First Virtual Communications Receives Notification From The Nasdaq SmallCap Market.Business Editors/High-Tech Writers REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif.--(BUSINESS WIRE)--May 19, 2004 First Virtual Communications, Inc. (Nasdaq: FVCX), today announced that the Company received a letter from Nasdaq on May 18, 2004 noting the failure of the Company to file its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the period ended March 31, 2004 by the filing deadline of May 17, 2004, a violation of Marketplace Rule 4310(c)(14). As a result, the Company's securities are 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 SmallCap Market and, commencing with trading on May 20, 2004, the Company's trading symbol Trading symbol See: Ticker symbol will be changed from "FVCX" to "FVCXE". The Company has requested a hearing before a listing qualifications panel to review this determination by Nasdaq Staff. Any delisting action will be stayed pending the panel's decision. While there can be no assurance that the panel will grant the Company's request for continued listing, the Company's management is actively working to maintain the listing. On April 30, 2004, the Company announced that the Audit Committee of its Board of Directors had engaged independent counsel to conduct an investigation after the Company became aware of several irregular sales transactions involving its sales operations in China. The Company will not file its Quarterly Report until its auditors have completed their review for the three months ended March 31, 2004. That review will not be finished until the ongoing investigation is completed. About First Virtual Communications First Virtual Communications is a premier provider of infrastructure and solutions for real time rich media communications. Headquartered in Redwood City, California Redwood City is a suburb located on the San Francisco Peninsula in the San Francisco Bay Area of California. Redwood City is the county seat of San Mateo County. As of the 2005 census, the city had a total population of 76,000. , the Company also has operations in Europe and Asia. More information about First Virtual Communications can be found at www.fvc.com or by calling 1-800-728-6337 or +1-650-801-6500 outside North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Cautionary Statement: Except for the historical information contained herein, this news release contains 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. , including, without limitation, statements containing the words, "believes,'' "anticipates,'' "expects'' and words of similar import. Such forward-looking statements have known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of First Virtual Communications, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others: the aggregate value of and impact on the Company of the investigation described above, including any possible expansion of the investigation and any possible restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of previously announced financial results; any adverse impact arising from the delay in filing required periodic reports; any delisting from the Nasdaq SmallCap Market; the risk that sales of the Company's Click to Meet(TM) and Conference Server products will not increase or that new versions will not be released on a timely basis; the Company's variability of operating results; market acceptance of web conferencing A videoconferencing session via the Internet. In order to interact with other participants, attendees use either a Web application or an application downloaded into their client machines. technology; potential inability to maintain business relationships with integrators, distributors and suppliers; rapid technological changes; competition and consolidation in the web conferencing industry; the importance of attracting and retaining personnel; and other risk factors referenced in First Virtual Communications' public filings with the Securities and Exchange Commission, including the Company's 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 December 31, 2003. All trademarks recognized. |
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