BEIJING, May 26, 2011 (GLOBE NEWSWIRE) -- Zoom Technologies, Inc. (Nasdaq:ZOOM) (or the "Company"), a leading China based manufacturer of mobile phones and related products, today reported that Nasdaq Listing Qualifications has notified the Company via a letter dated May 23, 2011 that the Company has regained compliance with Rule 5635(c) and, upon the disclosure of the matter which the Company completed by the filing of a Form 8-K on May 25, 2011, the matter is now closed.
The NASDAQ Stock Market brought to the Company's attention on April 1, 2011 that the Company had not been in compliance with NASDAQ Rule 5635(c), which generally requires shareholder approval of equity-based compensation plans. On December 10, 2009, the Company adopted its 2009 Equity Incentive Compensation Plan (the "Plan") without obtaining shareholder approval.
The Company promptly filed a Definitive Information Statement on Form 14C on April 4, 2011, thereby evidencing shareholder approval for the Plan. Accordingly, NASDAQ has determined that the Company has regained compliance with Rule 5635(c).
The Company has not received a notice of delisting from NASDAQ.
About Zoom Technologies
Zoom Technologies is a holding Company with subsidiaries that engage in the manufacturing, research and development, and sale of electronic and telecommunication products for the latest generation mobile phones, wireless communication circuitry and related software products. Zoom Technologies' subsidiary, Jiangsu Leimone, owns a majority stake of TCB Digital, which offers highly customized and high quality Electronic Manufacturing Service (EMS) for Original Equipment Manufacturer (OEM) customers as well as its Own Brand Manufacturing (OBM) under the Zoom and Leimone brand names. The Company's products are both exported and sold domestically in People's Republic of China.
The Zoom Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9665
CONTACT: Investor Contact: Tina Xiao Investor Relations Manager Zoom Technologies, Inc. +1 917-609-0333 firstname.lastname@example.org www.zoom.com