Synergy Brands Granted Extension
Thursday March 22, 11:32 am Eastern Time
Press Release
Synergy Brands Granted Extension
NASDAQ Panel Grants Extension to Meet Minimum Bid Price Requirement
SYOSSET, N.Y.--(BUSINESS WIRE)--March 22, 2001--Pursuant to a written hearing held on March 1, 2001 before and upon further consideration thereof by NASDAQ Listing Qualifications Panel, Synergy Brands, Inc. was granted an extension to meet the minimum bid price requirement as set fourth in NASDAQ market rules.
By correspondence dated March 12th and 16th, 2001, Synergy Brands requested an extension for compliance with the minimum bid price requirement. The Company indicated that, while it had in fact received majority shareholder consent to implement a reverse stock split, they required an additional 30 days to file the necessary information statement with the SEC and to provide its shareholders with the requisite notice at the next shareholders meeting. Notwithstanding, the Company again requested an extension of the time period instructed by NASDAQ to meet the minimum bid price requirement through June 30th, 2001 based upon its belief that the market will likely remedy the deficiency without need for a reverse stock split and if not, to allow the Company to present the proposal for the reverse split to all of its shareholders at the Company's annual shareholder's meeting scheduled for June 2001, although not technically necessary.
``This is good news. We now have until April 20th to enhance shareholder value in achieving compliance with the $1 minimum required by NASDAQ marketplace regulations,'' said Mair Faibish, Chairman and CEO of Synergy Brands.
``The NASDAQ Panel acknowledged that our willingness to effect a reverse split was indeed a factor in granting this extension,'' said Faibish. ``If our share price rises above the minimum $1 required by NASDAQ regulations, we may be able to forgo the reverse stock split approved by the Board of Directors earlier this month,'' he added.
``As we are all very aware, the stock market is facing turbulent times. But, with market confidence resurfacing, I believe we have put into place the appropriate strategies to benefit from a strong fiscal 2000 operating performance,'' said Faibish. ``Ours is a compelling story, one of savvy business planning, strong alliances and dogged stick-to-it-ness. We feel it is time to tell that story,'' he concluded.
To help tell his story, Faibish has enlisted the talents of Academy Award Nominee, Chazz Palmintari (Bullets Over Broadway, Usual Suspects, Analyze This, A Bronx Tale). Faibish, Palmintari and Don Butler, formerly with Procter & Gamble and a director of Synergy Brand's subsidiary, DealByNet, have planned an extensive media tour to highlight Synergy Brand's progress and to discuss their future growth.
About Synergy Brands, Inc.
Synergy Brands, Inc. develops Internet properties that strategically partner with off-line and on-line media companies to capture e-commerce markets within the B2B and B2C Internet arena. The Company has developed the following Web sites: Netcigar.com, BeautyBuys.com, and DealByNet.com. Synergy Brands can be visited at synergybrands.com.
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, regarding, among other matters, future financial and operating results. In addition, when used in this Release, the words ``intends to'', ``believes'', ``anticipates'', ``expects'' and similar expressions are intended to identify forward-looking statements. These statements are based on management's expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from the expectations contained in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include, but are not limited to, general economic trends and market conditions; changing consumer preferences; uncertainty and volatility associated with Internet and eBusiness related activities; diminishing ability to attract and retain qualified employees; risks associated with cash flow shortages; risks associated with increased competition and/or increased governmental regulation; and the factors detailed from time to time in Synergy's reports and other documents filed with the Securities and Exchange Commission. Synergy is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or other circumstances.
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Contact:
Investor Relations Services, Inc., New Smyrna Beach, FL
Ray Hutchison 904/409-0200 or 386/409-0200
sybr@investorrelationsservices.com |
