| NetNation
Regains Compliance for Continued Listing on Nasdaq SmallCap
Market [8th July 2003]
VANCOUVER, BRITISH COLUMBIA, Jul 8,
2003 (CCNMatthews via COMTEX) -- NetNation Communications,
Inc. (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.
NetNation Communications, Inc.
Jay Elliott
(604) 688-8946 ext. 216
Email: mr@netnation.com
Website: www.netnation.com |
