TTR Receives Notification Regarding Delisting
NEW YORK--(BUSINESS WIRE)--Oct. 10, 2002--TTR TECHNOLOGIES, INC., (Nasdaq NM: TTRE) today announced that it received a NASDAQ Staff determination on October 9, 2002, indicating that Company fails to comply with either the minimum $10 million stockholders' equity requirement or, until November 1, 2002, the minimum $4 million net tangible assets for continued listing on the National Market as set forth in Marketplace Rules 4450(a)(3), and that its securities will be delisted from the Nasdaq National Market System as of the opening of trading on October 17, 2002.
TTR intends to request a hearing to transfer to the Nasdaq SmallCap Market. The hearing request is expected to stay the delisting. For continued listing on the Nasdaq SmallCap market, the Company must, among other things, maintain a per share minimum bid price of $1 and maintain a minimum stockholders' equity of $2.5 million. The Company's securities have closed at a per share price of less than $1 since May 23, 2002. There can be no assurance that the Company will be able to transfer to the SmallCap Market.
If TTR is unable to transfer to the SmallCap Market, then its securities may be eligible for trading on the OTC Bulletin Board or another over-the-counter market, although there can be no assurance that the Company's Common Stock will be eligible for trading on any alternative exchanges or markets.
About TTR Technologies, Inc.
TTR (http://www.ttrtech.com) designs, markets and sells proprietary anti-piracy products. The company has developed and commercialized products for the software and entertainment industries and is expanding its product range and reach through in-house development and joint ventures. In addition to developing SAFEAUDIO(TM), TTR has invested in Digital Rights Management Protection technologies as well as security solutions for the DVD-ROM market. TTR has a joint development and marketing agreement for music CD copy protection with Macrovision Corporation (Nasdaq:MVSN - News). TTR's shares are listed on the Nasdaq National Market (TTRE).
Forward-Looking Statements
All statements contained herein, as well as oral statements that may be made by the Company or by officers, directors or employees of the Company acting on the Company's behalf, that are not statements of historical fact, constitute "forward-looking statements" and are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties are outlined in the Company's Annual Report on Form 10-K for 2001, its Quarterly Reports on Form-10Q, and such other documents as are filed with the Securities and Exchange Commission from time to time. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
CONTACT:
TTR Technologies, Inc.
Samuel Brill, 212/527-7599
Chief Operating Officer
samb@ttrtech.com
or
Stern & Co.
Investor Relations
Truc N Nguyen, 212/888-0044
tnguyen@sternco.com
Media
Stan Froelich, 212/888-0044
sfroelich@sternco.com
SOURCE: TTR Technologies, Inc.
Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com
10/10/2002 16:07 EASTERN |
