The Company has Filed an Appeal
WILTON, Conn., May 1 /PRNewswire-FirstCall/ --
Startech Environmental Corp. (Nasdaq: STHK), today announced that it has
received a Nasdaq Staff Determination indicating that Startech fails to comply
with the minimum $2,500,000 stockholders equity requirement for continued
listing set forth in Marketplace Rule 4310(c)(2)(B) and that it is common
stock is therefore subject to delisting from The Nasdaq SmallCap Market.
Marketplace Rule 4310(c)(2)(B) states that "For continued inclusion, the
issuer shall maintain: (i) stockholders' equity of $2.5 million; (ii) market
value of listed securities of $35 million; or (iii) net income from continuing
operations of $500,000 in the most recently completed fiscal year or two of
the last three most recently completed fiscal years."
Startech Environmental has requested a hearing before a Nasdaq Listing
Qualifications Panel to review the Staff Determination. There can be no
assurance the Panel will grant the company's request for continued listing.
The stock will continue to be listed on The Nasdaq SmallCap Market pending the
panel's decision.
As of April 30, 2003 our shareholder equity stands at approximately
$1,900,000. This creates an approximate shortfall of $600,000.00 in
shareholder equity. We will now prepare and submit to the NASDAQ Hearings
Panel our plan of action for correcting this deficiency.
"To date, a number of financing options have been identified and we are
pursuing them aggressively. Unfortunately, those potential sources of
shareholder equity, while promising, could not be consummated fast enough to
prevent this procedure from moving forward. We continue to work diligently
with those funding sources," said Robert DeRochie, Startech Environmental CFO.
DeRochie also said "We have been, and will continue, working with Nasdaq to
fully comply with listing requirements. Management has been working on a plan
of financing it intends to pursue and implement to meet requirements in the
near future. Although there can be no guarantee to persuade Nasdaq, we will
continue with initiatives to further grow the company and ultimately fulfill
the criteria."
Safe Harbor for Forward-Looking Statements:
This press release contains forward-looking statements, including
statements regarding the Company's plans and expectations regarding the
development and commercialization of its Plasma Converter(TM) technology. All
forward-looking statements are subject to risk and uncertainties that could
cause actual results to differ materially from those projected. Factors that
could cause such a difference include, without limitation, general risks
associated with product development, manufacturing, rapid technological change
and competition as well as other risks set forth in the Company's filings with
the Securities and Exchange Commission. The forward-looking statements
contained herein speak only as of the date of this press release. The Company
expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any such statement to reflect any change in the
Company's expectations or any change in events, conditions or circumstances on
which any such statement is based.
For further information, contact Robert L. DeRochie, VP of Investor
Relations, or see the Startech web page: http://www.startech.net.
SOURCE Startech Environmental Corp.
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Related links:
http://www.startech.net
Company News On-Call:
http://www.prnewswire.com/comp/113537.html
CONTACT:
Robert L. DeRochie, +1-203-762-2499, Fax -
+1-203-761-0839, starmail@startech.net, of Startech Environmental
Corp.
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