Capital Beverages Announces Appeal of NASDAQ Staff Determination.Business Editors NEW YORK--(BUSINESS WIRE)--April 6, 2001 Capital Beverage Corp. (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 : CBEV) announced today that it has appealed a NASDAQ Staff determination dated April 3, 2001 which indicated that the Company failed to comply 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". requirements for continued listing set forth in Marketplace Rule 4310(c)(2)(B), and that its securities are, therefore, subject to 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. from the NASDAQ Small Cap Market. In addition, the staff has advised the Company that its common stock has failed to maintain a closing inside bid of $1.00 as required by Marketplace Rule 4310(c)(4). Capital has requested an oral hearing before The NASDAQ Listing Qualification Panel ("Panel") to review the staff determination. There can be no assurance the Panel will grant the Company's request for continued listing. Capital's management believes that the Company's ability to complete the acquisition of certain of the assets and liabilities of Prospect Beverage Inc., the Brooklyn-based Pabst wholesaler of Colt COLT. An animal of the horse species, whether male or female, not more than four years old. Russ. & Ry. 416. 45 Malt Liquor liquor /li·quor/ (lik´er) (li´kwor) pl. liquors, liquo´res [L.] 1. a liquid, especially an aqueous solution containing a medicinal substance. 2. may increase the likelihood of success at a hearing before the panel. Statements in this release that are not statements of historical or current fact constitute "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. " within the meaning of 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. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes", "belief", "expects", "intends", "anticipates" or "plans" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission. |
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