HUGHES Telematics, Inc. announced today that it had, as anticipated and previously disclosed in its supplemental proxy, received a delisting letter from the NYSE Amex on April 2, 2009 indicating that the Company was not in compliance with the public stockholder requirements of Section 102(a) of the NYSE Amex Company Guide (the “Company Guide”) because the Company has fewer than 400 public stockholders. The delisting letter also indicated that the Company was not in compliance with the information submission requirements of Section 1003(d) of the Company Guide because the Company failed to submit a new listing application for the post-merger HUGHES Telematics and, therefore, failed to satisfy the NYSE Amex’s initial listing standards pursuant to Section 341, which were applicable at the time of the consummation of the merger between HUGHES Telematics and Polaris Acquisition Corp. The notification from the NYSE Amex indicates that the Company has until April 9, 2009 to appeal the NYSE Amex’s determination by requesting an oral hearing or a hearing based on a written submission before the NYSE Amex’s Listings Qualifications Panel.
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Expert review of architecture and design during the early development phase of a telematics device can save a company substantial time and money while maximizing market potential. The former CTO of Quake Global and lead architect of their market dominating satellite modem — Mark Jones — has formed Sancomm Inc. to provide precisely this service.
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