ePoint, Inc. (Nasdaq: GEPT - News), a leading manufacturer of security technologies for the aviation, law enforcement, industrial and commercial markets, announced today that it received a letter from the Nasdaq Stock Market on September 23, 2005 requesting that the company submit a notification form to Nasdaq for the listing of additional shares in connection with certain issuances of its securities, as required by Marketplace Rule 4310(c)(17). The letter also indicated the staff's belief that Global ePoint did not comply with Marketplace Rule 4350(i)(1)(A), which requires shareholder approval for issuances of common stock or securities convertible into common stock to employees, officers, directors or consultants.
The Company stated that over the last two years it has granted options and warrants to purchase a total of 200,000 common shares to certain consultants. These options and warrants were properly disclosed in the Company’s SEC filings and accounted for in the Company's financial statements, however they were not issued pursuant to a shareholder approved stock and option plan as required by Marketplace Rule 4350(i)(1)(A). The Company has informed the Nasdaq that it will reissue all such options and warrants under the Company’s 2004 Stock Incentive Plan, which was approved by shareholders at the Company’s 2004 annual meeting of stockholders held in December 2004.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. The Company cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
Global ePoint, Inc.
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