AMEX Accepts Progress on Regaining Compliance for Cash Technologies (TQ)

May 7, 2008 2:11 PM EDT

Cash Technologies, Inc. (AMEX: TQ) announced that the American Stock Exchange ("AMEX") has notified the Company that its revised plan to regain compliance with the continued listing standards of the Exchange has been approved.

In November 2007, following the bankruptcy of Champion Parts, Inc., which resulted in the Company writing off the approximate $8 million balance of a promissory note owed by Champion to a Company subsidiary, the Company disclosed that it had been notified by the Exchange that it had fallen out of compliance with the continued listing standards of the Exchange. The Company's plan to regain compliance, which included a requirement to acquire certain assets of Champion, was initially approved by the Exchange in January 2008.

Management believes that the acquisition of the Champion assets which the Company announced on May 6, 2008, combined with other anticipated events and balance sheet adjustments, will accomplish the objectives of the Plan, but Plan approval is subject to a determination by the Exchange that will not be finally made until the Company's Form 10KSB is filed for the fiscal year ending May 31, 2008. Until and unless such determination is made, the Company is considered to be out of compliance with the continued listing standards, however the Exchange will permit the Company to remain listed pursuant to an extension ending September 15, 2008. [SM]

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