GARDEN GROVE, Calif., Aug. 5, 2003 (PRIMEZONE) -- Bridge Technology, Inc. (Nasdaq:BIGCE), a data storage and communication components distribution Company, announced today that Nasdaq has denied the Company's extension request and determined to delist its securities from The Nasdaq Stock Market effective with the open of business on Wednesday, August 6, 2003 based on its failure to satisfy the filing, bid price and Annual Meeting requirements.
The Company has received a formal notice that it is in non-compliance with Market Rule 4310(c)(14) in that its Form 10-K for the year ending December 31, 2002, and Form 10-Q's for the quarters ending March 31, 2003 and June 30, 2003 have not been filed.
The Company believes it has valid reasons for this filing delinquency and has requested an oral hearing before a Nasdaq Panel to appeal the staff's determination.
In addition, Nasdaq had notified the Company on August 4, 2003 the initial listing requirements for the Nasdaq Small Cap Market under Marketplace Rule 4310 (c)(2)(A), the Company is non compliant with the $1.00 per share bid price requirement and the Annual Meeting requirement. The Company also plans on addressing these issues at its hearing before the Nasdaq Listing and Hearing Review Council. No hearing date has been scheduled as of the date of this press release.
The Company's securities will not be immediately eligible to trade on the OTC Bulletin Board since the Company is not current in all of its periodic reporting requirements pursuant to Section 13(a) or 15(D) of the Exchange Act. In the interim, while Nasdaq is reviewing the Company's request for reinstatement, the Company has also requested that one of its Nasdaq market makers file a Form 211 to allow the Company to trade on the OTC Bulletin Board ("OTC"). Until the Form 211 is approved by Nasdaq, which will require the submission of the as yet uncompleted Form 10-K, the Company's common stock will trade in the 'Pink Sheets'.
The Company expects to file its 10Q for the quarter ending June 30, 2003 on or before August 14, 2003.
About Bridge Technology, Inc.
Bridge Technology, Inc. is a ``time-to-market'' Company that distributes digital recording, storage, and communication components and sub-assembly units, primarily to long standing OEM customers. The Company operates through subsidiaries in the United States, and Hong Kong. More information on Bridge Technology, Inc. may be obtained over the Internet at http://www.bridgeus.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release, which are not historical facts, may be deemed to contain forward-looking statements including, but not limited to, deployment of new services, growth of the customer base, and growth of the service area, among other items. Actual results may differ materially from those anticipated in any forward-looking statement with regard to magnitude, timing, or other factors. Deviation may result from risk and uncertainties, including, without limitation, the Company's dependence on third parties, market conditions for the sale of services, technical factors affecting networks, availability of capital, and other risks and uncertainties. The Company disclaims any obligation to update information contained in any forward-looking statement.