LITTLETON, Colo., Jan. 11 /PRNewswire-FirstCall/ -- Time Warner Telecom Inc. , a leading provider of managed voice and data networking solutions for business customers, today announced that as a result of the Dec. 31, 2005 resignation of Theodore Schell, a member of the Company's board of directors and audit committee, it has received a letter from The Nasdaq Stock Market, Inc. indicating that the Company no longer complies with Nasdaq's Marketplace Rule 4350. This rule requires the Company to have an audit committee of at least three independent directors as defined by Nasdaq's rules. The Company currently has two independent board members on its audit committee.
Consistent with the notification rule, the Company has a cure period until the earlier of December 31, 2006, or the Company's next annual meeting of stockholders, to add an additional independent director board member to its audit committee and regain compliance. The Company intends to comply with this rule and will announce a suitable independent director replacement in the near future.
About Time Warner Telecom Inc.
Time Warner Telecom Inc., headquartered in Littleton, Colo., provides managed network services, specializing in Ethernet and transport data networking, Internet access, local and long distance voice, VoIP and security, to enterprise organizations and communications services companies throughout the U.S. As a leading provider of integrated and converged network solutions, Time Warner Telecom delivers customers overall economic value, quality, service, and improved business productivity. As of September 30th, 2005, Time Warner Telecom had more than 20,000 route miles of its own local and regional fiber networks, a national IP backbone with 10 Gbps capacity, and over 5,700 buildings connected directly to its fiber networks. Please visit http://www.twtelecom.com/ for more information.
