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Sept. 4, 2013 /PRNewswire/ -- Elephant Talk Communications Corp. (NYSE MKT: ETAK) (the "Company" or "Elephant Talk"), (
www.elephanttalk.com), a leading international provider of proprietary Software Defined Network Architecture (Software DNA™) platforms that process big data for the telecommunications industry that empower Mobile (Virtual) Network Operators (MNOs and MVNOs) and a market leader in providing cyber security solutions to counter electronic fraud in the cloud, today announced that the NYSE MKT has extended the listing review period until
November 30, 2013.
Based on a review of information provided by Elephant Talk through
August 28, 2013, the NYSE MKT has determined that while the Company has not yet regained full compliance with Section 1003(a)(iv) of the listing standards, the Company has made an acceptable demonstration of its ability to regain compliance by the end of the extended plan period. In an effort to improve the Company's liquidity,
Steven van der Velden, the Company's Chief Executive Officer and a board member, invested over
$5.8 million as part of larger financings. The Company is devoted to regaining compliance with the listing standards. The Company will continue to remain subject to periodic review by the NYSE MKT during the extension period.
"Management remains in discussions with the NYSE MKT in order to complete the necessary steps to regain full listing compliance," said Steven van der Velden, CEO of the Company. "Our increased revenue in our mobile and security businesses combined with being break-even in the month of June for the first time in the Company's history provided the foundation for regaining compliance with the listing standards. Our monthly recurring revenue model produced 70% margins during the second quarter in connection with our contracts with Iusacell in
Mexico, the Zain Group in the
Middle East and Vodafone in Spain. In addition, we believe our cyber security business is making significant progress within the global banking industry."
Failure to make progress consistent with the 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 NYSE MKT.