LINCOLN, Neb.-Transcrypt International Inc.’s stock began trading on the OTC Bulletin Board late last month, after it was delisted from the Nasdaq National Market May 11 for non-compliance with rules requiring timely filings with the Securities and Exchange Commission.
Transcrypt has appealed the delisting and expects a decision from the Hearing Review Committee in October, the company said.
Transcrypt’s financial results for 1996 until the present recently were restated, lowering revenues by about $14.5 million, approximately $4.4 million of which was related to contract disputes with customers, including the Maryland Procurement Office, which acts as the purchasing arm for various federal government agencies.
A certified contract claim filed with MPO by Transcrypt in March for about $2.2 million was denied by the federal agency contracting officer, and the company has agreed to accept the products for return and credit with respect to the remaining contract disputes.
Since these contract disputes already were accounted for in the recent financial restatements, the resolution of them will have no affect on Transcrypt’s future financial statements, the company said.
In other news, Transcrypt announced the U.S. Department of Interior gave approval for the use the company’s APCO 25 digital portable radio by its agencies.
The approval allows Transcrypt’s Stealth portable radio to be included on a DOI multivendor contract allowing any federal agency to purchase VHF/UHF multimode narrowband radio equipment.
