PALMETTO, Fla., March 3, 2011 /PRNewswire/ -- Teltronics, Inc. (OTCQB: TELT formerly OTC Bulletin Board: TELT), a technology manufacturer specializing in communications, alarms management and contract manufacturing, today announces that it has migrated from the OTCBB quotation and trading system to the OTC Markets Group, Inc. quotation and trading system. Teltronics is no longer going to be quoted on the OTCBB quotation system. Teltronics' stock is now quoted exclusively on OTC Markets Group's OTC Link™ quotation platform. This change was not caused by any action or inaction by Teltronics, which continues to be in full compliance with all of its reporting requirements.
The OTC equities market in the U.S. has seen rapid changes over the past few years that have made OTC trading more transparent and efficient. OTC Markets Group, Inc. (OTC Markets) has been the leader in using technology to bring positive changes to the OTC marketplace for the benefit of investors, as well as broker-dealers and OTC-traded companies. OTC Markets' electronic interdealer quotation and trading system (OTC Link) has become one of the leading OTC quotation platforms in the U.S. In 2010, securities on OTC Link traded over $144 billion in dollar volume, making it the third largest U.S. equity-trading venue, after NASDAQ and the NYSE. Many market makers and broker-dealers are now exclusively using OTC Markets' platform to quote and negotiate trades in OTC securities, regardless of their SEC reporting status.
There are three tiers in the OTC marketplace. The first tier is OTCQX, the quality-controlled marketplace for companies that meet certain financial standards. The second tier is OTCQB, the U.S. Reporting marketplace tier where Teltronics currently trades. Companies within this tier are current in their reporting requirements with the U.S. Securities and Exchange Commission (SEC). The third tier is designated OTC Pink, which is the marketplace for speculative trading.
There has been a large migration of brokers from the OTCBB quotation system to the OTC Link quotation system. Contrary to the electronic platform provided by OTC Link, the OTCBB quotation system continues to operate on a telephonic trading platform. According to otcmarkets.com, in the past 30 calendar days, there have been 624 publically traded companies that have moved from being dually quoted (OTCBB and OTC Link) to being quoted exclusively on the OTC Link platform. As of the end of last week, priced quotes published on OTC Link made up 95% of priced quotes in the OTC marketplace. This movement shows brokers' continued support of the electronic OTC Link system, as they migrate to quote exclusively on this platform.
Trading information for Teltronics may take up to 24 hours or more to be updated in most trading platforms and quotation systems. For current stock quotes for Teltronics, investors can always go to the www.otcmarkets.com website to stay current on Teltronics' trading activity and stock price.
Teltronics is a technology manufacturer specializing in communications, alarms management and contract manufacturing (ISO 9001:2008). Within each business area we actively engage our customers and partners to deliver the highest levels of reliability, customer service and value in support of their unique business needs. We empower our employees to do all that is required to maintain 100% customer satisfaction, encouraging ongoing contributions and continued personal development. In Teltronics 40 year history, we have consistently built strong products and solutions for the markets we serve, established deep roots in the community and support environmentally safe practices with ideas that communicate. Further information regarding Teltronics is available at the website, www.teltronics.com.
About OTC Markets Group, Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the world's largest electronic marketplace for broker-dealers to trade unlisted stocks. Our OTC Link platform supports an open network of competing broker-dealers that provide investors with the best prices in over 10,000 OTC securities. In 2010, securities on OTC Link traded over $144 billion in dollar volume, making it the third largest U.S. equity-trading venue, after NASDAQ and the NYSE. We categorize the wide spectrum of OTC-traded companies into three tiers - OTCQX (the quality-controlled marketplace for investor friendly companies), OTCQB (the U.S. reporting company marketplace for development stage companies), and OTC Pink (the speculative trading marketplace) - so investors can identify the level and quality of information companies provide. To learn more about how OTC Markets Group, Inc. makes the unlisted markets more transparent, informed and efficient, visit www.otcmarkets.com.
A number of statements contained in this press release are forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as we "believe," "anticipate," "expect," or words of similar import. Similarly, statements that describe our future plans, objectives, strategies or goals are also forward-looking statements. These forward-looking statements involve a number of risks and uncertainties that may materially adversely affect the anticipated results. Such risks and uncertainties include, but are not limited to, the timely development and market acceptance of products and technologies, competitive market conditions, payment of the consideration under our acquisition agreements, successful integration of acquisitions and the failure to realize the expected benefits of such acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses, the ability to make payments under our outstanding indebtedness, the ability to pay dividends on our preferred stock, risks relating to foreign currency translations, and other factors described in the Company's filings with the Securities and Exchange Commission. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements made herein and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and we disclaim any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
SOURCE Teltronics, Inc.