New Visual Entertainment, Inc. Reports Status Of Nasdaq Listing Application
SAN DIEGO--(BUSINESS WIRE)--Jan. 8, 2001--New Visual Entertainment, Inc. (OTCBB:NVEI), a pioneer in the development of proprietary transmission technology focused on delivering the ultimate "last mile" solution, today announced that, for various reasons, it has decided to withdraw its application to list the company's common stock on the Nasdaq SmallCap Market.
Ray Willenberg, Jr., New Visual's President and Chief Executive Officer, stated, "Since we first applied for the listing in June, a number of encouraging developments have occurred and clearly the climate on Wall Street has changed. The withdrawal of our Nasdaq application represents our view of the best strategy for successful development and commercialization of the Company's broadband transmission technology considering the opportunities presently before us. Should we decide to re-evaluate the merits of a Nasdaq listing, the Company will have the opportunity to reapply, assuming it meets all of the SmallCap or National Market listing requirements."
About New Visual Entertainment, Inc.
New Visual is pioneering the development of a proprietary broadband transmission technology with the mission to utilize existing copper telecommunications infrastructure to deliver high data content to the home or office at VDSL (52Mbps) data transfer rates. Through its New Wheel Technology, Inc. subsidiary, New Visual is developing this technology, which would allow the bundling of voice, video and data over existing copper telephone wires, eliminating the need for fiber optic cable to the home or office. Its initial development efforts are focusing on "Very High rate Digital Subscriber Line" (VDSL), and have demonstrated results exceeding industry standards. New Visual's common stock is traded on the Over-The-Counter Bulletin Board under the symbol NVEI.
This release includes forward-looking statements regarding the development and commercialization of the company's proprietary technology and the potential listing of the company's common stock on the Nasdaq SmallCap Market. These statements are made under the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include, among others: risks relating to the development and marketing of the company's proprietary technology and any associated products; New Visual's ability to meet Nasdaq's listing requirements and receive approval for listing; the impact of changing economic and business conditions, particularly in the telecommunications and technology industries; the company's ability to achieve or sustain profitability; possible financing needs; reliance on third parties, including potential suppliers, licensors and licensees; the impact of market competitors and their product and service offerings; risks concerning future technology; and the economic, competitive, governmental, technological and other factors identified in New Visual's filings with the Securities and Exchange Commission.
CONTACT:
New Visual Entertainment Inc.
John Howell, 619/692-0333
jhowell@newvisual.com
KEYWORD: CALIFORNIA
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