Datawatch Granted Extension by Nasdaq Listing Qualifications Panel.Business Editors LOWELL, Mass.--(BUSINESS WIRE)--Aug. 17, 2001 Datawatch 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 :DWCH), a leading provider of business intelligence/enterprise reporting, data transformation and support center solutions, today announced that it has been granted a 90-day extension by the Nasdaq Listing Qualifications Panel to regain compliance with the $5 million minimum market value of public float requirement for continued listing. Nasdaq recently notified the Company that following the effectiveness of the Company's 1-for-4.5 reverse stock split, the Company has demonstrated compliance with the $1.00 minimum bid price requirement for continued listing on The Nasdaq National Market. However, Nasdaq indicated that the Company was not in compliance with the minimum public float requirement, 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. The Company is currently in compliance with all 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. . In order to achieve compliance with the market value of public float requirement, the Company requested, and has been granted, a 90-day extension from the Nasdaq Listing Qualifications Panel through November 15, 2001. If the Company does not achieve compliance by November 15, 2001, the Company's common stock will be subject to delisting from The Nasdaq National Market. In such case, the Company intends to seek to have its common stock listed on The Nasdaq SmallCap Market. In the event the Company's common stock is not listed on The Nasdaq SmallCap Market after being delisted from The Nasdaq National Market, the common stock 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. . Robert Hagger, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated, "The Company is in the process of implementing its new strategic plan designed to reduce indirect and overhead expense by consolidating the worldwide operations. In light of the decision by Nasdaq, we will continue with the execution of the plan, and management expects to see beneficial results in the near term." ABOUT DATAWATCH CORPORATION Datawatch Corporation is a leading provider of business intelligence/enterprise reporting, data transformation and support center solutions that enable organizations to increase productivity, reduce costs and gain competitive advantage. Datawatch products are used in more than 20,000 companies, institutions and government agencies worldwide. Datawatch is best known for its desktop report mining application Monarch, which is used by more than 350,000 professionals worldwide. Monarch technology is the de-facto standard for extracting data from report files. Datawatch has partnerships with a variety of key technology vendors including Microsoft and Software AG. The company maintains offices throughout the US, Europe and Australia. For more information, visit www.datawatch.com. 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 Any statements contained in this press release that do not describe historical facts may 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. as that term is defined in the Private Securities Litigation Reform Act of 1995. Any such statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations. The factors that could cause actual future results to differ materially from current expectations include the following: the Company's ability to effect the recently announced restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan; the impact of the restructuring plan on the Company's financial and operating results, the Company's ability to negotiate and enter into a new arrangement with its bank, the Company's dependence on its principal products, risks associated with international sales, risks associated with distributor sales, risks associated with a possible delisting from the Nasdaq National Market, an unfavorable result in any litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , market acceptance of new products, dependence on the introduction of new products and possible delays in those introductions. Further information on factors that could cause actual results to differ from those anticipated is detailed in various publicly-available documents, which include, but are not limited to, filings made by the Company from time to time with the Securities and Exchange Commission, including but not limited to, those appearing in the Company's Annual Report on 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. for the year ended September 30, 2000 and its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarterly period ended June 30, 2001. Any forward-looking statements should be considered in light of those factors. Monarch is a trademark of Datawatch Corporation. All other trademarks are the properties of their respective owners. |
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