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Message to Shareholders
After a detailed financial review, we have made the decision to withdraw our shares from public listing on the AMEX and registration with the SEC. This is a decision we are convinced is the right one. We are also convinced that our decision is not uncommon. Public companies large and small have increasingly pursued delistings in today’s regulatory environment and in the era of Sarbanes-Oxley.
We are firmly committed to reach breakeven in the near-term. For example, by delisting and deregistering, we will eliminate significant accounting, legal and public company costs, which easily comprise 20% of our annual cash-based expenses. It will also allow us to avoid even higher future expenses associated with Sarbanes-Oxley 404 compliance, which we would need to begin to address in 2007.
With such material cost savings, we expect to be able to focus more time and resources on growing our business and enhancing our competitive position in the marketplace, which can be enhanced through strategic partnerships. At the very least, we will be able to spend more time in the field connecting with our clients and strengthening Q Comm as a company, service provider and competitive force.
We anticipate that you will have questions about the delisting process, so please refer to the questions and answers below. As always, please don’t hesitate to contact our investor relations office at (203) 682-8208.
Q. What is the timing for the delisting process with AMEX?
A. The delisting from AMEX will likely be effective on or about December 1, 2006
Q. What does your delisting mean for me as a shareholder?
A. Investors can inquire about trading on the pink sheets by contacting their financial consultants or by visiting http://www.pinksheets.com/index.jsp.
Q. Was the decision to delist motivated by an impending financial crisis or bankruptcy?
A. No, our decision to delist is motivated by our commitment to reach breakeven in the near term. The Company will continue its operations in the ordinary course.
Q. Will you still host quarterly earnings calls and publish results?
A. No, we cancelled our earnings call that was originally scheduled for Monday, November 13, and moving forward we do not intend to have earnings calls. The Company will, however, periodically provide financial information to its shareholders.
Sincerely,
Mike Keough
President and CEO
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This Web site contains forward-looking statements
regarding financial performance and future events,
such as the scheduled commercial launch of the
Company’s prepaid application on the VeriFone
terminal. These statements involve a number of
risks and uncertainties and are based on numerous
assumptions involving judgments with respect to
future economic, competitive and market conditions
and future business decisions, all of which are
difficult or impossible to predict accurately
and many of which are beyond Q Comm’s control.
Some of the important factors that could cause
actual results to differ materially from those
indicated by the forward-looking statements are
general economic conditions, changes in our operating
expenses, adverse patent rulings, legal developments,
competitive pressures, changes in customer and
market requirements and standards, and the risk
factors detailed from time to time in Q Comm's
periodic filings with the Securities and Exchange
Commission, including without limitation, Q Comm's
Annual Report on Form 10-K for the year ended
December 31, 2005, and Q Comm’s periodic
reports on Forms 10-Q and 8-K filed with the Securities
and Exchange Commission since January 1, 2005.
The forward looking-statements in this Web site
are based upon management's reasonable belief.
Q Comm undertakes no obligation to revise or update
publicly any forward-looking statements for any
reason. Q Comm International, Inc. may from time
to time provide links to independent Web sites
on the Internet containing various information
content relative to the Company or its industry.
Q Comm International, Inc. makes no judgment or
warranty with respect to the accuracy, timeliness
or suitability of the content of other services
or sites to which these screens link. A link to
a service or site outside of the site on which
you are currently located, is not an endorsement
of the service or site, its content, or its sponsoring
organization. It is further understood that the
materials provided on this site are for information
purposes only and any references to our specific
publicly traded securities contained herein, do
not constitute recommendations to buy or sell
stock. Any investment you make will be based solely
on your own evaluation of your financial circumstances
and investment objectives.
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