Claxson Interactive Group Inc. Announces Nasdaq Delisting Notice And Plans Appeal
BUENOS AIRES, Oct. 14 /PRNewswire-FirstCall/ -- Claxson Interactive Group Inc. (Nasdaq:XSON) (the "Company") announced today that on October 9, 2002, it received a letter from the Nasdaq Listing Qualifications Department indicating that the Company is subject to delisting because of its failure to comply with Marketplace Rule 4320(e)(2)(B), which requires a minimum of (i) U.S.$2,500,000 stockholders' equity or (ii) a market capitalization of U.S.$35,000,000 or (iii) net income of U.S.$500,000, unless the Company requests a hearing prior to the opening of business on October 15, 2002.
The Company has requested an oral hearing before the Nasdaq Listing Qualifications Panel to review the determination reached by the Nasdaq Listing Qualifications Department. The hearing is expected to be scheduled within 45 days of the filing of the hearing request. Under applicable rules, the hearing request will stay the delisting of the Company's securities, pending a decision by the Nasdaq Panel. The Company intends to present a plan to the Nasdaq Panel for achieving and sustaining compliance with Marketplace Rule 4320(e)(2)(B), but there can be no assurance the Nasdaq Panel will grant the Company's request for continued listing. If delisted, the Company would attempt to have its Class A common stock traded in the over-the-counter market via the Electronic Bulletin Board.
Claxson (Nasdaq:XSON) is a multimedia company providing branded entertainment content targeted to Spanish and Portuguese speakers around the world. Claxson has a portfolio of popular entertainment brands that are distributed over multiple platforms through its assets in pay television, broadcast television, radio and the Internet. Claxson was formed in a merger transaction, which combined El Sitio, Inc. and other media assets contributed by funds affiliated with Hicks, Muse, Tate & Furst Inc. and members of the Cisneros Group of Companies. Headquartered in Buenos Aires, Argentina, and Miami Beach, Florida, Claxson has a presence in all key Ibero-American countries, including without limitation, Argentina, Mexico, Chile, Brazil, Spain, Portugal and the United States.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of Claxson's management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a detailed discussion of these factors and other cautionary statements, please refer to Claxson's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on June 27, 2002.
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SOURCE Claxson Interactive Group, Inc.
CO: Claxson Interactive Group, Inc.
ST: Argentina
SU:
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10/14/2002 15:00 EDT |
