EX-99.1 2 e19289ex99-1.txt PRESS RELEASE Exhibit 99.1 Comdial Reports Stock to Remain Quoted on the OTC Bulletin Board SARASOTA, Fla., Oct. 14 /PRNewswire-FirstCall/ -- Comdial Corporation (OTC Bulletin Board: CMDZE), a leading provider of communications solutions for small and midsize enterprises, today reported that it has received notification from Nasdaq that the Company's stock will not be removed from the OTC Bulletin Board ("OTCBB"). As previously announced on September 28, 2004, Comdial was notified by Nasdaq that the Company's stock would be removed due to the delay in filing the Form 10Q for the quarter ended June 30, 2004. Comdial appealed Nasdaq's determination to remove the Company's common stock from the OTCBB by requesting a hearing before the Nasdaq Listing Qualification Panel, which stayed the removal proceedings. The Company's common stock has continued to be quoted on the OTCBB pending resolution of the appeal. Comdial filed its Form 10Q for the quarter ended June 30, 2004 on October 14, 2004 and was notified by Nasdaq today that the Company is now in compliance with the Form 10Q filing requirement necessary for continued quotation on the OTCBB. About COMDIAL Comdial is a converged voice and data communications solutions provider with over 25 years of long-standing success as a leading brand. Focused on superior customer service and reliable communications solutions, Comdial is dedicated to producing best-in-class small to mid-sized enterprise communications products. Through innovative technology and flexibility, Comdial provides comprehensive Internet Protocol(IP) communications solutions tailored to meet each customer's evolving business needs. For more information about Comdial and its communications solutions, please visit the Comdial web site at http://www.comdial.com. Forward-Looking Statements This press release contains statements that may constitute "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Investors and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, including Comdial Corporation's ability to obtain additional funding for its business should such funding become necessary, its ability to maintain market share and to grow in a very competitive market, its ability to develop technologically advanced products to keep pace with many competitors that are much larger and have significantly more resources than Comdial, market acceptance of new products it develops, lower than anticipated demand brought about by continued weakness in telecommunications spending, risk of dilution of the Company's stock from private placement investments, including the financing that was completed in March 2004 and from the private placement that was completed in 2002 as well as any other private investments or public offerings that may occur from time to time, dependence on a relatively small number of large customers, ability to maintain necessary engineering, sales, marketing and other key staff members, the risks associated with the outsourcing of its manufacturing requirements, including international risk factors, its ability to achieve its operational goals and to generate positive cash flow, any unfavorable outcome of pending disputes or litigation, including, but not limited to intellectual property infringement claims that arise from time to time and the various other factors set forth from time to time in Comdial's filings with the SEC, including, but not limited to, Comdial's Form 10-K for the year ended December 31, 2003. Comdial Corporation undertakes no obligation to publicly update or revise the forward-looking statements made in this release to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events. SOURCE Comdial Corporation -0- 10/14/2004 /CONTACT: Ken Clinebell, Chief Financial Officer, Comdial Corporation, +1-941-554-5000, ext. 1513 / /Web site: http://www.comdial.com / (CMDZE) CO: Comdial Corporation; Nasdaq ST: Florida IN: OTC CPR TLS FIN SU: