NEW YORK -- The New York Stock Exchange has notified Three-Five Systems that the company has fallen below continued listing requirements and could be delisted later this year.

TFS, an electronics manufacturing services provider, has failed to maintain an average market capitalization of more than $50 million over a 30-trading-day period and stockholders' equity of $50 million or more, per NYSE regulations.
On April 26, TFS was notified that it was not in compliance with NYSE's minimum average closing price listing requirement. TFS must bring its share price and average share price above $1 by Oct. 25, 2005.

TFS was asked to submit business plan materials to the NYSE by May 31 that demonstrate how it will achieve compliance within the next 18 months. The NYSE will then make a determination regarding the Company's continued listing.

TFS said it is currently evaluating its options, including whether to submit a plan to the NYSE.