NetNation Regains Compliance for Continued Listing on Nasdaq SmallCap Market
Vancouver, BC July 8, 2003 -
NetNation Communications, Inc. (Nasdaq: NNCID) announced today that it has received a Letter of Notice from Nasdaq dated July 7, 2003, stating that the Company has demonstrated compliance with the minimum closing bid price requirement of US$1.00 per share for ten consecutive trading days, thus granting the Company continued listing on the Nasdaq SmallCap Market.
Nasdaq Listing Qualifications noted that NetNation has regained compliance with Marketplace Rule 4310(c)(4), under which is stipulated the US$1.00 minimum closing bid price requirement, and that this matter is now closed.
NetNation appealed its case before a Nasdaq Listing Qualifications Panel,
after being notified on January 7, 2003, that it did not meet listing requirements
for Nasdaq SmallCap at that time. In accordance with Nasdaq Marketplace Rule
4310(c)(8)(D), the Company was afforded an additional 180 day grace period,
through July 3, 2003, to evidence compliance with the US$1.00 or greater closing
bid price per share for a minimum of ten consecutive trading days.
About NetNation Communications, Inc.
NetNation Communications, Inc. (http://www.netnation.com) is a pioneer in web
hosting and domain name registration. With more than six years in operation,
the Company offers enhanced-dedicated servers, co-location, shared hosting and
managed services to clients worldwide. NetNation is recognized by industry evaluators
for its excellent customer service and support, as reflected by its frequent
top web host rankings worldwide. The Company was recently ranked the fourth
fastest growing company in British Columbia by Business in Vancouver magazine,
based on percentage revenue growth from 1997 to 2001. NetNation recently announced
plans to merge with Hostway Corporation.
This release contains forward-looking statements within the meaning of the
"safe harbor" provisions of the U.S. Private Securities Litigation Reform Act
of 1995. These statements are based on management's current expectations and
beliefs and are subject to a number of risks and uncertainties that could cause
actual results to differ materially from those described in the forward-looking
statements. These risks and uncertainties include the following: (1) technological
changes or changes in the competitive environment adversely affecting the service-packages,
market share, revenues or margins of the combined business; (2) changes in general
economic, financial or business conditions adversely affecting the combined
business or the markets in which it operates and adversely affecting future
revenues; (3) availability of financial resources to carry out plans; (4) authorization
from third parties to carry out plans; and ; (5) ability to maintain compliance
with all criteria for continued listing on the Nasdaq SmallCap Market. The matters
discussed in this news release also involved risks and uncertainties described
from time to time in NetNation's filings with the Securities and Exchange Commission,
including the most recent Form 10-K filed on February 11, 2003 and Form 10-Q
filed on May 13, 2003. NetNation assumes no obligation to update any forward-looking
information contained in this news release.
NetNation is a registered trademark of NetNation Communications, Inc. and DomainPeople is a trademark of DomainPeople, Inc. All other products and company names are the trademarks or registered trademarks of their respective owners.
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