INIT Interliant To Appeal Nasdaq Delisting Notice; Company's Common Stock
Continues to Trade Pending Hearing Outcome
PURCHASE, N.Y., May 17, 2002 (BUSINESS WIRE) -- Interliant, Inc. (Nasdaq:INIT),
a leading provider of managed infrastructure solutions, announced that late
yesterday it received a Nasdaq Staff Determination indicating that the Company
failed to comply with the minimum market value of the publicly held shares
requirement and the minimum bid price requirement for continued listing under
Marketplace Rules 4450(b)(3) and (4), respectively. The Company's securities,
therefore, are subject to delisting from The Nasdaq National Market.
On or before May 23, 2002, the Company will request a hearing before the Nasdaq
Listing Qualifications Panel to appeal the Staff Determination and, under
Marketplace Rules, the hearing will be scheduled, to the extent practicable,
within 45 days of this request. Pending a final decision by the Nasdaq Listing
Qualifications Panel, the Company's common stock will continue to trade on The
Nasdaq National Market. There can be no assurance as to the outcome of the
appeal. If the Company is unsuccessful on appeal and its common stock is
delisted from The Nasdaq National Market, the Company intends to apply for
listing on the OTC Bulletin Board or another quotation system or exchange on
which the Company's stock could qualify.
About Interliant
Interliant, Inc. (Nasdaq:INIT) is a leading provider of managed infrastructure
solutions, encompassing messaging, security and hosting plus an integrated set
of professional services products that differentiate and add customer value to
these core solutions. The company makes it easier and more cost-effective for
its customers to acquire, maintain and manage their IT infrastructure via
selective outsourcing. Interliant sells to the large/enterprise market through
its direct sales force and to the small and medium-business market (SMB) through
its INIT Branded Solutions program, which allows companies to private label its
offerings. Headquartered in Purchase, NY, Interliant has forged strategic
alliances and partnerships with the world's leading software, networking and
hardware manufacturers, including Check Point Software Technologies Inc., DELL
Computer Corporation, IBM and Lotus Development Corp., Microsoft, Oracle
Corporation, Sun Microsystems Inc. For more information about Interliant, visit
www.interliant.com
Interliant and INIT Branded Solutions are trademarks of Interliant, Inc., in the
United States, other countries, or both. Other company, product, and service
names may be trademarks or service marks of others.
This press release contains forward-looking statements that can be identified by
the use of words such as "anticipate," "believe," "estimate," "expect,"
"intend," "may," "will," "plan," "forecast" and similar words and expressions.
Such forward-looking statements involve risks and uncertainties that may cause
actual results, performance, achievements and the timing of certain events to
differ significantly from the results discussed or implied in the
forward-looking statements. Therefore, no forward-looking statement can be
guaranteed. Important factors to consider in evaluating such forward-looking
statements include uncertainty that demand for our services will increase and
other competitive market factors, changes in Interliant's business strategy or
an inability to execute Interliant's strategy due to unanticipated changes in
its business, its industry or the economy in general, unforeseen difficulties in
integrating acquisitions and other factors set forth more fully in Interliant's
Annual Report on Form 10-K for the fiscal year ended December 31, 2001, and
other filings with the Securities and Exchange Commission. It is not possible to
foresee or identify all factors affecting Interliant's forward-looking
statements and investors therefore should not consider any list of factors
affecting Interliant's forward-looking statements to be an exhaustive statement
of risks, uncertainties or potentially inaccurate assumptions. Interliant does
not have a policy of updating or revising forward-looking statements, and thus
it should not be assumed that Interliant's silence over time means that actual
events are bearing out as expressed or implied in such forward-looking
statements.
CONTACT: Interliant, Inc.
Media and Industry Analyst Contact:
Rosanne Desmone, 703/762-1759
rdesmone@interliant.com
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-0-
KEYWORD: NEW YORK
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
NETWORKING
SOFTWARE
SOURCE:
Interliant,
Inc.
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