CopyTele, Inc. To Transfer to Nasdaq's SmallCap Market; Annual Meeting to be Held September 12, 2002.Business Editors MELVILLE, N.Y.--(BUSINESS WIRE)--July 31, 2002 CopyTele, Inc. (Nasdaq:COPY) today announced that it had been informed by 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. that, effective August 2, 2002, the listing of CopyTele's common stock will be transferred from The Nasdaq National Market to The Nasdaq SmallCap Market, as a result of CopyTele's non-compliance with the $1 per share minimum bid price requirements for continued listing set forth in Market Place Rule 4450(a)(5) for The Nasdaq National Market. CopyTele will remain listed on The Nasdaq SmallCap Market until August 13, 2002. At that time CopyTele believes that it will be granted an additional 180-day period, or until February 10, 2003, to regain compliance with the $1 bid price requirement, since CopyTele meets the other initial listing standards of The Nasdaq SmallCap Market. If during this period CopyTele regains compliance with the bid price requirement for 30 consecutive trading days and it has maintained compliance with the other 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 National Market, it may be eligible to apply for transfer of its listing back to The Nasdaq National Market. CopyTele also announced that the Annual Meeting of Stockholders will be held on September 12, 2002, and that it anticipates mailing its Proxy Statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. for the Annual Meeting on or about August 8, 2002. CopyTele's principal operations involve the development of Field Emission Display (hardware) field emission display - (FED) A type of flat panel display in which field emitting cathodes bombard a phosphor coating causing it to emit light. A field emission display is similar to a cathode ray tube but only a few millimeters thick. (FED) and E-Paper charged particle charged particle n. An elementary particle, such as a proton or electron, with a positive or negative electric charge. display and encryption technologies. We have developed a new full-color high resolution FED (thin flat CRT A TV picture tube (CRT) that has a flatter viewing surface than the traditional rounder tube. Up to 30% more glass is used to make the screen flatter. Also known as a "flat screen," "flat face CRT" or "flat square tube (FST)", the flat CRT provides less distortion at the edges and is the ) which incorporates a unique planar A technique developed by Fairchild Instruments that creates transistor sublayers by forcing chemicals under pressure into exposed areas. Planar superseded the mesa process and was a major step toward creating the chip. edge emission technology. In the encryption area, we have developed and are marketing a broad line of hardware based high-grade information security products to accommodate cellular, satellite, digital and ordinary telephone lines for voice, fax, and data encryption data encryption, the process of scrambling stored or transmitted information so that it is unintelligible until it is unscrambled by the intended recipient. Historically, data encryption has been used primarily to protect diplomatic and military secrets from foreign . These products are being marketed through a worldwide network of dealers and distributors. For additional information, visit CopyTele's website at www.copytele.com. Forward-Looking Statements Statements that are not historical fact may be considered forward-looking statements 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. Forward-looking statements are not statements of historical facts, but rather reflect CopyTele's current expectations concerning future events and results. CopyTele generally uses the words "believes," "expects," "intends," "plans," "anticipates," "likely," "will" and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning CopyTele's expectations, involve known and unknown risks, uncertainties and other factors, some of which are beyond CopyTele's control, which may cause CopyTele's actual results, performance or achievements, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. In evaluating such statements as well as the future prospects of CopyTele, specific consideration should be given to various factors, including the following: CopyTele's prior history of losses and negative cash flows from operations; CopyTele's ability to obtain debt or equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. to continue our marketing, research and development activities, on terms acceptable to CopyTele, if cash generated from operations is insufficient to satisfy our liquidity requirements; CopyTele's ability to develop a full-color video display; the possible development of competitive products that could render CopyTele's products obsolete or unmarketable; and other risks as detailed from time-to-time in CopyTele's filing with the Securities and Exchange Commission. CopyTele undertakes no obligation to update any forward-looking statements as a result of new information, unanticipated events, or otherwise. |
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