December 17, 2008 16:38 ET

Announcement Regarding Nasdaq Stock Market Listing Requirements

SALT LAKE CITY, UT--(Marketwire - December 17, 2008) - On December 15, 2008, UCN, Inc. (NASDAQ: UCNN) received a letter from The Nasdaq Stock Market identifying certain deficiencies in complying with qualitative standards established by Nasdaq for issuers to continue listing their securities on NASDAQ.

--  UCN did not obtain prior stockholder approval of options to purchase
    227,500 shares of common stock issued earlier in 2008 outside of UCN's
    approved stock plans to certain officers and employees, which is required
    by Marketplace Rule 4350(i)(1)(A); and
--  UCN issued without stockholder approval options to purchase 460,000
    shares of common stock to certain new employees as an inducement to accept
    employment with UCN, which is permissible under applicable Nasdaq
    standards, but did not issue a press release disclosing the issuance of
    those stock options, which is required by Marketplace Rule

Earlier in December 2008, UCN acted to remediate the deficiencies by reducing the number of shares of common stock available for awards issuable under its 2008 Equity Incentive Plan by 227,500 shares, or from a total of 1,500,000 shares to 1,272,500 shares, and issued a press release describing the options issued as an inducement to new employees. The December 15, 2008 letter from Nasdaq states that these actions are sufficient to regain compliance with the standards for continued listing described above and that the matter is closed.

Contact Information

  • UCN Contact:
    Michael Flint
    VP Treasury and Financial Reporting
    Tel 801.715.5302

    UCN Investor Contact:
    Liolios Group, Inc.
    Scott Liolios or Ron Both
    Tel 949.574.3860
    Email Contact