Starbase Announces Transfer to Nasdaq SmallCap Market
SANTA ANA, Calif., May 28 /PRNewswire-FirstCall/ -- Starbase Corporation (Nasdaq: SBAS - News), a leading provider of enterprise application management solutions designed to speed the software development lifecycle, today announced it has received permission to transfer its listing from the Nasdaq National Market to the Nasdaq SmallCap Market effective today. The company will continue to be listed under the symbol SBAS.
"We are pleased that our request for a transfer to the SmallCap Market has been granted," said Starbase president and CEO Jim Harrer. "This move affords us additional time to comply with Nasdaq listing requirements as well as to execute other critical aspects of our turnaround, such as the recently announced financing, which will significantly improve our overall financial position. The Nasdaq SmallCap Market will allow us to maintain the high level of liquidity and credibility required by our investors."
The company has been granted a grace period through August 13, 2002 to regain compliance with Nasdaq's SmallCap minimum $1.00 bid price requirement. If at that time the company complies with the other core initial listing standards, which it does today, then it will be eligible for an additional 180-day grace period through February 10, 2003 to come into compliance with the $1.00 minimum bid price requirement. The company may also transfer its listing back to the Nasdaq National Market if it maintains compliance with Nasdaq's National Market continued listing requirements and its bid price maintains $1.00 for 30 consecutive trading days.
About Starbase
Starbase Corporation provides enterprise management solutions that address the full software development lifecycle. The company leverages its enterprise software solutions and key partnerships with established industry leaders to deliver an end-to-end management solution. The combined approach of leading technology, best-fit solutions and professional implementation services enables Starbase customers to speed the application development process, resulting in improved bottom-line performance.
More than 4,000 customers, including AIG, CAE and Hutchison 3G and have embraced the Starbase solutions and services methodology to meet their business objectives. For more information about Starbase and its 11 year history, please visit the company's website at www.starbase.com .
Forward Looking Statements
When used in the preceding discussion, the words "believes, expects, or intend to" and similar conditional expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, (i) conditions in the general economy or the software industry, (ii) the timely development and market acceptance of products and technologies, (iii) competitive factors, (iv) demand for team productivity software products, (v) sell-through of products in the sales channel, and (vi) other risks described in Starbase Corporation's SEC reports and filings.
Contact for investor inquiries:
Company contact:
Starbase Corporation
Doug Norman, Chief Financial Officer
714/445-4445
doug.norman@starbase.com
Investor contact:
Market Street Partners
Carolyn Bass/Chris Finley
415/321-2444
starbase-ir@marketstreetpartners.com
SOURCE: Starbase Corporation |
