(COMTEX) B: GLOBAL INTELLICOM DISPUTES NASDAQ'S DELISTING DECISION
B: GLOBAL INTELLICOM DISPUTES NASDAQ'S DELISTING DECISION
NEW YORK, Oct. 22 /PRNewswire/ -- Global Intellicom, Inc. was informed
by the Nasdaq Stock Market on October 21, 1998 that a hearing panel
determined to delist the Company's securities from the Nasdaq Stock
Market effective on October 21. The Company's management believes that
Nasdaq's delisting decision is unwarranted, and intends to seek a
review of the decision of the hearing panel by the Listing Council of
Nasdaq. The decision of the panel failed to take into account the fact
that the Company is now in compliance with Nasdaq's quantitative
standards with respect to minimum net tangible assets and, on an
annualized basis, with respect to net income. The panel's decision did
not even note these facts, although recently closed financing allowed
the Company to meet the minimum net tangible asset requirement and
thereby be in full compliance with Nasdaq's quantitative requirements.
The Company's management believes that the reasons given by the
delisting panel are unsupportable. The panel felt that, because there
is a possibility that conversion of certain convertible preferred stock
would be at a price resulting in shareholder dilution, the Nasdaq's new
corporate governance rule requiring shareholder approval has not been
observed. The Company, however, advised Nasdaq that a shareholders'
meeting to vote on the matter will occur.
For these reasons, the Company intends to seek review of the Nasdaq
panel's decision before the Nasdaq Review Board.
Global Intellicom, Inc. is a systems integration company with
state-of-the-art network cabling and computer integration capabilities;
a staffing and training company and a value-added manufacturer and
reseller of network services and PC workstations, client servers and
warehouse data storage devices and through the full use of its
resources, Global's mission is to be the information technology
resource for its customers and to offer a "Total System" solution,
located in New York City, Pittsburgh and Exton, Pennsylvania, and the
Washington D.C. metro area.
SOURCE Global Intellicom, Inc.
-0- 10/22/98 /CONTACT: Jonathan Destler of
Destler Services, 212-734-2000, or fax, 212-744-8432; or Jay Greig of
Liberty Capital, 360-676-8072, both for Global Intellicom/
CO: Global Intellicom, Inc. ST: New York IN: CPR SU:
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