SmartServ Takes Steps to Maintain Nasdaq Listing in Response to Nasdaq Staff Determination of Non-Compliance With Listing Requirements
STAMFORD, Conn., May 30 /PRNewswire-FirstCall/ -- Smartserv Online, Inc. (Nasdaq:SSOL) announced that on May 23, 2002, it received a Nasdaq Staff Determination indicating that the Company fails to comply with the Net Tangible Assets requirements for continuing listing set forth in Marketplace Rule 4450(a)(3) of the NASD. Therefore, its securities are subject to delisting from The Nasdaq National Market. The Company has requested a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. A date for this hearing has not yet been established, and the Company has been advised that NASDAQ will not take any action to delist its common stock pending the results of the hearing. There can be no assurance the Panel will grant the Company's request for continued listing.
SmartServ recently announced that is has signed an agreement to provide the Company with an initial round of equity financing, consisting of the sale of common stock and warrants to purchase additional common stock. The parties expect to close and complete the financing upon receipt of Nasdaq approval and the satisfaction of customary closing conditions. This financing is the first of several contemplated financings that in the aggregate should move SmartServ back into compliance with Nasdaq National Market listing requirements. There is no assurance, however, that the Company will be able to complete all or any of the contemplated financings or that the net proceeds of such financings will be sufficient to comply with Nasdaq National Market listing requirements.
About SmartServ
SmartServ (Nasdaq:SSOL), founded in 1993, is a B2B wireless technology leader with a focus on providing financial institutions and network service providers with potent, real-time financial applications and transaction routing systems for virtually any portable device, such as PDAs, RIM and mobile handsets, over any wireless network, including GSM, CDMA and the future 3G. SmartServ's products include sophisticated engines capable of routing high-volume transactions, alerts, real-time global market quotes, and news to multiple destinations; proprietary W2W Middleware(TM) that configures content and applications for a wide array of devices and networks; and a suite of applications designed so that businesses and their customers can access real-time or streaming information in order to make critical financial decisions. Visit SmartServ at smartserv.com .
Forward-Looking Statements
This news release may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements in this document and those made from time-to-time by the Company are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements concerning future plans or results are necessarily only estimates and actual results could differ materially from expectations. Certain factors that could cause or contribute to such differences include, and are not limited to, potential fluctuations in quarterly results, the size and timing of awards and performances on contracts, dependence on large contracts and a limited number of customers, dependence on wireless and/or internet networks of third-parties for certain products and services, lengthy sales and implementation cycles, changes in management estimates incident to accounting for contracts, availability and cost of key components, market acceptance of new or enhanced products and services, proprietary technology and changing technology, competitive conditions, system performance, management of growth, the risk that the Company's current and future products and services may contain errors or be affected by technical problems that would be difficult and costly to detect and correct, dependence on key personnel and general economic and political conditions and other factors affecting spending by customers, and other risks described in the Company's filings with the Securities and Exchange Commission.
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SOURCE Smartserv Online, Inc.
CO: Smartserv Online, Inc.
ST: Connecticut
SU:
prnewswire.com
05/30/2002 15:55 EDT |
