This excerpt taken from the JCS 8-K filed May 30, 2007.
CSI REPORTS ON STATUS OF COMPLIANCE WITH AMEX LISTING STANDARDS
(Hector, Minnesota) May 29, 2007 -- Communications Systems, Inc. (AMEX: JCS) reported today on the status of its efforts to return to full compliance with the continued listing standards of the American Stock Exchange (AMEX).
On May 16, 2007, as previously reported, the Company filed with the Securities and Exchange Commission its 2006 Form 10-K Report, as well as its quarterly reports on Form 10-Q for the three, six and nine month periods ended March 31, 2006, June 30, 2006 and September 31, 2006. On May 21, 2007, the Company filed its definitive proxy statement for its June 21, 2007 Annual Meeting of Shareholders which included information that was incorporated by reference into the 2006 Form 10-K report. As a result of making such filings the Company cured previously reported deficiencies with respect to its compliance with AMEXs continued listing standards.
On May 16, 2007, the Company also reported that the filing of its quarterly report on Form 10-Q for the quarter ended March 31, 2007 would be delayed approximately three weeks. On May 23, 2007, the Company received a letter from AMEX advising the Company that because it did not timely file the Form 10-Q report for its 2007 first quarter this represented a separate deficiency under AMEXs listing standards and that, in order to maintain its listing, the Company must submit a plan to AMEX by June 22, 2007 regarding how the Company intended to cure this deficiency. As reported on May 23, 2007, the Company expects to file its Form 10-Q report for its 2007 first quarter by June 8, 2007 and, upon such filing, the Company believes it will return to full compliance with AMEXs continued listing standards.