Thursday, July 17, 2008

MTM awarded continued Nasdaq listing

By Mass High Tech Staff

MTM Technologies Inc. reports that the Nasdaq listing qualifications panel has granted the company’s request for continued listing on the Nasdaq Capital Market.

Stamford, Conn.-based MTM Technologies (Nasdaq: MTMCD) had announced in May that it received a delisting notice from Nasdaq and a subsequent request for a hearing before the listing qualifications panel. The hearing request stayed the suspension of trading and delisting of the company’s securities until the decision was reached on July 16, officials said.

MTM Technologies, founded in 1986 as Micros to Mainframes Inc., employs about 550 workers.

In May, Nasdaq notified the company of its failure to comply with the minimum $1-per-share bid price requirement. In June, the company received $6.5 million through loans and increased debt facility and later completed a 1-for-15 reverse stock split.

MTM Technologies provides a range of managed services, including system monitoring and management, hosting, security management, IP telephony management, and IT support, as well as IT staffing and training services. The company has partnered with major technology providers such as Cisco Systems Inc. (Nasdaq: CSCO), Citrix Systems Inc. (Nasdaq: CTXS) and Microsoft Corp. (Nasdaq: MSFT).

Earlier this month, MTM Technologies landed a contract to provide the U.S. Army with its Mobile Armor security software. The software integrates with Microsoft Windows, Linux, Blackberry, Palm OS and Microsoft Windows Mobile operating systems, and is intended to encrypt all data on Army desktop computers, laptops, smart phones, PDAs and removable storage devices.

MTM reported a 2008 net loss of $14.4 million on revenue of $242.7 million.