Being delisted. What took them so long?
Wednesday August 9, 7:38 pm Eastern Time
Press Release
K-tel Receives Notice of Potential Delisting and has Appealed
Company has also Applied for Listing on Small Cap Market
MINNEAPOLIS--(BUSINESS WIRE)--Aug. 9, 2000--K-tel International, Inc. (Nasdaq: KTEL - news) announced today that it has been advised by the Nasdaq staff that it is no longer in compliance with all of the requirements for continued listing on the NASDAQ National Market, which include a requirement of a minimum market capitalization or total assets and total revenue of $50 million, and a market value of public float of $15 million.
In May 2000, the Company submitted a plan of compliance, which has not been accepted by the staff of NASDAQ. K-tel has been advised that its securities will be delisted from the Nasdaq National Market at the opening of business on August 14, 2000.
K-tel has appealed the staff's decision and, simultaneously, has applied to list its common stock on The NASDAQ SmallCap Market.
About K-tel International, Inc.
K-tel International is a vertically integrated developer, marketer, and distributor of entertainment and consumer products worldwide. The Company markets its product lines through the Internet (http://www.ktel.com), and to retailers, wholesalers, distributors, or licensees throughout the world. Ktel.com features 250,000 music titles, custom CDs and consumer products. K-tel has active operations in the United States and United Kingdom. For more information on K-tel, or to sign up for the Company's email list, please contact us at ktel@visioncc.net.
Information in this news release of a non-historical nature relates to future events and results of the Company (including certain projections and business trends) that are ``forward-looking statements'' as defined in the Private Securities Litigation Reform Act of 1995. The use of terminology such as ``believe,'' ``may,'' ``expect,'' ``anticipate,'' ``estimate,'' other variations thereof or comparable terminology may identify such forward-looking statements. Actual results and performance may differ materially from expressed forward looking statements because of certain risks and uncertainties, including but not limited to, changes in political and economic conditions, demand for and market acceptance of new and existing products, the impact from competition for Internet content, merchandise and recorded music, dependence on strategic alliance partners, suppliers and distributors, market acceptance of the Internet for commerce and as a medium for advertising, technological changes and difficulties, availability of financing and other risks discussed in the Company's 10-k report for the fiscal year ended June 30, 1999 filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. |
