Conolog Reiterates Position On Reverse Split
SOMERVILLE, N.J.--(BUSINESS WIRE)--April 20, 2001--Conolog Corporation (NASDAQ:CNLGD, CNLGW) announced earlier today that it has effected a one-for-four reverse split of its common stock. In response to shareholder inquiries, the Company issues the following statement.
Conolog President, Robert Benou, explains, "Notice was received from Nasdaq that the Company's common stock failed to maintain the minimum bid price requirement for continued listing on the Nasdaq SmallCap Market. The Company has until July 11, 2001 to comply with Nasdaq's rules. In an effort to address the Company's belief that its common stock is undervalued by the market and to comply with Nasdaq's listing rules, the Company has implemented a one-for-four reverse split of its common stock issued and outstanding as of the close of business on April 19, 2001. The reverse split is effective as of the opening of business today. A mandatory share exchange will be required to effect this reverse split. Therefore, shareholders of the record date will be required to surrender their shares to the Company's transfer agent for reissuance. Shareholders are not required to surrender their stock certificates by any mandatory deadline."
Benou continued, "Having the stock trade above $1.00 per share will help the Company maintain its Nasdaq listing. It will also have a positive impact on our current efforts to seek financing to support additional acquisitions that have the potential to increase the Company's revenues and earnings."
"As the Company produces positive developments, hopefully the marketplace will acknowledge them, which should increase shareholder value over the long term," Benou summarized.
About Conolog Corporation:
Conolog Corporation provides engineering and design services, technical personnel placement, and computer maintenance services to a variety of industries, government organizations, and public utilities nationwide. The Company's INIVEN division manufactures a line of digital signal processing systems, including transmitters, receivers and multiplexers.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased level of competition, new products introduced by competitors, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
CONTACT:
Conolog Corporation
Robert Benou, President
908/722-8081
or
National Financial Network
Geoffrey Eiten, Investor Relations
781/444-6100, ext. 613
geiten@nfnonline.com
www.nfnonline.com/cnlg
KEYWORD: NEW JERSEY
BW2283 APR 20,2001
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