Bankrate, Inc. Appeals Nasdaq Initial Findings.Business Editors NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--Dec. 21, 2000 Bankrate, Inc. (formerly ilife.com, Inc.) (Nasdaq:RATE) announced that on December 14th it received a Nasdaq Staff Determination letter indicating that the Company no longer complies with 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 continued listing set forth in Marketplace Rule 4450(a)(3), and that the Company's common stock is, therefore, subject to delisting from The Nasdaq National Market. The Company is appealing this determination by immediately requesting a hearing before a Nasdaq Listing Qualifications Panel. The date for the hearing has not yet been established. The Company has been advised that Nasdaq will not take any action to delist its common stock pending the conclusion of that hearing. There can be no assurance, however, that the Company's appeal will be successful, and its common stock may be delisted from The Nasdaq National Market if the appeal is denied or if the Company decides, for business reasons, not to effectuate alternative remedies. If necessary, the Company would apply to list its common stock on The Nasdaq SmallCap Market, 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. or another quotation system or exchange on which the Company would qualify. "The irony of this situation is that Bankrate is a much better company today than it was a year ago, when there were no questions regarding our listing on Nasdaq," said Elisabeth DeMarse, Bankrate's 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. . "We have done many positive things to right our course and reduce our losses, and in a difficult market we are proving the viability of our business model. As we reported on September 30, 2000, we held $9.6 million in cash and our burn rate is far, far below where it was last year. Frankly, our most important goal today is to continue with our plan to insure the long-term future of our company by making our operations cash flow positive as quickly and efficiently as possible." About Bankrate.com Bankrate.com is owned and operated by Bankrate, Inc. (Nasdaq:RATE). Bankrate.com is the Internet's leading consumer banking marketplace, with an average of 1.6 million unique visitors per month connecting with over 4,000 financial institutions in 126 markets in 50 states. Bankrate operates a portfolio of personal finance channels, including banking, investing, taxes and small business finance. It is the leading aggregator of 100 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate provides financial applications and information to a network of over 120 partners including Yahoo (Nasdaq:YHOO YHOO Yahoo! Inc. (NASDAQ symbol) ), America Online (NYSE NYSE See: New York Stock Exchange :AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. ), CNN CNN or Cable News Network Subsidiary company of Turner Broadcasting Systems. It was created by Ted Turner in 1980 to present 24-hour live news broadcasts, using satellites to transmit reports from news bureaus around the world. and Smart Money. The Company's information is also distributed through more than 120 national and state publications. Forward-looking statements in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private 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. Act. Investors are cautioned that actual results could differ materially from those anticipated by such statements and are advised to consult our current SEC filings for additional information concerning risk factors that affect the Company's business. |
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