CT Holdings, Inc. Receives Notification of Delisting From Nasdaq Listing Qualifications Panel; Will Start Trading on the OTC Bulletin Board Under the Same Symbol - CITN.Business Editors & High Tech Writers DALLAS--(BUSINESS WIRE)--May 16, 2001 CT Holdings, Inc. (Nasdaq: CITN) today announced that on May 16, 2001, it received a Nasdaq Staff Determination indicating the Company's securities will be delisted from The Nasdaq National Stock Market, and will trade 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. effective with the open of business on May 17, 2001 under the same symbol - CITN. The Company previously announced that it had received a Nasdaq Staff Determination indicating the Company no longer complied 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. of The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. , and that its securities were therefore subject to being delisted from the Nasdaq National Market. The Company exercised its right to appeal the Staff Determination and requested a hearing before a Nasdaq Listing Qualifications Panel. The hearing occurred on April 16, 2001 and today's Nasdaq Staff Determination was the culmination of this hearing. Nasdaq has advised CT Holdings that the Nasdaq Listing and Hearing Review Council (the "Listing Council") may, on its own motion, determine to review any Panel decision within 45 calendar days after issuance of the written decision. If the Listing Council determines to review this decision, it may affirm, modify, reverse, dismiss, or remand To send back. A higher court may remand a case to a lower court so that the lower court will take a certain action ordered by the higher court. A prisoner who is remanded into custody is sent back to prison subsequent to a Preliminary Hearing before a tribunal or magistrate the decision to the Panel. The Company will be immediately notified in the event the Listing Council determines that this matter will be called for review. The Company may also request that the Listing Council review this decision. The request for review must be made in writing and received within 15 days from the date of this decision. The institution of a review, whether by way of the Company's request, or on the initiative of the Listing Council, will not operate as a stay of this decision. The Company plans to request a review of the decision within the 15 day period. Except for the historical information contained herein, the matters discussed in this release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties that could cause actual results to differ materially, including, without limitation, the risk factors discussed in the "Risk Factors" section of the Company's Form 10-QSB for the quarter ended March 31, 2001. About CT Holdings CT Holdings, Inc. (NASDAQ: CITN), is a developer of early stage companies, including Parago, Inc. and River Logic. For more information on CT Holdings, our Internet holdings, and our Citadel Technology line of security software products, please visit our Web site at www.ct-holdings.com. About Parago Parago's patent-pending technology platform and processes represent an innovative approach designed to improve the promotional marketing industry. Parago provides a range of Internet-based customer relationship management products, PromoCenter, ValueRewards and KnowledgeCenter, that are created to increase sales, reduce costs, enhance customer retention for its clients, and improve loyalty. These products comprise Parago's Continuous Customer InteractionSM model, which helps retailers, manufacturers and service organizations reduce the cost of conducting promotions and drive incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. revenue by cross-selling and upselling new products and services. During the relationship management process, Parago captures fresh, accurate, and usable transaction and buyer demographic data that can be used by its clients to improve their promotional marketing programs. Parago maintains a web site at www.parago.com. About River Logic River Logic, Inc. develops decision-support applications for industry. Using COR Technology(TM), a rapid-application development system, developers at River Logic create applications that enable industry professionals to model complex enterprises and explore financial relationships on a desktop computer or laptop. Embedded Inserted into. See embedded system. analytics allow end-users to understand the financial implications of critical business decisions easily by manipulating graphical icons that model their enterprise. Headquartered in Beverly, Massachusetts Beverly is a city in Essex County, Massachusetts, United States. The population was 39,862 at the 2000 census. A resort, residential and manufacturing community, Beverly includes Beverly Farms and Prides Crossing. , River Logic is a privately held corporation Noun 1. privately held corporation - a corporation owned by a few people; shares have no public market close corporation, closed corporation, private corporation receiving venture capital support from Cardinal Investment, Inc., CT Holdings (NASDAQ:CITN), EBSCO EBSCO Elton B. Stephens Company CASIAS, eMed Ventures, Intel Capital, and Mercury Ventures. The company's solution incorporates several patented technologies and leverages research originally conducted at University of Massachusetts The system includes UMass Amherst, UMass Boston, UMass Dartmouth (affiliated with Cape Cod Community College), UMass Lowell, and the UMass Medical School. It also has an online school called UMassOnline. and the Russian Academy of Sciences Russian Academy of Sciences (Russian: Росси́йская Акаде́мия Нау́к, . To learn more about River Logic, visit www.riverlogic.com, call 978.753.5029, or email info@riverlogic.com. About the Intel 64 Fund The Intel 64 Fund is a quarter-billion dollar equity investment fund that invests in technology companies developing innovative enterprise solutions for Itanium(TM)-based servers and workstations. The Fund invests in companies developing tools and technologies for Internet, enterprise, and workstation solutions. Example application areas include e-commerce, Internet infrastructure, advanced enterprise resource planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. , design automation, and financial applications and services. Fund investments require a commitment to develop products optimized for the Itanium(TM) Processor Family and running on shrink-wrap operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. . Co-investors in the Intel 64 Fund include Compaq, Dell, Hewlett-Packard, Intel, NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. , and SGI (SGI, Sunnyvale, CA, www.sgi.com) A manufacturer of workstations and servers, founded in 1982 by Jim Clark. The company was founded as Silicon Graphics, Inc., but changed to its acronym in 1999. , with Intel coordinating the Fund activities. Intel works closely with Fund investors to identify potential portfolio companies and to actively support the companies' product development activities once an investment is completed. The Intel 64 Fund creates regular opportunities for high-level interaction between portfolio companies and Fund investors. This interaction is intended to foster dialogue as to how portfolio company products can better meet the requirements of tomorrow's demanding IT environment utilizing using Itanium-based platforms. To learn more about the Intel 64 Fund, visit www.intel.com/capital/. Forward-Looking Statements This news release contains forward-looking statements, which involve risks and uncertainties. Accordingly, no assurances can be given that the actual events and results will not be materially different that the anticipated results described in the forward-looking statements. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statement made by us. These factors include the Company's failure to remain in compliance with Nasdaq's other listing requirements in addition to the minimum bid requirement, the Company's decision not to pursue continued listing on the Nasdaq SmallCap Market, a decision by the Nasdaq Listing Qualifications Panel to delist delist To drop a security from trading on an organized exchange. Delisting may occur for a number of reasons including failure to meet an exchange's standards or placement of a new listing on another exchange. Compare list. the Company's common stock from the Nasdaq SmallCap Market, and, in the event of delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. , a decision by the Company not to attempt to have its common stock traded on the OTC Bulletin Board, there may not be market makers for the shares of common stock and an active market may not continue to exist, as well as other risk factors. Investors are also encouraged to read the "Risk Factors" section of the Company's Annual Report on Form 10-KSB for the year ended February 29, 2000, and the Company's Quarterly Report on Form 10-QSB for the quarter ended September 30, 2000, and the Company's other filings, which are on file with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. |
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