Interactive Systems Worldwide Receives Nasdaq Notification of Noncompliance.WEST PATERSON, N.J. -- Interactive Systems Worldwide 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 : ISWI ISWI International Student Week in Ilmenau (Germany) ) today reported that it received a Nasdaq Staff Deficiency letter Deficiency letter Notification from the SEC to a prospective issuer of securities that revisions or additions need to be made to the preliminary prospectus. deficiency letter on January 19, 2007, indicating that the Company fails to comply with the requirements for continued listing set forth in Marketplace Rule 4310(c)(2)(B). This rule requires the Company to have a minimum of $2,500,000 in stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. or $35,000,000 market value of listed securities or $500,000 of net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the most recently completed fiscal year or two of the three most recently completed fiscal years. The Nasdaq letter further states that the Nasdaq Staff is reviewing the Company's eligibility for continued listing on The Nasdaq Capital Market Originally called the NASDAQ Small Cap Market, NASDAQ announced a name change to the NASDAQ Capital Market on September 27, 2005. [1] The NASDAQ Capital Market exists for securities of smaller, less-capitalized companies (small caps) that do not qualify for . Nasdaq has requested that the Company provide by February 5, 2007, its specific plan to achieve and sustain compliance with all The Nasdaq Capital Market 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. , including the time frame for completion of the plan. If, after the conclusion of Nasdaq's review process, Nasdaq determines that the Company's plan does not adequately address the issues noted, Nasdaq will provide written notification that the Company's securities will be delisted. At that time, the Company may appeal Nasdaq's decision. The Company expects to provide its plan for regaining compliance to Nasdaq by February 5, 2007. The Company continues to take action to reduce its expenses and to address its liquidity issues while exploring strategic alternatives. About Interactive Systems Worldwide Inc. Interactive Systems Worldwide Inc. (Nasdaq: ISWI) has designed, developed and patented a proprietary software system, the SportXction System, which enables play-by-play wagering during the course of live sporting events. ISWI, 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. Global Interactive Gaming (GIG), operates the SportXction[R] System in the U.K., in conjunction with established media and traditional wagering partners. The system can accept wagers from the Internet, handheld wireless devices, interactive televisions, and standalone kiosks. The system can be used for any live broadcast event worldwide. FORWARD-LOOKING STATEMENTS: The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date thereof. Readers should carefully review the risks described in other documents the company files from time to time with the Securities and Exchange Commission, including Annual Reports, Quarterly Reports and Current Reports on Form 8-K. |
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