Exhibit 99.1
[LOGO]
One Jake Brown Road
Old Bridge, New Jersey 08857-1000
Tel: 732-679-4000 Fax: 732-679-4353
www.blondertongue.com
FOR IMMEDIATE RELEASE CONTACT: James A. Luksch
Chairman and
Chief Executive Officer
(732) 679-4000
BLONDER TONGUE RECEIVES RESPONSE FROM THE AMERICAN STOCK EXCHANGE - SEARCH FOR
INDEPENDENT DIRECTOR IN PROGRESS
OLD BRIDGE, NEW JERSEY, December 18, 2007 - Blonder Tongue Laboratories, Inc.
(AMEX: "BDR") today announced that it had received a warning letter, dated
December 14, 2007, from the American Stock Exchange (AMEX) stating that it is
out of compliance with the AMEX Company Guide, which requires that Blonder
Tongue have a majority of independent directors. The circumstances giving rise
to the change in Blonder Tongue's Board of Director composition was announced in
a prior press release on December 6, 2007 and Blonder Tongue notified AMEX of
such change and non-compliance on the same date.
"As discussed in the Company's previous release, Blonder Tongue entered into an
agreement with Buffalo City Center Leasing, LLC to provide manufacturing,
research and development and product support to Buffalo City and Turnpike Global
Technologies, LLC," stated James Luksch, Blonder Tongue CEO. "Jim Williams, a
director of Blonder Tongue, is a managing member of Buffalo City and has a
material ownership. Based on this relationship, Jim no longer qualifies as an
"independent" director, therefore only three of Blonder Tongue's seven directors
are independent and the board is no longer in compliance with the listing
standards of AMEX."
As described in the letter from AMEX, the Exchange is giving the Company until
March 11, 2008 to regain compliance with the Exchange's requirements. In setting
the deadline, AMEX has determined not to apply the continued listing evaluation
and follow-up procedures specified in Section 1009 of the AMEX Company Guide. If
the composition of Blonder Tongue's Board of Directors does not meet the
applicable AMEX listing standard by the deadline, AMEX will assess Blonder
Tongue's continued listing eligibility.
Mr. Luksch added, "The Company has strong director candidates identified and has
commenced the interviewing process. We believe that Blonder Tongue will make
appropriate changes to the Board and regain compliance by the AMEX deadline."
In the letter, AMEX also noted that Blonder Tongue will be included in a list of
issuers posted on the AMEX website that are not in compliance with the AMEX's
continued listing standards. Further, Blonder Tongue will become subject to the
indicator ".BC" at the end of its ticker symbol to denote its noncompliance.
Blonder Tongue will remain subject to the AMEX website posting and indicator
until it regains compliance with the AMEX listing requirements.
Founded in 1950, Blonder Tongue Laboratories, Inc. has evolved from a
manufacturer of electronic equipment for the private cable industry to a
principal provider of integrated network solutions and technical services to
broadband service providers in the multiple dwelling unit, lodging and
hospitality, and institutional cable markets. The Company designs, manufactures,
and supplies a comprehensive line of equipment to deliver video (analog &
digital), high speed data and voice services over integrated coaxial and fiber
optic broadband networks today and over packet based, Internet protocol networks
of the future. For more information regarding Blonder Tongue or its products,
please visit the Company's Web site at www.blondertongue.com or contact the
Company directly at (732) 679-4000.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: The information set forth above includes "forward-looking" statements and
accordingly, the cautionary statements contained in Blonder Tongue's Annual
Report and Form 10-K for the year ended December 31, 2006 (See Item 1: Business,
Item 1A: Risk Factors and Item 7: Management's Discussion and Analysis of
Financial Condition and Results of Operations), and other filings with the
Securities and Exchange Commission are incorporated herein by reference. The
words "believe", "expect", "anticipate", "should", "project", and similar
expressions identify forward-looking statements. Readers are cautioned not to
place undue reliance on these forward-looking statements, which reflect
management's analysis only as of the date hereof. Blonder Tongue undertakes no
obligation to publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof. Blonder Tongue's actual
results may differ from the anticipated results or other expectations expressed
in Blonder Tongue's "forward-looking" statements, and there can be no assurance
that Blonder Tongue will be able to appoint qualified independent directors to
serve on the Board of Directors or to regain compliance with the AMEX Company
Guide requirements.
