Netia files request for Nasdaq Listing Qualifications Panel Hearing
WARSAW, Poland - March 25, 2002 - Netia Holdings S.A. (Nasdaq: NTIAQ, WSE: NET) Poland's largest alternative provider of fixed-line telecommunications services, announced today that it received a Nasdaq Staff Determination on March 21, 2002, indicating that (i) Netia was not in compliance with the minimum $4,000,000 net tangible assets or the minimum $10,000,000 stockholders equity requirement for continued listing on The Nasdaq National Market set forth in Marketplace Rule 4450(a)(3) and (ii) Netia had filed for arrangement proceedings in Poland and had filed a Section 304 petition in the U.S. Bankruptcy Court for the Southern District of New York which is a grounds for delisting under Marketplace Rule 4330(a)(1).
As a result, the Nasdaq Staff indicated that Netia's American Depositary Shares ("ADSs") are subject to delisting from The Nasdaq National Market. Today Netia requested an oral hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. However, there can be no assurance that the Listing Qualifications Panel will grant the Company's request for continued listing. Until the Listing Qualifications Panel reaches its decision following the oral hearing, Netia's ADSs will remain listed and resumed trading on The Nasdaq National Market on March 20, 2002.
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 April 30, 2001, its Current Report on Form 6-K filed with the Commission on May 15, 2001, its Current Report on Form 6-K filed with the Commission on August 7, 2001, its Current Report on Form 6-K filed with the Commission on November 6, 2001, and its Current Report on Form 6-K filed with the Commission on January 18, 2002. The Company undertakes no obligation to publicly update or revise any forward-looking statements.