The following press release was published on Business Wire after the market closed on on April 6, 1999:
IMP TRADES ON NASDAQ SMALLCAP MARKET
The first three paragraphs of the release state:
SAN JOSE, CA., April 6, 1999 - Analog integrated circuit manufacturer IMP, Inc. (Nasdaq: IMPX) today announced that effective at the opening of business on Wednesday April 7, 1999, its common stock will be traded on the Nasdaq SmallCap Market.
IMP continues to comply with all the enumerated Nasdaq National Market listing requirements. However, the Company has advised Nasdaq that it does not meet the temporary higher net tangible asset requirement of $6.5 million as of March 31, 1999 required by Nasdaq, as described in an IMP press release dated January 13, 1999.
"Based on preliminary results, compared to the third quarter we expect to record an increase in revenue for the fourth quarter which ended on March 28, 1999. However it was not sufficient to meet the additional requirements imposed by the Nasdaq listing panel," said Phil Ferguson, IMP president and CEO. "We will publish the final fourth quarter, together with fiscal 1999 year-end, results following the annual audit in about six weeks."
The full text of this release is posted on the IMP website at impweb.com
Statements in this press release regarding IMP's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties, including, but not limited to demand for the Company's products, foundry utilization, the ability of the Company to develop, manufacture and market new products, demand by end-users for the products produced by the Company's customers, and the other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q |
