CHARLTON, Mass., April 23 /PRNewswire-FirstCall/ --
FiberCore, Inc. (Nasdaq: FBCE), a leading manufacturer and global supplier of
optical fiber and preform for the telecommunication and data communications
markets, today announced that on April 17, 2003 it had received a notification
of delisting from Nasdaq.
The Company has not yet filed its annual report on Form 10-K with the SEC
due to delays in finalizing the results from its foreign subsidiaries. The
Company had previously filed for an extension on Form 12b-25, which expired on
April 15, 2003. The Company currently anticipates filing its Form 10-K within
the next 15 days.
As a result of not timely filing its 10-K, the Company received a Nasdaq
staff determination on April 17 indicating that the Company fails to comply
with the filing requirements for continued listing set forth in Marketplace
Rule 4310(c)(14), and further that the Company is late in paying fees to
Nasdaq which is a failure to comply with Marketplace Rule 4310 (c) (13), and
that its securities are, therefore, going to be delisted from the Nasdaq
Smallcap Market at the opening of business on April 28, 2003. Accordingly,
the trading symbol for the Company's securities was changed from FBCE to FBCEE
at the opening of business on April 22, 2003.
Previously, the Company had been notified that it would be delisted from
the Nasdaq Smallcap on May 29, 2003 due to failure to meet minimum bid
requirements. The Company has elected not to contest this latest
determination. The Company will endeavor, once its annual report on Form 10-K
has been filed, to facilitate the trading of its stock on the OTC Bulletin
Board, but no assurance can be given that such a trading market will be
available. FiberCore previously traded on the OTC Bulletin Board before
moving to the Nasdaq Smallcap Market in November 2000. No trading on the OTC
Bulletin Board can take place until the Company's annual report on Form 10-K
has been filed and a market maker files a Form 211 with the NASD and such form
is "cleared."
Three consecutive trading days after the delisting, an event of default
will exist under the terms of the 5% Convertible Subordinated Debentures
issued in 2002 unless an intervening waiver is granted by the holders of the
Debentures. Currently, there is $2.5 million outstanding on these Debentures.
Once such a default exists, the Company will also be in default under the
terms of its $8.5 million Credit Facility with Fleet National Bank. In the
event of a default of the Credit Facility, Fleet could exercise the provisions
of a guarantee given by Tyco International Group S.A. to be paid in full by
Tyco and Tyco would then assume Fleet's position as a creditor of the Company.
In this case, Tyco would also have the right to assume control of the
Company's Board of Directors.
FiberCore, Inc. develops, manufactures, and markets single-mode and
multimode optical fiber preforms and optical fiber for the telecommunications
and data communications markets. In addition to its standard multimode and
single-mode fiber, FiberCore also offers various grades of fiber for use in
laser-based systems up to 10 gigabits/sec, to help guarantee high bandwidths
and to suit the needs of Feeder Loop (also known as Metropolitan Area
Network), Fiber-to-the Curb, Fiber-to-the Home and Fiber-to-the Desk
applications. Manufacturing facilities are presently located in Jena, Germany
and Campinas, Brazil.
For more information about the company, its products, or shareholder
information please visit our Website at: http://www.FiberCoreUSA.com or contact us
at: Phone -- 508-248-3900 or by FAX -- 508-248-5588 or E-Mail:
sales@FiberCoreUSA.com; investor_relations@FiberCoreUSA.com
Except for the historical matters discussed above, the statements in this
press release are forward looking and are made pursuant to the _safe harbor_
provisions of the Private Securities Litigation Reform Act of 1995. They are
based on the Company's current expectations and are subject to a number of
risks and uncertainties. Actual results may differ materially from those
projected as a result of certain general economic and business conditions;
loss of market share through competition; introduction of competing products
by other companies; changes in industry capacity; pressure on prices from
competition or from purchasers of the Company's products; availability of
qualified personnel; the delivery of an ability to commission new equipment as
scheduled; ability to obtain required financing; dependence on a limited
number of raw material suppliers; the loss or reduced creditworthiness of any
significant customers; and other factors detailed from time to time in the
Company's filings with the Securities and Exchange Commission.
SOURCE FiberCore, Inc.
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Related links:
http://www.FiberCoreUSA.com
CONTACT:
Dr. Mohd A. Aslami, President-CEO, or Robert
Lobban, CFO, both of FiberCore, Inc., +1-508-248-3900, or General
Info., Alison Ziegler of FRB Weber Shandwick, +1-212-445-8432
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