IAWK iAsiaWorks Requests Hearing With Nasdaq to Appeal Delisting Determination
Business Editors
SAN MATEO, Calif.--(BUSINESS WIRE)--Jan. 11, 2002--iAsiaWorks,
Inc. (Nasdaq:IAWK) today requested a hearing to appeal a Nasdaq Staff
Determination that the Company's common stock is subject to delisting
from the Nasdaq National Market. The Company received a letter from
Nasdaq dated January 4, 2002, informing it of this determination based
on non-compliance with various requirements for continued listing set
forth in Nasdaq Marketplace Rules 4450(a)(3). Under Nasdaq rules, the
delisting will be stayed pending the outcome of the hearing. Until
then, the Company's common stock will remain listed and will continue
to trade on the Nasdaq National Market. The hearing is expected to
occur within 30 days of today's hearing request filing. At the
hearing, the Company intends to request an extension of time to come
into compliance with various Nasdaq listing requirements. The Nasdaq
Listing Qualifications Panel, which would conduct the hearing, will
consider the current trading price of the Company's common stock,
trading activity, financial health and other factors affecting the
qualifications to remain on the Nasdaq National Market. There can be
no assurance that the Panel will grant the Company's request for
continued listing. If the appeal is denied, the Company's common stock
will be delisted from the Nasdaq National Market. In such an event,
the Company's common stock will trade on the OTC Bulletin Board's
electronic quotation system, or another quotation system or exchange
on which the shares of the Company may qualify. The Company's
shareholders will still be able to obtain current trading information,
including the last trade bid and ask quotations, and share volume.
About iAsiaWorks
iAsiaWorks (Nasdaq:IAWK), an Asia-Pacific Internet data center
(IDC) company and hosting service provider, offers hosting services in
Taiwan.
Forward Looking Statements
This press release contains forward-looking statements. Actual
results may differ from expectations due to a number of different
factors including: the capital markets, the political, legal and
economic markets in Taiwan, competition in these markets and the
inability to manage the business due to the company's well-publicized
financial problems. The matters discussed in this press release also
involve risks and uncertainties as described in iAsiaWorks' public
filings and most recent Form 10-Q as filed with the SEC.
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CONTACT: iAsiaWorks
Andrew Gidney, 650/524-1790
KEYWORD: CALIFORNIA TAIWAN INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: INTERNET NETWORKING
SOURCE: iAsiaWorks
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