IELSF-Flight to Fortune Or? Message Board

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Microcap & Penny Stocks : IELSF-Flight to Fortune Or?

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To: hcm1943 who wrote (515)	3/25/1999 3:26:00 AM
From: Intrepid1	Read Replies (1) of 520

Management change maybe? Delisting definitely! Just found this news: Applies to -- IELSF Interactive Entertainment Receives Notice of Delisting Interactive Entertainment Receives Notice of Delisting MEMPHIS, TENN. (March 25) BUSINESS WIRE -March 24, 1999--Interactive Entertainment Limited (Nasdaq:IELSF) announced today that it had received notification late this afternoon that the company's securities would be delisted from The Nasdaq Stock Market (Nasdaq) effective with the close of business today. The company originally received notice from Nasdaq on October 5, 1998 that it no longer met Nasdaq's requirement for maintaining a minimum $1.00 bid price and that its securities would be subject to delisting on January 5 unless the price of its common stock traded above $1.00 for ten consecutive days. The company delayed the delisting by requesting a hearing before a Nasdaq panel. The hearing was held on February 26, 1999 at which time the company requested an extension to May 31, 1999 following the company's annual meeting at which the shareholders would have been asked to approve a reverse stock split designed to bring the company back into compliance. The decision today reflects the hearing panel's decision not to grant that extension. According to written notice received by the company, "the Panel noted that the Company has failed to comply with the minimum bid price requirement...In addition, the Panel lacked confidence in the Company's ability to sustain compliance with the minimum bid price requirement subsequent to the effectuation of a reverse stock split, particularly in light of the 'floating rate' convertible preferred stock currently outstanding." The company has 15 days in which to file an appeal of the delisting. A successful appeal could reverse the panel's decision but would not delay the delisting. The notice from Nasdaq grants an exemption that will allow the company's stock to begin trading immediately on the OTC Bulletin Board. -0- KO/na* CONTACT: Interactive Entertainment Limited, Memphis Michael Irwin, 901/685-0200 KEYWORD: TENNESSEE INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED TRAVEL/AIRLINES ENTERTAINMENT Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com

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