Kanakaris Applies to Become First American Internet Company Listed on Stockholm Stock Exchange;
Application Follows Presentation by Exchange Rep At Kanakaris Board Meeting in London
LONDON, March 20 /PRNewswire/ -- Kanakaris Communications, Inc. (OTC Bulletin Board: KKRS) announced today that it has applied to become the first American Internet company to be listed on the Stockholm Stock Exchange. The Kanakaris Board unanimously adopted a resolution of application following a presentation by a representative of the Stockholm Exchange at the Kanakaris Board meeting in London on March 18.
"The Stockholm Exchange has been referred to as the future Nasdaq of Europe, and the Nordic countries are leading the way in the wireless delivery of the Internet. Kanakaris, as a downloadable content leader, is strategically interested in expanding our business in this region. We also want to take the universal appeal of Hollywood, which we make available to Internet users on our web site through the online delivery of movies, to an increasing worldwide audience," said Alex Kanakaris, CEO, Kanakaris Communications, Inc.
The application process to the Stockholm Exchange will take several months, and there is no assurance that the Company will be listed. However, Kanakaris, based on the presentation and materials received at its Board meeting, believes it currently meets the listing requirements and hopes to be listed during the year 2000.
It is also part of the strategic plan of Kanakaris to apply for Nasdaq SmallCap listing. The Company currently has not met the stock price listing criteria for this listing and there can be no assurance that it will. However, the Company will file its application to Nasdaq SmallCap immediately at such time as it believes that it will meet listing requirements. Currently, the Company believes it meets these requirements in terms of stock float, number of shareholders, history of operations, and market capitalization.
More About Kanakaris:
Kanakaris is introducing revenue-producing programs to enhance shareholder value through advertising, subscription and pay-per-view business models for its direct over-the-Internet delivery of entertainment content. Over 18 million hits were received per month to the Kanakaris web portal www.KKRS.Net in both January and February.
This news release contains forward-looking statements within the meaning of the private Securities Litigation Reform Act of 1995 (the "Act"). In particular when used in the preceding discussion, the words "plan," "confident that," "believe," "expect," "intend to" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to risks and uncertainties, and actual results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings, and other risks.
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SOURCE: Kanakaris Communications, Inc.
CONTACT: Colby Marceau, director of Public/Investor Relations of Kanakaris Communications, Inc., 714-444-0560, info@kanakaris.com |
