Nasdaq Panel grants extension to IASG

SSN Staff  - 
Thursday, May 12, 2005

ALBANY, N.Y.--Integrated Alarm Services Group announced the Nasdaq Listing Qualifications Panel granted its request for a time extension to file certain financial statements.
The Nasdaq panel extended the filing dates for its Annual Report on Form 10-K for the period ended December 31, 2004, and Form 10-Q for the period ended March 31, 2005, until June 27. The company said it expects to file before the deadline.
IASG's filing problems date back to March, when the company failed to file the Form 10-K and Form with the Securities & Exchange Commission. The company citied the filings were delayed due to the strict compliance requirements of the Sarbanes-Oxley Act of 2002.
Timothy McGinn, chairman and chief executive officer, said in a conference call to investors in May that recent events surrounding its Nasdaq filing have cost the company approximately $1.4 million in related expenses and decreased its market capitalization by approximately $42 million.