GARDEN GROVE, Calif., June 6, 2003 (PRIMEZONE) -- Bridge Technology, Inc. (Nasdaq:BRDGE), a data storage and communication components distribution Company, announced today that its common stock will continue to be listed on The Nasdaq SmallCap Market via a temporary exception from the 10K and 10Q filing requirements for the year ended December 31, 2002 and the first quarter ended March 31, 2003. This exception is set to expire on June 16, 2003 subject to further review.
The Company was granted a temporary exception until June 16, 2003 to comply with the requirement for three Independent Directors on the Audit Committee.
The Company must demonstrate by August 24, 2003 that it meets the $1.00 per bid share price provided its shareholders' equity is at least $5,000,000 as of March 31, 2003. Should its shareholders' equity be less than $5,000,000 as of March 31, 2003 the minimum bid requirement date is moved up to August 15, 2003.
Finally, in complying with Marketplace Rule 4310, the Company must (i) solicit proxies by August 15, 2003; (ii) hold its Annual Meeting for the fiscal year ended December 31, 2002 by August 31, 2003; and (iii) provide shareholders with the year 2002 Annual Report.
The temporary exceptions granted by the Nasdaq Panel expire on the respective dates. In the event the Company is deemed to have met the terms of the exceptions, it will continue to be listed on the Nasdaq SmallCap Market System.
The Company believes that it can meet these conditions; however there can be no assurance that it will do so. If at some future date the Company's securities should cease to be listed on the Nasdaq SmallCap Market System, they may continue to be quoted on the OTC Bulletin Board.
Please note that beginning with the opening of business on June 10, 2003, the Company's trading symbol will be changed from BRDGE to BIGCE. The characters C and E will be removed from the symbol once the Nasdaq Panel has confirmed compliance with the relevant terms of the exception. At that time, The Company's trading symbol will revert back to the original trading symbol of BRDG.
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 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.