Ross Systems, Inc. Notified of Nasdaq Compliance
ATLANTA, May 25 /PRNewswire/ -- Ross Systems, Inc: (Nasdaq: ROSS) The Company today announced that it has been notified that it has evidenced compliance with the listing terms of the Nasdaq Listing Qualification Panel. Accordingly, the Company's securities will remain listed on the Nasdaq National Market and the hearing file is closed. The Company effected a 1-for- 10 reverse stock split of its outstanding shares, approved by the majority vote of its shareholders. The Company's Nasdaq symbol, which had been temporarily changed to "ROSSD" to signal to shareholders and the public that the Company has implemented a reverse stock split, has now been restored to "ROSS."
"The Company's shares had traded in the twenty-day period prior to the reverse split at an average price of $2.93 per share on a comparable post split basis. The Company's shares after the split have traded at an average closing price of $3.91," said Bob Webster, Ross' EVP. "We believe this improved investor confidence is based upon the Company's return to profitability in its two most recently reported quarters, as well as the Company's improved cash position and recent competitive success in the ERP market space."
Ross Systems Inc. is a leading provider of world class enterprise management software and e-business solutions for mid-market process manufacturers. The Ross Systems family of solutions includes the award- winning iRenaissance.ERP, a broad range of Internet-enabled enterprise resource planning and management applications for financials, manufacturing, advanced planning, supply-chain management, maintenance management, transportation management, and materials management. Ross Systems' e-business product family includes digital marketplace applications spanning procurement, sales, Internet trading exchange connectivity, collaboration and employee productivity. More than 3,000 companies around the world use Ross Systems solutions in open systems environments including NT and UNIX. Ross Systems has more than 35 offices around the world to serve its customers. Ross Systems Inc., Two Concourse Parkway, Suite 800, Atlanta, Ga., 30328, 770-351-9600, 1-877-ROSS-INC, rossinc.com .
Safe Harbor
Certain statements in this press release, including the statements regarding the distribution of newly issued shares to shareholders as part of the reverse stock split and the Company's compliance with the continued listing requirements of the Nasdaq National Market are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, including the Company's ability to complete the distribution of newly issued shares to shareholders, the Company's ability to regain compliance with NASDAQ's minimum bid requirement, the inherent volatility and unpredictability of the stock market generally and of the stock prices of technology companies in particular and uncertainty with respect to the effect of reverse stock splits on stock pricing, results may differ materially from those expressed or implied by such forward-looking statements. Investors are also encouraged to read the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended June 30, 2000, and the Company's Quarterly Reports on Form 10-Q for the quarters ended September 30, 2000, December 31, 2000 and March 31, 2001, which are on file with the Securities and Exchange Commission.
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SOURCE Ross Systems, Inc.
CO: Ross Systems, Inc.; Nasdaq
ST: Georgia, New York
IN: CPR MLM STW
SU:
05/25/2001 07:30 EDT prnewswire.com |
