TLL Proshares Ultrashort Telecommunications

Tyler, Texas-based Teletouch Communications, Inc. (AMEX:TLL) announced today that the American Stock Exchange (the "AMEX") notified Teletouch on February 24, 2006, that it had accepted the Company's plan of compliance and granted the requested extension to regain compliance with the AMEX continued listing standards through November 30, 2006. The AMEX Staff reviewed Teletouch's plan of compliance as submitted by the Company on January 17, 2006 and supplemented on February 8, 2006 (the "Plan"), and concluded that the Plan made a reasonable demonstration of the Company's ability to regain compliance with the listing requirements. As a result, AMEX Staff granted a listing extension of the Company's securities on the AMEX through November 30, 2006, provided that the Company meets certain interim disclosure and performance milestones through the period. Specifically, and for example, on or before March 27, 2006, the Company is required to provide additional financial and other documentation supporting the Plan presented. In addition, the Company will be required to provide periodic updates to the Staff in connection with the Plan. The Company can provide no assurance that it will be able to satisfy the terms of the Staff's extension or that it will execute upon the Plan as submitted to the Staff. Failure to make progress consistent with the Plan or regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from the AMEX. On December 13, 2005, the Company announced the receipt of the AMEX Staff's original listing deficiency notification stating, in part, that based on a review of the Company's Form 10-K for the fiscal year ended May 31, 2005 and Form 10-Q for the period ended August 31, 2005, the Company was no longer in compliance with Section 1003(a)(ii) of the AMEX Company Guide, specifically stating that the Company no longer had shareholders' equity greater than $4,000,000, and that it had sustained losses from continuing operations in three of its four most recent fiscal years. At that time, Teletouch was invited to present to Staff its plan to comply with the foregoing listing deficiencies. About Teletouch Teletouch offers data and communication network management for telemetry and GPS-location based mobile asset monitoring, as well as cellular, two-way radio communications and wireless messaging services throughout the United States. Teletouch's common stock is traded on the American Stock Exchange under stock symbol: TLL. Additional business and financial information on Teletouch is available at www.Teletouch.com. All statements in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth under the caption "Additional Factors That May Affect Our Business" in the Company's most recent Form 10-K and 10-Q filings, and amendments thereto. In addition, we operate in a highly competitive and rapidly changing environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise any forward-looking statements.