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Electric City Corp. Announces A Status Update on NASDAQ Compliance 10/8/99 11:50:00 AM ELK GROVE VILLAGE, Ill., Oct 8, 1999 (BUSINESS WIRE) -- Electric City Corp. ECCC announces today that the process to become a fully reporting company on the NASDAQ exchange is continuing on schedule. The SB 10, which is available for all shareholders to review on the SEC/EDGAR website, has been filed as of September 13th , 1999. The comments from the appropriate authorities are due within 30-45 days after submission, which is in the next week. Our auditing firm, BDO Siedman, LLP Accountants and Consultants and Electric City Corporation are prepared to respond to these comments in a timely manner, assuring compliance. According to our corporate council and BDO, all over-the-counter bulletin board stock symbols will receive an additional letter, i.e. an "e," at the end of their standard symbol to indicate that they are within thirty days of the scheduled phase-in date. The significance of this new ECCCe symbol does not extend beyond the timing issue. BDO wrote ECCC a letter to this effect, which stated: "You have inquired regarding the additional letter that NASDAQ will place after the Company's trading symbol beginning next week. The Company currently trades on the OTC Bulletin Board. Earlier this year, NASDAQ instituted new reporting requirements. To continue trading on the OTC Bulletin Board, NASDAQ is requiring companies to become periodic filers with the SEC. A periodic filer is a company that files Forms 10-Q and 10-K within the prescribed reporting time periods. The Company has taken the required steps to become a periodic filer with the SEC, Form 10-SB and, is currently awaiting SEC comments. NASDAQ gave the Company a phase-in date of November 2, 1999 to become a periodic filer. Approximately 30 days prior to the Company's required phase-in date NASDAQ performed a search to determine whether the Company was in compliance with the new reporting requirements. As the Company's Form 10-SB had not been cleared by the SEC, as of the search date, NASDAQ will add an additional letter to the Company's trading symbol. This letter indicates to traders that the Company is not currently in compliance with NASDAQ's new reporting requirements. Once the Company's Form 10-SB is cleared the letter will be removed. The additional symbol is being added to all companies that are within 30 days of their phase-in date..." signed Richard Krieberg, Partner with BDO. Stephanie Cox, VP of Corporate, Marketing, and Investor Relations has received multiple inquiries concerning various rumors that have been circulating regarding our company; Electric City Corp. encourages any and all shareholders who have concerns about our organization to call Ms. Cox directly, as opposed to relying on third party information. "Being the largest shareholder of ECCC and holding the rank of CEO and Chairman of the Board, it is my number 1 goal to not only ensure compliance concerning our filings, but see that ECCC achieves regular NASDAQ status before the end of the quarter. I have been working to bring Electric City and the EnergySaver to the year 2000 and beyond: having developed a new state-of-the-art controller which has increased functionality of the unit significantly and having structured the organization to handle the rapid growth we are experiencing. Announcements regarding the specifics of our activities will begin in the very near future," stated Joseph C. Marino, CEO and Chairman of the Board of Electric City Corp. Electric City Corporation markets and manufactures the EnergySaver products that offer savings in the range of 20% to 50% to the commercial sector on their utility bills and lighting related expenses. Some of Electric City's clients include, Tru Vue, a subsidiary of APOGEE ENTR (APOG), Gart Sports/ Sportmart, ITT McDonnel & Miller, and automobile dealerships including Ford and Dodge. Except for the historical information contained herein, this press release contains forward-looking statements within the meaning of Section 27A of the Securities Exchange Act o f 1934 as amended, and are subject to the safe harbors created thereby. The Company's future actual results could differ materially from the forward-looking statements discussed herein. For additional information please contact: Electric City's Stephanie Cox, Vice President of Corporate Marketing and Investor Relations at 847-437-1666. Copyright (C) 1999 Business Wire. All rights reserved. Distributed via COMTEX. -0- CONTACT: Electric City Corp. Stephanie Cox, 847/437-1666 WEB PAGE: businesswire.com GEOGRAPHY: ILLINOIS INDUSTRY CODE: ENERGY UTILITIES Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. Send Article to a Friend | ||||||||||||
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