MAII Holdings Inc. Provides Additional Information Related to Aug. 16 Nasdaq Decision
LOS ANGELES--(BUSINESS WIRE)--Aug. 30, 2001--MAII Holdings Inc. (MAII) today released the following statement relating to an earlier decision by the Nasdaq Stock Market to delist the company from the Nasdaq National Market on Aug. 16, 2001.
Chris Tyler, chairman and chief executive officer of MAII, stated, "Nasdaq delisted MAII because it considered the company to lack assets. On the day the company was delisted we announced reaching agreement with GenesisIntermedia Inc. to acquire Car Rental Direct.com, and subsequently, we closed the transaction on Aug. 23, 2001.
"In light of the acquisition we have asked the Nasdaq review panel to reconsider the decision to delist and we are currently in the process of providing the information required for the panel to reconsider its decision. We believe that this acquisition returns our status to full Nasdaq qualification levels, however we can give no assurances of being successful in asking the panel to relist. If we are not successful we intend to pursue all avenues to re-establish our listing on the Nasdaq NMS. For now, we are being quoted on the over the counter market."
MAII shares closed yesterday, Aug. 29, at $3.75 on volume of 10,600. As of that date, MAII had a cash position of approximately $15 million, and 6.8 million shares outstanding.
This press release may contain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements of intent, belief or current expectations of MAII Holdings and its management. Such forward-looking statements are not guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from the results discussed in the forward-looking statements. Risks and uncertainties that may cause such differences include, but are not limited to, the possibility that the company may be unable to regain compliance with NASDAQ National Market continued listing requirements, the company's appeal to maintain listing on the NASDAQ National Market may be unsuccessful, and other risk factors detailed in the company's Securities and Exchange Commission filings, including the company's Form 10-K for the year ended Dec. 31, 2000.
CONTACT:
MAII Holdings Inc.
Chris Tyler, 469/241-9587
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