Norsat Advises of De-Listing from Nasdaq SmallCap Market.Business Editors/High-Tech Writers BURNABY, British Columbia--(BUSINESS WIRE)--Oct. 10, 2003 Norsat International Inc. (Nasdaq:NSAT NSAT National Secondary Assessment Test (Philippines) ) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :NII (National Information Infrastructure) The U.S. government's policy for managing advanced technology in the country. The Clinton/Gore administration (1993-2001) was very enthusiastic about the Internet and proposed that it should be funded by private industry and be ) today announced that the Company opted to be de-listed from the Nasdaq SmallCap Market and transfer to the Over-the-Counter (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). ) Bulletin Board effective Wednesday, October 15, 2003. Following an oral hearing before a Nasdaq Listing Qualification Panel in early September, Norsat has now been advised that it must comply with the minimum bid price requirements and the 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. within a reasonable period of time and thereafter sustain compliance with these requirements over the long term in order to remain listed on the Nasdaq SmallCap Market. After careful consideration of the steps required to achieve such compliance within the required timeframe, including a significant stock consolidation, the Company has concluded that these steps are not in the best long-term interests of the Company or its shareholders. Consequently, Norsat has advised the Nasdaq of its decision and, in turn, the Nasdaq has advised Norsat that the Company's common shares will be de-listed from the Nasdaq SmallCap Market on Wednesday, October 15, 2003. Shares of Norsat can still be traded in the United States 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. under the existing symbol NSAT and in Canada on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSX) under the symbol NII. About Norsat International Inc. Norsat International Inc. designs and markets satellite products for high-speed data transmission, including the Norsat OmniLink(TM) group of portable satellite terminals for application in remote or hostile environments. Forward Looking Statements Statements in this release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to general economic conditions, changes in technology, reliance on third party manufacturing, managing rapid growth, global sales risks, limited intellectual property protection and other risks and uncertainties described in Norsat's public filings with securities regulatory authorities. |
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