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FINGERMATRIX REPORTS RECEIPT OF LETTER FROM NASDAQ

 FINGERMATRIX REPORTS RECEIPT OF LETTER FROM NASDAQ
 NORTH WHITE PLAINS, N.Y., Nov. 3 /PRNewswire/ -- By letter dated


Oct. 28, 1992, and received on Oct. 30, 1992 by Fingermatrix, Inc. (the company) from the National Association of Securities Dealers Automated Quotation System (NASDAQ), the company has been advised that the company's securities trading under the symbol of "FINX" will be delisted from NASDAQ effective Nov. 12, 1992 unless it is able to provide documentation to NASDAQ by such date that the company has total assets of $2,000,000 and capital and surplus of $1,000,000 or unless the company by such date is able to procure an extension of the company's listing privileges from NASDAQ.
 The company's most recent quarter annual report for the period ended Aug. 31, 1992 on Form 10-Q shows (on an unaudited basis) that the company has approximately $734,000. In the company's annual report for the year ended May 31, 1992, the company's independent auditors indicated that due to the company's recurring losses and lack of sufficient working capital when combined with the uncertain ability of the company to raise additional capital either from investments and loans or from revenues, there is substantial doubt about the company continuing as a "going concern."
 Michael Schiller, chief executive officer of the company, recognizing that the lack of sufficient capital not only impairs fulfillment of present orders but, the ability to secure new orders states that the company is in negotiations with much larger and more financially viable companies to joint venture the financing of its present and future orders. On this basis, the company intends to apply for an extension of its listing on NASDAQ. In addition, the company will also be raising additional capital from investors in private offerings. The company, however, makes no representation that it will be able to obtain the extension or that it will be able to raise the additional needed capital either from joint venturers or private investors.
 -0- 11/3/92
 /CONTACT: Robert Pergola of Fingermatrix, Inc., 914-428-5441/
 (FINX) CO: Fingermatrix, Inc. ST: New York IN: SU:


SH-LR -- NY051 -- 2148 11/03/92 15:27 EST
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Publication:PR Newswire
Date:Nov 3, 1992
Words:358
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