Exhibit 99.1
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American Telecom Services Receives
Non-Compliance Notification from AMEX
City of Industry, California, October 17, 2007 - American Telecom Services Inc.
(AMEX: TES), a provider of converged communications solutions, today announced
that it has received notification from the American Stock Exchange that it is
not in compliance with the Exchange's continued listing standards, as required
by Sections 134 and 1101 of the Amex Company Guide, because of the Company's
failure timely to file its Annual Report on Form 10-K for the fiscal year ended
June 30, 2007. The Company had previously announced that it was unable to file
Form 10-K by the specified date because it required additional time to evaluate
its revenue recognition policies for specific retail accounts.
In its letter dated October 16, 2007, the Exchange has requested that the
Company submit, not later than November 16, 2007, the Company's plan to regain
compliance with the Exchange's listing requirements. In addition, the Company is
required to regain compliance not later than January 16, 2008.
The Company currently anticipates filing its Annual Report on Form 10-K by early
November 2007.
As a result of the non-compliance notice, the Company will be included in a list
of issuers, which is posted daily on the AMEX website, that are not in
compliance with the continued listing standards and ".LF" will be appended to
its trading symbols whenever such trading symbols are transmitted with a
quotation or trade. Accordingly, the Company's common stock and warrants will
trade as TES.LF and TES.WS.LF. The website posting and indicator will remain in
effect until the Company has regained compliance with all applicable listing
requirements.
About American Telecom Services
American Telecom Services, a leader in converged communications solutions,
provides consumers with "Good Reasons to Pick-Up the Phone." American Telecom
Services combines new Interference Free DECT 6.0 feature rich telephones bundled
with a variety of pre-paid long distance and Voice over Internet Protocol (VoIP
or Internet Phone) calling plans designed to save consumers up to 60% on their
telecom service costs. The Company offers the only home phones bundled with Pay
N' Talk prepaid residential long-distance services powered by IDT Telecom
(patent-pending) and is the only provider of DigitalClear(TM) Internet phones
that include an adapter and router built right into the base of the phones
(patent-pending); Just "Plug In & Save!" The DigitalClear product line offers
consumers the opportunity to save up to $500 on their phone services using
phones bundled with Primus Lingo VoIP services. Consumers can select phones
bundled with Primus Lingo VoIP services. Consumers who do not possess high-speed
Internet service at home can purchase the service with the only "ONE Box
Solution" offered with all DigitalClear products. American Telecom Service's
products are available
nationally at more than 24,000 retail locations. Visit http://www.atsphone.com
for Company and product information.
Contact: Company Investors:
Edward James, CFO Joe Noel
(678) 636-4394 (415) 710-5464
(925) 922-2560
Eddie.James@atsphone.com jnoel@emerginggrow.com
Safe Harbor Statement
Any statements in this press release that are not historical facts are
forward-looking statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. In some cases, you can identify those
forward-looking statements by words such as "may," "will," "should," "expects,"
"plans," "anticipates," "believes," "estimates," "predicts," "potential," or
"continue" or the negative of those words and some other comparable words. These
forward-looking statements are subject to risks and uncertainties that could
cause actual results to differ materially from historical results or those the
Company anticipates. Factors that could cause actual results to differ from
those contained in the forward-looking statement include, but are not limited
to, those risks and uncertainties described in the Company's prospectus dated
December 11, 2006 and the other reports and documents the Company files from
time to time with the Securities and Exchange Commission. Statements included in
this press release are based upon information known to the Company as of the
date of this press release, and the Company assumes no obligation to (and
expressly disclaims any such obligation to) publicly update or alter its
forward-looking statements made in this press release, whether as a result of
new information, future events or otherwise, except as otherwise required by
applicable federal securities laws.