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Technology Stocks : Claxson Interactive Group Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (57)	8/17/2001 8:21:56 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 66

LCTO to appeal delisting notice: biz.yahoo.com Thursday August 16, 4:29 pm Eastern Time Press Release SOURCE: El Sitio, Inc. Nasdaq Notifies El Sitio of Failure to Comply With Minimum Bid Price Requirement El Sitio Sets September 7, 2001 for Shareholder Meeting to Approve Claxson Transaction BUENOS AIRES, Argentina, Aug. 16 /PRNewswire/ -- El Sitio, Inc. (Nasdaq: LCTO - news) today provided updates regarding the status of its listing on the Nasdaq National Market (``Nasdaq'') and of its proposed merger with Ibero-American Media Partners. Nasdaq Update On May 18, 2001, El Sitio reported that it had received notification from Nasdaq that its common shares had failed to maintain a minimum bid price of $1.00 for 30 consecutive trading days and other listing requirements as required by Nasdaq rules, and that El Sitio would have until August 14, 2001 to regain compliance with Nasdaq's continued listing requirements. On August 15, 2001, El Sitio received a Nasdaq staff determination that El Sitio had failed to comply with the minimum bid price requirement for continued listing set forth in Marketplace Rule 4310 (c)(8)(B) and other listing requirements, and that its common shares would be, therefore, subject to delisting from Nasdaq, effective as of August 23, 2001. El Sitio plans to request a hearing before a Nasdaq listing qualifications panel to review and appeal the staff determination. El Sitio anticipates that Nasdaq will stay the delisting pending resolution of this appeal, although there can be no assurance the panel will grant El Sitio's request for continued listing. The appeal process generally takes approximately 30 days to conclude. As reported on August 8, 2001, El Sitio's Board of Directors has approved a 1-for-10 reverse share split for its common shares. The reverse share split will be effective on August 22, 2001 for shareholders of record as of that date. El Sitio anticipates that this action will allow it to meet Nasdaq's minimum bid price listing requirement, as well as Nasdaq's other listing requirements. Claxson Transaction Update The Securities and Exchange Commission has declared effective the Form F-4 registration statement of Claxson Interactive Group, Inc. (``Claxson''), which is the entity to be formed by the combination of El Sitio and Ibero-American Media Partners and certain other businesses owned by members of the Cisneros Group of Companies. A proxy statement/prospectus pertaining to the merger is being mailed to shareholders of El Sitio in preparation for a shareholders' meeting to be held on September 7, 2001 to approve the transaction. Claxson will be an integrated provider of branded entertainment content targeted to Spanish and Portuguese speakers around the world. Under the terms of the agreement each El Sitio common share will be exchanged for one new common share of Claxson. The combined company will have approximately 18.5 million common shares outstanding. Claxson has applied to Nasdaq to list its shares under the symbol ``XSON.''