SOURCE: Nettel Holdings

June 19, 2008 09:57 ET

Nettel Holdings Provides Updates on Its Meeting With OTCBB Board

VANCOUVER, WA--(Marketwire - June 19, 2008) - Nettel Holdings, Inc. (PINKSHEETS: NTTL) reports that the company received notification from the staff of The Nasdaq OTCBB, Inc. on May 18, 2008 informing the company that its securities is no longer eligible for continued quotation on the OTCBB because it has been late in filing a required report three times in the last two years.

NASD Rules 6530 and 6540 require the removal of a company's securities from the OTCBB for a period of one year if the issuer has failed to file a complete required annual or quarterly report by the due date three times in the prior two-year period.

As a result, Nettel Holdings's common stock will be delisted from the OTCBB bulletin board at the opening of business on June 19, 2008. The company has confirmed that the common stock will be eligible for quotation on the Pink Sheet Electronic Quotation Service. The company expects that the trading symbol of its common stock will be NTTL.PK. Information on the Pink Sheets can be found online at http://www.pinksheets.com.

The company as been advised to appeal to the SEC based on "best effort" that the company made to be on time. Also, the company was never notified in 2006 when the first "late" occurrence took place. This eliminated the company's right to appeal at that time. The financial report was 20 minutes late. The appeal is going forward based on both facts.

The Pink Sheets is a fully electronic trading system and the stock will trade there while the appeal is pending.

This, in no way, will slow down the growth of the company. This growth will be evident when the 2nd Q financials are reported in August as scheduled.

Contact Information

  • Contact:
    Investor Relations
    503-336-5098