OKLAHOMA CITY, June 14, 2013 /PRNewswire/ -- Elephant Talk Communications Corp. (NYSE MKT: ETAK), a leading international provider of proprietary Software Defined Network Architecture (Software DNA™) platforms for the telecommunications industry that empower Mobile (Virtual) Network Operators (MNOs and MVNOs) and a market leader in providing solutions to counter electronic fraud in the cloud, announced today that on June 13, 2013, the NYSE MKT (the "Exchange") notified the Company that it made a reasonable demonstration of its ability to regain compliance with the continued listing requirements of the Exchange. The Exchange notified the Company that while it is not in compliance with the continued listing standards of the Exchange, its listing is being continued pursuant to an extension. Specifically, the period in which the Company may regain compliance in accordance with Section 1003(a)(iv) of the Company Guide of the NYSE MKT has been extended to August 31, 2013.
The Company received notice from NYSE MKT Staff dated May 17, 2013 indicating that the Company was below one of the Exchange's continued listing standards set forth in Section 1003(a)(iv), which applies if a listed company has sustained losses in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it is questionable, in the opinion of the Exchange, as to whether the listed company will be able to continue its operations or meet its obligations as they mature.
During the extension period, the Company will be subject to periodic review by the Staff of the Exchange. The failure by the Company to make progress consistent with the accepted 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.