To: Mahatmabenfoo who wrote (91 ) 1/17/2003 5:21:06 PM From: Mahatmabenfoo Respond to of 1150 PRESS RELEASE: Rare Medium Announces Delisting From Nasdaq NEW YORK--(BUSINESS WIRE)--Dec. 23, 2002--Rare Medium Group, Inc. (symbol: RRRR) today reported that it had received notice following the close of business on Friday, December 20, 2002, that the Company's common stock will be delisted from The Nasdaq Stock Market as of the open of business on Monday, December 23, 2002. The notice was contained in a decision by the Nasdaq Listing and Hearing Review Council (the "Listing Council") overturning the August 19, 2002 decision by the Nasdaq Listing Qualifications Panel to permit the Company's common stock to remain listed. The Council cited Nasdaq Market Rules 4300 and 4330(a)(3) as the basis for the decision, focusing on the Company's ability to maintain compliance with the continued listing requirements over the long-term and what the Council perceived as a lack of "tangible business operations." According to the notice, Rare Medium's common stock is not immediately eligible to trade on the OTC Bulletin Board. Accordingly, trading likely will be conducted in the "pink sheets" and may result in a reduction in the liquidity and the trading volume of the Company's common stock. This lack of liquidity may also make it difficult for the Company to raise additional capital, if necessary. In addition, the delisting from the Nasdaq National Market has resulted in an event of non-compliance under the provisions of the Company's preferred stock. If the Company is unable to obtain a waiver of this event of non-compliance, the preferred stockholders will be entitled to elect a majority of the members of the board of directors