TORONTO, June 20, 2012 /CNW/ - 01 Communique (TSX: ONE) announced that the Toronto Stock Exchange ("TSX") has informed the Company that the TSX is reviewing the Common Shares of the Company with respect to meeting the continued listing requirements. Specifically the TSX is reviewing the Company, under Section 710 (b) of the TSX Company Manual, with respect to having total assets of $3.0 million or annual revenue of $3.0 million in the most recent year. At the end of its last reporting period as at April 30, 2012 the Company had $2.3 million of assets. The Company has been granted 120 days in which to regain compliance with these requirements, pursuant to the Remedial Review Process.
"We will be working to remedy the situation with respect to our listing on the TSX within the 120 days allowed," said Andrew Cheung, President and CEO of 01 Communique. "Unfortunately, our most valuable asset consisting of our intellectual property and patents is not reflected on our Balance Sheet as accounting standards call for amounts spent on these assets to be expensed. To date we have invested in excess of $20 million dollars in our intellectual property which has been expensed. These are the assets that we believe will enable us to realize the true value of our Company. At the present time we are engaged in two lawsuits with respect to defending these intellectual property rights and we recently settled a third lawsuit. Below is an update on these matters."
In our lawsuit against LogMeIn Inc. (LOGM:NSDQ) the judge in the case, on April 1, 2011, granted LogMeIn's motion for claim construction and their summary judgment motion for non-infringement. We appealed that judgment to the United States Court of Appeals for the Federal Circuit. On February 6, 2012, a hearing was held in the appeal. Although management believes that the decision from the Court of Appeals could be received any day now, we do not know when that will occur.
In our lawsuit against Citrix Systems Inc. (CTXS:NSDQ) the judge in the case stayed proceedings pending completion of an inter partes re-examination. The Company proceeded with the re-examination and on July 6, 2010 a Right of Appeal Notice was issued confirming the patentability of the claims that were challenged by Citrix. Citrix appealed that decision to the USPTO's Board of Patent Appeals and Interferences. That appeal is in process. The Company has written to the Court requesting the case be reopened so that the stay can be lifted with the case proceeding to trial. The Company is waiting for the Court to render a decision on this request.
We recently settled a third lawsuit, as previously announced, where in conjunction with our partner Wi-LAN Inc. ("WiLAN") (TSX:WIN) (NASD:WILN) we entered into a Settlement and Patent License Agreement with Bomgar Corporation settling all litigation among the parties and providing Bomgar with a license to our patents. This was the first license achieved under our previously announced partnership between WiLAN and us. We believe our technology is fundamental and groundbreaking and hope that other companies competing against us will now respect our intellectual property.
There can be no assurance that the Company will be able to achieve compliance with the TSX's listing requirements within the required timeframe. If the Company cannot satisfy the TSX that continued listing on the TSX is warranted, it plans to explore alternative listing possibilities.
About 01 Communique
Established in 1992, 01 Communique (TSX: ONE) offers a suite of remote access services designed for small-medium sized business, mobile professionals and IT service providers. 01's software as a service offerings are deployed on-demand and include functionality enabling on-line meetings, remote computing and IT support. 01's suite of products includes its remote access offering I'm InTouch (www.imintouch.com , its online meeting offering www.imintouchmeeting.com) and its remote support offering I'm OnCall (www.imoncall.com ) products are protected in the U.S.A. by its patents #6928479 / #6938076 and in Canada by its patent #2309398. For more information, visit www.01com.com or call (905) 795-2888 or (800) 668-2185 (North America only).
Cautionary Note Regarding Forward-looking Statements.
Certain statements in this news release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this news release, such statements use such words as "may", "will", "expect", "believe", "plan", "intend", "are confident" and other similar terminology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under "Risk Factors" in the company's Annual Information Form filed on SEDAR. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward looking statements. These forward-looking statements are made as of the date of this news release, and the company assumes no obligation to update or revise them to reflect new events or circumstances.
For further information:
Chief Financial Officer
(905) 795-2888 x204