Nasdaq to Continue Listing of SoftNet Systems, Inc.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--Aug. 19, 2002 SoftNet Systems, Inc. (the "Company") (Nasdaq:SOFN - news), today announced that it has received a determination from Nasdaq's Listing Qualifications Panel concerning the Company's continued listing on the Nasdaq National Market. Noting that the Company has negotiated a definitive agreement for the acquisition of an operating business, First Standard Holdings Corp. ("FSHC FSHC Franklin Square Hospital Center (Baltimore, MD, USA) FSHC Four Seasons Health Care Ltd. (UK) FSHC F-Secure Health Check "), the Panel determined to continue the listing of the Company's securities subject to the Company meeting certain conditions. In order to maintain continued listing, the Company must file on or before August 31, 2002, a 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. with the SEC and Nasdaq evidencing its intent to seek shareholder approval for the acquisition of FSHC. Thereafter, the Company must submit to Nasdaq periodic updates with respect to the status of the proposed acquisition. In addition, on or before December December: see month. 31, 2002, the Company must make a public filing with the SEC and Nasdaq evidencing consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the acquisition of FSHC. The Company must also then demonstrate its compliance with all Nasdaq National Market initial 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. . The Company intends to meet all of the conditions for continued listing, although certain matters, including the consummation of the FSHC acquisition, which is subject to regulatory and shareholder approval, are beyond the Company's control. The Company announced the agreement to acquire FSHC in a press release dated July 30, 2002. For more information about the Company, please visit www.softnet.com. This press 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. concerning the listing of the Company's securities on the Nasdaq National Market. These forward-looking statements include, but are not limited to, statements containing the words "hope," "expect," "believe," "will," "may," "should," "project," "estimate," "intends," "approximately" and like expressions and the negatives thereof. These statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements, including the risks attendant ATTENDANT. One who owes a duty or service to another, or in some sort depends upon him. Termes de la Ley, h.t. As to attendant terms, see Powell on Morts. Index, tit. Attendant term; Park on Dower, c. 1 7. to a growing business in a new industry as well as those risks described in the Company's Quarterly and Annual Reports. |
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