FiberCorp International Inc. delisted from NASDAQ Small Cap Market.DELRAY BEACH, Fla.--(BUSINESS WIRE)--June 22, 1995--FiberCorp International Inc. (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 :FCII FCII Fellow of the Chartered Insurance Institute ) has 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. Inc. that its stock has been delisted from the NASDAQ Small Cap Market effective June 22, 1995. NASDAQ indicated that the company had failed to maintain minimum capital and surplus requirements in accordance with NASDAQ listing criteria. Pursuant to the letter received from NASDAQ, the company plans to request a review of this decision within 15 days. The issue arose as a result of the company's auditors taking the position the company was unable to supply them with "sufficient, competent evidential ev·i·den·tial adj. Law Of, providing, or constituting evidence: evidential material. ev matter" relative to the carrying value of one of the company's patented technologies. Because of this, NASDAQ gave this asset no value in determining the company's minimum capital and surplus requirements. The auditor's position is based upon its interpretation of the recently issued Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). Statement No. 121, entitled "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of." "The company does not consider the technology to be an `impaired asset' under the definition of FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). 121," said Michael A. Flower, chief financial officer of FiberCorp. "Moreover, the company supplied the auditors with an independent valuation report, a business plan for marketing the asset, a list of potential strategic partners, a list of targeted customers and potential capital for further developing the technology." The technology in question is a patented T1 Remote Access and Test System. The company has already obtained a valuation report from Blythe-Nelson, a nationally recognized engineering consulting firm, indicating that the market value of the technology is in excess of its carrying value. FiberCorp International Inc. through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , FiberCorp Inc. manufactures, markets and supports a complete line of pro-active, vendor-independent transmission and power management systems for telecommunication networks worldwide. CONTACT: Investor Relations: American Financial Media Inc. Paul Cornell, 813/347-4144 or Company Contact: FiberCorp International Inc. Ellen Caravello, Executive Vice President 407/495-5568 |
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