Company Plans Vigorous Appeal Based on Combined Third Quarter
Financial Results Following Recent Merger
DENVER, Jan. 12 /PRNewswire/ -- Internet Commerce & Communications, Inc.
(Nasdaq: ICCX) recently received a Nasdaq Staff Determination which indicates
the Staff's belief that IC&C has failed to comply with the net tangible assets
requirement for continued listing set forth in Nasdaq Marketplace Rule
4450(a)(3), and that IC&C's common stock may be subject to delisting from the
Nasdaq National Market. Using Third Quarter 2000 financial results of former
RMI.NET and former Internet Communications Corporation, on a combined pro
forma basis to reflect the successful merger and acquisition among the two
companies, the new company, IC&C, would have net tangible assets in excess of
the continued listing requirements for the Nasdaq National Market as of
September 30, 2000. As a result, IC&C believes that the Staff Determination
as set forth in the December 29, 2000 Letter is based upon an erroneous
interpretation of the relevant rules, and is in conflict with past Nasdaq
practices.
(Photo: http://www.newscom.com/cgi-bin/prnh/20001130/LATH033LOGO )
IC&C has requested a hearing before a Nasdaq Listing Qualifications Panel
(the "Panel") to contest the Staff Determination, and looks forward to the
opportunity to present a proper interpretation of the relevant Nasdaq rules in
this matter. There is no assurance the Panel will grant IC&C's request for
continued listing on the Nasdaq National Market, but IC&C believes that it has
a reasonable basis for a reversal of the Staff Determination and continued
listing on the Nasdaq National Market. During the course of any hearing or
appeal, IC&C's common stock will continue to be listed and traded without
interruption on the Nasdaq National Market.
If the Panel does not grant IC&C's request for continued listing on the
Nasdaq National Market, IC&C has a reasonable basis to request that its common
stock continue to be listed on either the Nasdaq SmallCap Market or on the OTC
Bulletin Board. This public release, with regard to the Staff Determination
Letter, is made in compliance with the requirements of recently issued Nasdaq
Marketplace Rule 4815(b).
About Internet Commerce & Communications, Inc.
Denver-based Internet Commerce & Communications (formerly RMI.NET) is a
national e-commerce and connectivity company focusing on Web solutions for
small and medium-sized businesses. The company specializes in e-business
applications; hosting and co-location; web design and web marketing;
high-speed Internet access; and network engineering and management. IC&C has
an annualized revenue of approximately $70 million and more than
110,000 customers nationwide. The company wholly owns a shopping, e-commerce
and portal site, http://www.webzone.com. For more information, call (800) 411-6066
or visit the company's website, http://www.iccx.net.
This press release may contain forward-looking statements. Although the
company believes these statements are based on reasonable assumptions,
differences between assumed facts and actual results can be material,
depending on the circumstances. Investors should be aware of the important
factors and risks that could have a material impact on future cash results and
should refer to the cautionary statements sections of IC&C's periodic filings
with the Securities and Exchange Commission, including its most recent forms
10-K and 10-Q (including filings made under ticker symbols RMII and INCC).
SOURCE Internet Commerce & Communications, Inc.
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Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20001130/LATH033LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 201-369-3467
Related links:
http://www.iccx.net
CONTACT:
Andrea Scott of Internet Commerce &
Communications, Inc., 303-313-0804, andrea.scott@iccx.net
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