On April 3, 2007 (Tokyo time), NEC received a letter from the
Nasdaq Listing and Hearings Review Council (“the Council”) stating
that the Council has determined to stay the delisting of NEC’s
American depositary receipts (“ADRs”).
NEC has not yet filed its Form 20-F for the fiscal year ended
March 31, 2006 (the “2006 Form 20-F”) with the Securities and
Exchange Commission (the “SEC”) as it is still completing the
analysis necessary to prepare the financial statements for
inclusion in the 2006 Form 20-F. Previously, the Nasdaq
Listing Qualifications Panel (“the Panel”) informed NEC that it was
unable to grant a further extension beyond April 2, 2007, as it had
already granted the maximum extension it had discretion to grant
under Marketplace Rule 4802(b). On March 7, 2007 (Eastern
Standard Time), NEC requested that the Panel’s decision be reviewed
and that any future Panel decision be suspended pending further
action by the Council. Specifically, NEC requested the review by
the Council to prevent the Panel from delisting NEC’s ADRs in the
event that NEC could not file the 2006 Form 20-F by April 2, 2007.
In response to this request, the Council has informed NEC that it
has determined to call the Panel’s February 21, 2007 decision for
review, and to stay the delisting of NEC’s ADRs pending further
review by the Council.
While there can be no assurance that NEC will file its 2006 Form
20-F before the Council takes any action that may result in the
delisting of NEC’s ADRs, NEC continues to work diligently to do
so.
CAUTIONARY STATEMENTS:
------------------------------------------
This material contains forward-looking statements pertaining to
strategies, financial targets, technology, products and services,
and business performance of NEC Corporation and its consolidated
subsidiaries (collectively "NEC"). Written forward-looking
statements may appear in other documents that NEC files with stock
exchanges or regulatory authorities, such as the U.S. Securities
and Exchange Commission, and in reports to shareholders and other
communications. The U.S. Private Securities Litigation Reform
Act of 1995 contains, and other applicable laws may contain, a
safe-harbor for forward-looking statements, on which NEC
relies in making these disclosures. Some of the
forward-looking statements can be identified by the use of
forward-looking words such as "believes," "expects," "may," "will,"
"should," "seeks," "intends," "plans," "estimates," “targets,”
"aims," or "anticipates," or the negative of those words, or other
comparable words or phrases. You can also identify
forward-looking statements by discussions of strategy, beliefs,
plans, targets, or intentions. Forward-looking statements
necessarily depend on currently available assumptions, data, or
methods that may be incorrect or imprecise and NEC may not be able
to realize the results expected by them. You should not place
undue reliance on forward-looking statements, which reflect NEC's
analysis and expectations only. Forward-looking statements
are not guarantees of future performance and involve inherent risks
and uncertainties. A number of important factors could cause
actual results to differ materially from those in the
forward-looking statements. Among the factors that could
cause actual results to differ materially from such statements
include (i) uncertainty of NASDAQ’s response to NEC’s appeal, (ii)
global economic conditions and general economic conditions in NEC's
markets, (iii) fluctuating demand for, and competitive pricing
pressure on, NEC's products and services, (iv) NEC's ability to
continue to win acceptance of NEC's products and services in highly
competitive markets, (v) NEC's ability to expand into foreign
markets, such as China, (vi) regulatory change and uncertainty and
potential legal liability relating to NEC's business and
operations, (vii) NEC's ability to restructure, or otherwise
adjust, its operations to reflect changing market conditions, and
(viii) movement of currency exchange rates, particularly the rate
between the yen and the U.S. dollar. Any forward-looking
statements speak only as of the date on which they are made.
New risks and uncertainties come up from time to time, and it is
impossible for NEC to predict these events or how they may affect
NEC. NEC does not undertake any obligation to update or
revise any of the forward-looking statements, whether as a result
of new information, future events, or otherwise.
The management targets included in this material are not
projections, and do not represent management's current estimates of
future performance. Rather, they represent targets that
management will strive to achieve through the successful
implementation of NEC's business strategies.
Finally, NEC cautions you that the statements made in this
material are not an offer of securities for sale. The
securities may not be offered or sold in any jurisdiction in which
registration is required absent registration or an exemption from
registration under the applicable securities laws. For
example, any public offering of securities to be made in the United
States must be registered under the U.S. Securities Act of 1933 and
made by means of an English language prospectus that contains
detailed information
about NEC and management, as well as NEC's financial
statements.