SAN MATEO, Calif., May 31 /PRNewswire/ -- Enlighten Software Solutions,
Inc. (Nasdaq: SFTW), a leading provider of system management software for
Linux, Unix, Windows and FreeBSD, today announced it received a letter from
Nasdaq indicating that the Company has been notified of an additional
deficiency and additional concern by Nasdaq.
Enlighten previously announced that it had received a Nasdaq Staff
Determination on April 26, 2001, indicating that Enlighten is not in
compliance with the minimum bid price requirement for continued listing set
forth in Marketplace Rule 4310 (c)(4) and that its securities are subject to
delisting on the Nasdaq SmallCap Market. In response, Enlighten requested an
oral hearing before a Nasdaq Listing Qualifications Panel to review the Staff
Determination. The hearing is scheduled for June 8, 2001.
On May 25, 2001, Enlighten received an additional letter from Nasdaq
notifying Enlighten that it does not currently comply with the net tangible
assets/market capitalization/net income requirement set forth in Marketplace
Rule 4310(c)(2)(B). Nasdaq has requested that Enlighten address this
additional deficiency at its scheduled hearing. In addition, Nasdaq has
requested that Enlighten be prepared to address at the June 8 hearing any
impact that the facts underlying the "going concern" qualification in the
opinion Enlighten received from its independent auditors regarding Enlighten's
audited financial statements for the year ended December 31, 2000 may have on
Enlighten's ability to achieve and sustain long-term compliance with Nasdaq's
continued listing requirements.
Until the Panel reaches its decision, Enlighten's stock will remain listed
and will continue to trade on the Nasdaq SmallCap Market. There can be no
assurance as to when the Panel will reach a decision, or that the decision
reached will be favorable to Enlighten. An unfavorable decision would result
in the immediate delisting of Enlighten's stock from the Nasdaq SmallCap
Market.
"We fully anticipated these issues arising and in the last several months
have been re-positioning Enlighten by enhancing the marketing and sales
efforts, appointing four new board members, and by my recent appointment as
Enlighten's CEO," said Omar Maden, CEO, Enlighten Software Solutions, Inc. "We
are very hopeful that we can demonstrate to Nasdaq how the results of our new
marketing efforts related to the Enlighten and Enlighten WebDSM products will
enable Enlighten to regain compliance with the Nasdaq continued listing
requirements."
About Enlighten
Enlighten Software Solutions, Inc. is a provider of single point workgroup
administration and event monitoring solutions for Unix, Linux, Windows and
FreeBSD within distributed and Internet computing environments. The Company's
award-winning EnlightenDSM product suite provides cost-effective systems
administration solutions for Unix, Linux, Windows and FreeBSD. The
EnlightenDSM product suite provides comprehensive functionality with
unprecedented ease of installation and use. The EnlightenDSM product suite
conforms to industry standard frameworks yet allows seamless integration with
other vendors' point solutions. For more information, please visit the
company's web site at http://www.EnlightenDSM.com .
Enlighten is a registered trademark and EnlightenDSM is a trademark of
Enlighten Software Solutions, Inc. All other product and company names may be
registered trademarks or trademarks of their respective owners.
The statements contained in this press release, other than historical
information, include forward-looking statements and are based on current
expectations and involve risks and uncertainties. Consequently, the Company's
actual results could differ materially from expectations expressed herein.
The various factors that could cause the Company's actual results to differ
include, but are not limited to, the Company's ability to fund operations and
continue as a going concern, its ability to achieve and sustain profitability,
the potential of the Company's products to gain customer acceptance, quarterly
fluctuations in results, the impact of competitive products and pricing, the
rapid pace with which technology changes, and other risks detailed from time
to time in the Company's Securities and Exchange Commission filings. Actual
results may differ materially from management expectations.
SOURCE Enlighten Software Solutions; Inc.
 back to top
Related links:
http://www.EnlightenDSM.com
CONTACT:
Omar Maden, Chief Executive Officer, or Steve
Giusti, VP Finance and CFO, 650-578-0700, both for Enlighten
Software Solutions; or media, Jodi Gershoni, PRfirm for
Enlighten, 703-548-5553 ext. 204; or general, Janet Campbell,
investors, Karen Keating, or media, Dawn Swidorski, 415-986-1591,
all for the Financial Relations Board BSMG Worldwide
|
