EXHIBIT 99-1: PRESS RELEASE
Published on October 5, 2007
EXHIBIT
99-1
Press
Release
EMCORE
Corporation Receives Notice from NASDAQ Regarding
the Company’s 2006 Annual Meeting of Shareholders
Albuquerque,
NM – October 5, 2007 – EMCORE Corporation (NASDAQ: EMKR), a leading provider of
compound semiconductor-based components and subsystems for the broadband, fiber
optic, satellite and terrestrial solar power markets, announced today that
it
received a NASDAQ Staff Determination letter on October 2, 2007 stating that
the
Company is not in compliance with the filing requirements for continued listing
set forth in NASDAQ Marketplace Rules 4350(e) and 4350(g) and that its common
stock is subject to delisting from the NASDAQ Stock Market. The
notice, which the Company expected, was issued as a result of the Company’s
inability to hold an annual meeting of shareholders on or before September
30,
2007, to solicit proxies and to provide proxy statements to the
NASDAQ. The notice also stated that the NASDAQ Listing and Hearing
Review Council (the “Listing Council”) would consider these deficiencies when it
renders its determination regarding the Company’s continued listing on the
NASDAQ Global Market and that the Company should present its views with respect
to this matter to the Listing Council in writing no later than October 9,
2007. The Company plans to submit a letter to the Listing Council
requesting the Listing Council exercise its discretionary authority in favor
of
granting the Company an additional extension to regain compliance with NASDAQ’s
annual meeting and proxy solicitation requirements.
As
previously disclosed, on June 15, 2007, the Company received a letter from
the
NASDAQ stating that the Listing Council had stayed the previously reported
May
10, 2007 decision of the NASDAQ Listing Qualifications Panel (the “Panel”) and
any future Panel determinations to suspend the Company’s securities from trading
on NASDAQ, pending further review by the Listing Council. Consequently, the
Company’s securities would continue to be listed on the NASDAQ Global Market
until further action by the Listing Council.
The
Company and its legal and accounting advisors are working diligently to complete
the remaining steps necessary to become current in its Securities and Exchange
Commission (the “SEC”) reporting obligations. While the Company
intends to file the required reports as soon as practicable, management and
the
Board also recognize the importance of complete and accurate reporting and
the
timeframes required by the Company to complete its Annual Report on Form 10-K
for the fiscal year ended September 30, 2006 and its Quarterly Reports on Form
10-Q for the fiscal quarters ended December 31, 2006, March 31, 2007, and June
30, 2007. We expect to file these outstanding periodic reports with
the SEC in October 2007, and we intend to solicit proxies and hold an annual
meeting of shareholders as promptly as practicable thereafter.
* * *
Forward-Looking
Statement
This
announcement includes a forward-looking statement within the meaning of the
Private Securities Litigation Reform Act regarding the timing in which the
Company expects to become current in its reporting obligations under the
Securities Exchange Act of 1934 and under the NASDAQ Marketplace
Rules. This statement involves uncertainties that may cause the
actual timing in which the Company becomes current in its reporting obligations
to differ materially from the Company’s current
expectations. The Company is hopeful that these reports when
filed will enable it to regain compliance with NASDAQ and SEC filing
requirements. While there can be no assurance that the Company
will become compliant with NASDAQ requirements, including that it file its
periodic reports and restatement, solicit proxies and hold its annual meeting,
before the Listing Council takes any action lifting the stay, the Company
continues to work diligently to do so. This forward-looking statement
is made as of the date hereof, and the Company does not assume any obligation
to
update the statement.
About
EMCORE
EMCORE
Corporation offers a broad portfolio of compound semiconductor-based products
for the broadband, fiber optic, satellite and terrestrial solar power markets.
EMCORE's Fiber Optic segment offers optical components, subsystems and systems
for high-speed data and telecommunications networks, cable television (CATV)
and
fiber-to-the-premises (FTTP). EMCORE's Photovoltaic segment provides products
for both satellite and terrestrial applications. For satellite applications,
EMCORE offers high efficiency gallium arsenide (GaAs) solar cells, covered
interconnect cells (CICs) and panels. For terrestrial applications, EMCORE
is
adapting its high-efficiency GaAs solar cells for use in solar power
concentrator systems. For further information about EMCORE, visit
http://www.emcore.com.
___
EMCORE
Corporation
Adam
Gushard – Interim Chief Financial Officer
(505)
332-5000
info@emcore.com
TTC
Group
Victor
Allgeier
(646)
290-6400
info@ttcominc.com