STOCKHOLM, Sweden, Oct. 18, 2002 (PRIMEZONE) -- Stockholmborsen's Board of Directors has decided to delist Cell Point Inc.'s SDRs. The last day of trading is October 31, 2002.
CellPoint is listed at Stockholmsborsen's O-list. Due to the company's unstable financial situation and uncertain future the company was placed on the O-list under observation March 15th, 2002. The uncertainty still consists and the observation has lasted for more than seven months. The period of observation should be for a limited period of time and only in exceptional cases for more than six months.
According to the listing agreements between Stockholmsborsen and the company, the financial report should be released within two months after the report period. CellPoint should according to these agreements publish the financial report no later than August 30th, 2002. The company did not release its report until the same day that the Board of Directors decided to delist the company, one and a half month too late. The Board of Directors of Stockholmsborsen finds it obvious that CellPoint does not fulfill the requirements for listed companies regarding accounting practices and disclosure of stock market information.
The Board of Directors of Stockholmsborsen has decided to delist CellPoint with regard to the large uncertainty that still remains about CellPoint's financial situation and lack of market information
Ulf Lindgren, Chief Legal Counsil Tel +46 (0)8 405 70 60 Anders Ackebo, VP Listing & Surveillance Tel +46 (0)8 405 70 10 Maria Andark, VP Corporate Communications Tel +46 (0)70 597 52 76
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