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Technology Stocks : Internap Network Services Corporation -- Ignore unavailable to you. Want to Upgrade?

To: Jibacoa who wrote (573)	4/28/2003 2:34:56 PM
From: Dave B	Read Replies (1) \| Respond to of 1011

Just received this from INAP: FOR IMMEDIATE RELEASE Internap Receives Extension of NASDAQ Listing, Sets Record Date for 2003 Annual Meeting ATLANTA, GEORGIA – April 28, 2003 – Internap Network Services Corporation (NASDAQ:INAP), the leading provider of mission-critical information services over the Internet, today announced that Nasdaq has extended the company’s SmallCap Market listing. The extension was granted through July 21, 2003 pursuant to amended rules enacted last month by the Securities and Exchange Commission. Also last month, Nasdaq submitted further extensions to minimum bid price compliance periods for SEC approval. “We believe regulators recognize that many sound companies in the past have had no choice but to take actions in response to listing deadlines,” said Gregory A. Peters, President and Chief Executive Officer of Internap. “This positive move by Nasdaq affords Internap the opportunity to consider whether to execute a reverse stock split in light of fundamental business and capital structure considerations, as opposed to an imposed deadline.” In December 2002, the company received approval from its shareholders at a special meeting for a reverse stock split ranging in increments of five from 1:5 to 1:30. Under the terms of that shareholder approval, the company’s board of directors may, but is not obligated to, effect a reverse stock split. Walter G. DeSocio, Chief Administrative Officer and General Counsel of Internap, said: “Recent changes by Nasdaq to its minimum bid price rules as well as the possibility of additional changes are good policy for listed companies and the investing public. As a result, companies such as Internap can more effectively focus on long-term solutions to the current difficult and perhaps unique set of market and economic conditions.” The company also announced that it had set April 21 as the record date for its 2003 annual shareholders meeting which will take place in Atlanta on June 17.