NOSTALGIA NETWORK TO TRADE ON OTC BULLETIN BOARD.
LOS ANGELES, March 12 /PRNewswire/ -- The Nostalgia Network (NNET) announced today that, for the immediate future, the company will be listed only on the OTC Bulletin Board. Investors may obtain information and quotes by calling O'Neal Blake at the Uniform Practices Department of NADSAQ at (212) 858-4191. The company's Chairman, Michael E. Marcovsky, commented, "The company has been trading with an exemption from the relevant net capital requirements since Feb. 8, 1993. On March 10, management presented to the company's board of directors a proposal whereby the company would be fully in compliance with all NASDAQ requirements for Small-Cap Market listing, but this proposal was rejected by directors not aligned with management. Directors who support management had determined in their business judgment that management's proposal was in the best interest of the company's true public shareholders. "Management is conducting discussions with selected investors who desire to make a significant capital investment in the company, the end effect of which will be to bring the company into compliance with the applicable NASDAQ Small-Cap Market listing requirements. In the interim, the company's assets base remains healthy." The Nostalgia Network is the only 24 hour basic cable television service that targets the rapidly growing and increasingly affluent market of active adult Americans over 45 by offering entertainment, lifestyle and informational programming. -0- 03/12/93 /CONTACT: Mr. Michael E. Marcovsky, chairman & CEO of Nostalgia Network, Inc., 213-850-3000, or Desmond Towey, Bernadette McLaughlin or George Robinson of Towey & Associates, 212-888-7600, for Nostalgia Network/
CO: Nostalgia Network ST: California IN: ENT SU:
AH -- NY054 -- 5633 03/12/93 16:18 EST
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|Date:||Mar 12, 1993|
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