Conolog Reiterates Position On Reverse Split.Business/Technology Editors SOMERVILLE Somerville. 1 City (1990 pop. 76,210), Middlesex co., E Mass., a residential and industrial suburb of Boston, on the Mystic River; settled 1630, set off from Charlestown 1842, inc. as a city 1871. , N.J.--(BUSINESS WIRE)--April 20, 2001 Conolog Corporation (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 :CNLGD, CNLGW) announced earlier today that it has effected a one-for-four reverse split of its common stock. In response to shareholder inquiries, the Company issues the following statement. Conolog President, Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Benou, explains, "Notice was received from Nasdaq that the Company's common stock failed to maintain the minimum bid price requirement for continued listing on the Nasdaq SmallCap Market. The Company has until July 11, 2001 to comply with Nasdaq's rules. In an effort to address the Company's belief that its common stock is undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. by the market and to comply with Nasdaq's listing rules, the Company has implemented a one-for-four reverse split of its common stock issued and outstanding as of the close of business on April 19, 2001. The reverse split is effective as of the opening of business today. A mandatory share exchange will be required to effect this reverse split. Therefore, shareholders of the record date will be required to surrender their shares to the Company's transfer agent for reissuance. Shareholders are not required to surrender their stock certificates by any mandatory deadline." Benou continued, "Having the stock trade above $1.00 per share will help the Company maintain its Nasdaq listing. It will also have a positive impact on our current efforts to seek financing to support additional acquisitions that have the potential to increase the Company's revenues and earnings." "As the Company produces positive developments, hopefully the marketplace will acknowledge them, which should increase shareholder value over the long term," Benou summarized. About Conolog Corporation: Conolog Corporation provides engineering and design services, technical personnel placement, and computer maintenance services to a variety of industries, government organizations, and public utilities nationwide. The Company's INIVEN division manufactures a line of digital signal processing See DSP. Digital Signal Processing - (DSP) Computer manipulation of analog signals (commonly sound or image) which have been converted to digital form (sampled). systems, including transmitters, receivers and multiplexers. 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. 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 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. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased level of competition, new products introduced by competitors, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. |
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