Update on (delayed) listing....
ragingbull.com
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By: ferncuc
Reply To: None Sunday, 23 Apr 2000 at 9:34 AM EDT
Post # of 5603
It may be a while before we see the Nasdaq.....
In a recent reesponse from the CEO of FBCE, to some concerns I had, he replied as follows:
Application to Nasdaq:
When we qualified (30 consective days of share price above $5 per share), we applied to Nasdaq. Then the Nasdaq took a
nose dive, and became unstable recently, and our share price like many other stocks fell. In our case when the share price fell below $5 per share for more than 5 days, we were disqualified from Nasdaq and withdrew our application. We will reapply, once we re-qualify.
If we had put out a news release we would have been raising expectations pre-maturely, and would have to make another
announcement of pulling the application back, this only adds to the already volatilile environment.
We are not trying to keep any imporant information from the public, but we also do not want to raise expectation
pre-maturely. As I have said in many of my news releases FiberCore's long term prospects are quite positive, as we have announced the results of last year and 4th quarter 1999, this should have been more clear to the investors and our shareholders.
We prefer to announce facts, and not expectations.
To announce future events, or talk about things that are not completely done, would require a large investor relation staff which we do not have, nor can we afford it at this time. Making predictions on the company performance, and updating it quarterly is
a big job. We just do not have the resouces to do so.
We are very busy building a quality company with stronger fundamentals year by year. We hope that our shareholders have the patience. We are in a time that demands for our products far exceed our capacity to produce. We are doing everything we can to increase capacity, and have made public announcements alluding to doing this.
What else can we do? What can we announce? Can we say the same thing every other week? If I could, I would. What we
plan to do takes months and years, not weeks.
What has happended in the stock market lately makes any news release meaningless anyway. I have received comments from some brokers about my last news release, saying why bother, it is falling on deaf ears.
This morning on CNBC people were asking questions as to why Microsoft went down, when they actually announced very
strong earning, beating the Street expectations. The answer they got from the expert guest on CNBC was that nowadays the investors are concerned what market segement they are in, such as technology, new economy, old economy, etc. and not an individual stock. Nobody pays attention to the news was another comment.
I understand your frustration as well as anyone. We will try to get research coverage on FiberCore, but this is not entirely under our control. Many of the fiber optic companies are experiencing the same kind of problem as we are. OCCF for example is down from a high of $62 per share to around $23. GLW is down from the high of $225 to as low as $135. We went down from high of over $10 to as low as $2.85. All occured in matter of weeks, as part of the Nasdaq crisis.
Until the market stabilizes, there is probably not much we can do to help the situation. I am just as frustrated as you are. Please be paient, and look to long term.
Thanks for your interest in FiberCore.
Mohd Aslami
President, CEO |
