Concero Receives Nasdaq Delisting Notification; Company Will Appeal and Request Hearing.Business Editors & High-Tech Writers AUSTIN, Texas--(BUSINESS WIRE)--May 16, 2002 Concero Inc. (Nasdaq:CERO), a provider of interactive television solutions, announced today that it has received a Nasdaq Staff Determination on May 16, 2002, indicating that the Company fails to meet the minimum bid price requirement and market value of public float requirement for continued listing set forth in Marketplace Rules 4450 (a)(2) and 4450 (a)(5), and that its common stock is, 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 National Market on May 24, 2002. The Company will request a hearing before the Nasdaq Listing Qualifications Panel to appeal the Staff's determination. The hearing is expected to occur within 30 days of the Company's request, but could occur later. There can be no assurance that the Panel will grant the Company's request for continued listing. The Company's request for a hearing with the Panel will stay the delisting of the Company's Common Stock pending the Panel's decision. If Nasdaq denies the Company's appeal, the Company would apply to list its common stock on The Nasdaq SmallCap Market, subject to certain minimum 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. , the Over-the-Counter Bulletin Board, or another quotation system or exchange on which the Company would qualify. About Concero Concero Inc. is a provider of interactive television solutions. Concero provides systems integration consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" that enable cable operators, content providers and application providers to deliver compelling entertainment-on-demand services and other VOD-enabled applications and intends to provide related software products. Our solutions create engaging and entertaining user experiences and drive profitable, on-demand interactive services. Concero possesses unique delivery capabilities for supporting interactive television solutions. In conjunction with Motorola's Horizon and Scientific-Atlanta's CreativEdge developer programs, Concero operates state-of-the-art integration facilities with head-ends, set-top boxes The cable TV box that sits on "top" of the TV "set," although it is often located several feet away in an equipment rack. The set-top box descrambles the premium channels and provides a tuner for the higher cable numbers that very old TVs did not support. , VOD See video-on-demand. VoD - video on demand servers, 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. and middleware from Motorola, Scientific-Atlanta, SeaChange, Concurrent and other major technology providers. These assets combined with our dedicated and experienced team of interactive television consultants and software engineers offer customers substantial cost savings and rapid time-to-market benefits. Headquartered in Austin, Texas, more information about Concero is available on the Web at www.concero.com. 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. Disclosure "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. " Statement under 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: This press release contains forward-looking statements that involve risks and uncertainties, including the Company's ability to continue to market and sell its services to achieve anticipated results or to address the interactive television market and other emerging markets successfully. Forward-looking statements are based on current information and assumptions that by their nature are dynamic and subject to change. Among important factors which could affect Concero's financial results and cause actual results to differ materially from those in forward-looking statements are (i.) our refocused business strategy which emphasizes expansion into new and largely untested areas such as interactive TV software products and broadband services; (ii.) our transition from an e-business consultancy to a provider of broadband solutions; (iii.) our ability to identify emerging technologies that will gain wide-spread acceptance and have long-term viability; (iv.) the ability of our existing emerging company customers to pay our fees; (v.) our ability to manage our cost structure in light of continued near-term weakness in revenue generation; and (vi.) intense competition to attract and retain customers. For further discussion of these and other factors, please refer to our recent filings with the SEC, particularly the Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed March 29, 2002 and Form 10-Q Form 10-Q See 10-Q. filed May 14, 2002. |
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