@Track Obtains Listing in Good Standing on Nasdaq SmallCap Market.Business Editors & Technology Writers RICHARDSON, Texas--(BUSINESS WIRE)--Aug. 6, 2001 @Track Communications, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on SCP (1) (Service Control Point) A node in an SS7 telephone network that provides an interface to databases, which may reside within the SCP computer or in other computers. : ATRKC), a leading provider of wireless-based vehicle fleet management and intelligent mobile asset-tracking solutions, today announced that it successfully retained its listing on the Nasdaq SmallCap Market. On July 3, the Nasdaq Listing Qualifications Panel issued an order ending the de-listing proceedings against the company, holding that the company's listing is now in good standing. Effective Aug. 7, 2001, Nasdaq will change the company's ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors from ATRKC to ATRK, removing the "C" designation for conditional listing. "This is a very important accomplishment for @Track, because it enhances the continued accessibility of our common stock to investors, which we believe should contribute to a fairer market valuation for our company going forward," said Jana Bell, president and chief executive officer. "It is also a significant recognition of the enormous effort that was undertaken by our company, our new strategic partner, Minorplanet Systems PLC, and our stakeholders to complete the re-capitalization. "@Track met every commitment that it made to the Nasdaq Panel to maintain our common stock's conditional listing while we were working on the transaction that enabled us to convert 85 percent of @Track's outstanding senior note debt to common stock," added Bell. "The Nasdaq Panel recognized during its evaluation of our company's business plan and re-capitalization strategy that @Track significantly improved its balance sheet and now complies with the continued listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. . "The Company was also able to obtain exclusive rights to the Minorplanet Vehicle Management Information(TM) (VMI VMI Virginia Military Institute VMI Vendor Managed Inventory VMI Vertical Motion Index VMI Valtakunnan Metsien Inventointi (Finnish: National Forest Inventory) VMI Video Module Interface (TM)) technologies in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. that we believe will position us to be the market leader in the automatic vehicle location See mobile positioning. (AVL (Automatic Vehicle Location) See mobile positioning. ) marketplace in the United States," Bell stated. "Industry experts estimate the AVL market potential at 21 million vehicles, or more than 20 times the size of the market we have been serving with our existing product lines." @Track Communications (www.at-track.com), together with its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Minorplanet Systems USA Ltd., provides intelligent wireless communications products and services using state-of-the-art technologies and networks. With customers including Wal-Mart, CFI CFI abbr. cost, freight, and insurance and member companies of SBC (1) (SBC Communications Inc., San Antonio, TX, www.sbc.com) A large, national telecommunications company that grew from a multitude of local and regional companies, including Southwestern Bell, Pacific Bell and Nevada Bell, into a single, unified brand by 2002. Communications, Inc., the company offers mobile communications, emergency dispatch, fleet management and mobile-asset-tracking systems. Currently holding 45 U.S. and foreign patents, with additional patents pending, @Track offers industry leading, innovative, vehicle fleet management solutions through its ability to combine wireless data and voice technologies with GPS-satellite-tracking capabilities. @Track is headquartered in Richardson, Texas. Legal notice to investors: Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the company "expects," "believes," "anticipates" or words of similar import. Similarly, statements that describe the company's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements generally involve known and unknown risks, uncertainties and other facts, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: ability to sustain or increase share price; ability to successfully commercially exploit VMI technology in North America; acceptance of product offerings; market conditions; general economic and business conditions; business abilities and judgment of management and personnel; and changes in business strategy. For a listing of risks applicable to the future prospects of the company, please refer to the reports filed with the SEC, such as recent 10-K and 10-Q Reports. "@Track Communications" and the red orb logotype are trademarks and service marks of @Track Communications, Inc. "Minorplanet Systems USA," "Vehicle Management Information" and "VMI" are trademarks and service marks of Minorplanet Limited, a wholly owned subsidiary of Minorplanet Systems PLC. "Minorplanet" is a federally registered trademark and service mark of Minorplanet Limited. |
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