Netia receives favorable decision from Nasdaq Listing Qualifications Panel regarding continued listing
WARSAW, Poland - May 22, 2002 - Netia Holdings S.A. (Nasdaq: NTIAQ, WSE: NET), Poland's largest alternative provider of fixed-line telecommunications services, announced today that it had received a favorable decision by the Nasdaq Listing Qualifications Panel regarding the continued listing of its American Depositary Shares ("ADSs") on The Nasdaq National Market.
On March 21, 2002, Netia received a Nasdaq Staff Determination that it was not in compliance with the continued listing requirements of The Nasdaq National Market and that its ADSs were subject to delisting. On March 25, 2002, Netia requested an appeal of the Staff Determination through an oral hearing and submission of supporting documentation and presented its appeal before the Nasdaq Listing Qualifications Panel in an oral hearing on April 18, 2002.
In its decision, the Nasdaq Listing Qualifications Panel determined to continue the listing of Netia's ADSs on The Nasdaq National Market subject to the following conditions: on or before July 9, 2002, Netia must provide to Nasdaq (1) documentation evidencing that Netia has either (a) received approval of its creditors and the court in Poland presiding over its arrangement proceedings to move forward with its restructuring plan, or (b) received written agreements from a sufficient number of creditors to allow Netia to withdraw from the arrangement proceedings and proceed with a voluntary exchange offer in its restructuring; and (2) a schedule by which Netia will consummate its restructuring plan and satisfy all of the requirements for continued listing on The Nasdaq National Market. After July 9, 2002, Nasdaq will review the additional documentation provided by Netia and determine whether continued listing of its ADSs on The Nasdaq National Market remains appropriate and, if so, on what terms.
The arrangement proceedings for Netia and its subsidiaries are occurring in the context of the restructuring of Netia's balance sheet.
Some of the information contained in this news release contains forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. For a more detailed description of these risks and factors, please see the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F filed with the Commission on March 28, 2002, it Current Report on Form 6-K filed with the Commission on April 3, 2002, it Current Reports on Forms 6-K filed with the Commission on May 6, 2002, and its Current Report on Form 6-K filed with the Commission on May 7, 2002. The Company undertakes no obligation to publicly update or revise any forward-looking statements.