Beyond.com Corporation Retains Nasdaq National Market Listing.Business Editors/High-Tech Writers SANTA CLARA, Calif.--(BUSINESS WIRE)--Sept. 12, 2000 E-commerce services provider Beyond.com Corporation (Nasdaq:BYND) was notified today by the Nasdaq National Market that the company has re-gained compliance with the Nasdaq National Market listing requirements, and will remain listed on the Nasdaq National Market. The notification came on the heels of the company's successful note exchange offer of its 7 1/4% convertible subordinated notes due Dec. 1, 2003, for its 10 7/8% convertible subordinated notes due Dec. 1, 2003. The exchange was consummated on Sept. 11, 2000. Note holders exchanged approximately $62.3 million of existing convertible debt for approximately $41.6 million dollars of new convertible debt. The completed note exchange enabled the company to remove debt from its balance sheet, thus raising the company's 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". to a total of $30.2 million. The Nasdaq National Market requires companies, which do not have a minimum bid price of at least $5 per share, to have at least $4 million in net tangible assets. "We are very pleased with the outcome of the note exchange and the resulting satisfaction of Nasdaq's listing requirements," said Curtis Cluff, CFO See Chief Financial Officer. and senior vice president of Beyond.com. "Retaining our listing on the Nasdaq National Market allows us to continue to focus on growing our e-commerce services and government reseller businesses, while reducing our expenses," said Cluff. About Beyond.com Beyond.com(TM) is an e-commerce services provider that builds, manages and markets online stores for businesses. The company also sells software and computer-related products to consumers and U.S. Government agencies. The company's BuyDirect Group provides eStores by Beyond.com, a suite of services that enables software developers, systems OEMs and hardware manufacturers to market and sell over the Internet. Beyond.com's Government Systems Group provides digital distribution of software and related services to a growing list of U.S. Government agencies, including the Bureau of Engraving and Printing Noun 1. Bureau of Engraving and Printing - the agency of the Treasury Department that produces currency Department of the Treasury, Treasury Department, United States Treasury, Treasury - the federal department that collects revenue and administers federal (BEP BEP Black Eyed Peas (band) BEP Brevet d’Études Professionnelles (French: vocational qualification) BEP Business Entry Point BEP Break-Even Point BEP Bit Error Probability BEP Bureau of Engraving & Printing ), Defense Logistics Agency Noun 1. Defense Logistics Agency - a logistics combat support agency in the Department of Defense; provides worldwide support for military missions Defense Department, Department of Defense, DoD, United States Department of Defense, Defense - the federal department (DLA DLA dog leukocyte antigen. ), Internal Revenue Service (IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. ), National Imagery and Mapping Agency (NIMA NIMA National Imagery and Mapping Agency (now National Geospatial-Intelligence Agency; US government) NIMA never in mitosis gene a (molecular biology) NIMA North Idaho Mycological Association ), Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. (OTS See Office of Thrift Supervision. ) and Patent and Trademark Office (PTO PTO abbr. 1. Parent Teacher Organization 2. or p.t.o. please turn over 3. power takeoff PTO or pto please turn over Noun 1. ). Beyond.com Corporation trades on the Nasdaq National Market under the symbol ("BYND"). More information on the company can be found in the company's filings with the Securities and Exchange Commission ("SEC"). Safe Harbor Statement Certain statements in this press release are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements relating to (i) the continued listing of Beyond.com on the Nasdaq National Market, (ii) Beyond.com's intention to grow its e-commerce services and government reseller businesses and, (iii) Beyond.com's ability to continue to lower its expenses. Such statements are subject to substantial risks and uncertainties. Actual results for the third quarter of 2000 and subsequent quarters could differ materially from any future performance suggested above. Factors that might cause such a difference include, but are not limited to, the risk that Beyond.com's minimum bid price will stay at or above $1 so as to satisfy continuing Nasdaq National Market listing requirements, the risks inherent in transitioning a corporation's business from a consumer focus to an e-commerce services focus successfully and competitive responses to the transition. The service offerings for eStores may differ materially from Beyond.com's current expectations. Beyond.com's Government Group is subject to risks inherent in government sales, including long sales and collections cycles. Beyond.com's business is subject to other risks, including the company's ability to ramp its eStores and Government Groups and infrastructure, market acceptance of the company's new initiatives, the company's ability to retain and attract key management and employees, and other risk factors described in the company's filings with the SEC. Beyond.com news and product/service information is available at the company's World Wide website located at http://www.beyond.com. |
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