Adatom, Inc. Announced Delisting From the Nasdaq SmallCap Market.Business Editors MILPITAS, Calif.--(BUSINESS WIRE)--Dec. 4, 2000 Adatom, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ADTM ADTM Antenna Deployment and Trim Mechanism (aerospace engineering) ) announced today that the Nasdaq Listing Qualifications Panel has decided to delist the company's common stock from the Nasdaq SmallCap market as of the opening of the market on Dec. 4, 2000. Nasdaq's decision is the result of the company's inability to meet the net tangible assets Net Tangible Assets Calculated as the total assets of a company, minus any intangible assets such as goodwill, patents and trademarks, less all liabilities and the par value of preferred stock. Also known as "net asset value" or "book value". requirement for its common stock. The company's common stock will continue to be traded on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the symbol ADTM. "We are continuing our efforts to secure $4 million in funding which will give us the operating capital Noun 1. operating capital - capital available for the operations of a firm (e.g. manufacturing or transportation) as distinct from financial transactions and long-term improvements capital, working capital - assets available for use in the production of further assets to achieve profitability in the first half of 2001. As well, we are not in receipt of the previously announced 3 million equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. with Mr. Li Yuanhao," stated Richard Barton, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Adatom, Inc. "We are attempting, renegotiating and continuing discussions with Li Yuanhao and a Chinese conglomerate to consummate a strategic investment and relationship. Successful conclusion of either of these actions given our recent restructuring, reduced spending, and revenue prospects may allow us to meet the Nasdaq SmallCap net tangible assets and public interest criteria." About Adatom, Inc.: Headquartered in Milpitas, Calif., Adatom, Inc. is a creator, enabler and operator of electronic marketplaces worldwide, facilitating direct exchanges between buyers and sellers. Adatom, Inc. has strategic partnerships in China, including alliances with the China Product Trade Net Center, the Yangling Agricultural Hi-Tech Industrial Demonstration Zone, the ShenZen Bay Industrial, Education and Research Center, the China Federation of Industrial Economics and the Shanghai Longwu Fruit Company. For more information on the company visit http://www.adatomchina.com. For information regarding Adatom, Inc. contact Gary Trump at 888/864-9596, email gary@thefinancialglobe.com or log on to http://www.thefinancialglobe.com. Disclaimer: Statements in this news release that are not descriptions of historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects," "intends," "anticipates" and "likely" also identify forward-looking statements. All forward-looking statements are based on current facts and analyses. Actual results may differ materially from those currently anticipated due to a number of factors including, but not limited to history of operating losses, competition, future capital needs, the need for market acceptance, dependence upon third parties, disruption of vital infrastructure and intellectual property rights. All forward-looking statements are made pursuant to the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and Reform Act of 1995. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission. |
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