Aliso Viejo, Calif., June 14, 2001 - buy.com™ (Nasdaq: BUYX), The Internet Superstore™ received a Nasdaq Staff Determination on June 7, 2001, indicating that the Company no longer meets the requirements for the continued listing of its common stock on the Nasdaq National Market, and that its securities are, therefore, subject to delisting from the Nasdaq National Market. The notification is based on the failure by the Company to maintain a minimum bid price of $1.00 as required by Nasdaq listing maintenance standards set forth in Marketplace Rule 4450 (a)(5). The Company has requested a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination; however, there can be no assurance that the Panel will grant the Company`s request for continued listing.
buy.com, The Internet Superstore™ and low price leader, offers its 3.8 million customers nearly 1,000,000 SKUs in a range of categories including computer hardware and software, electronics, wireless products and services, books, office supplies and more. Individuals and businesses can shop quickly and easily at buy.com 24 hours a day, 7 days a week. buy.com was named the No. 1 electronics e-tailer in the PowerRankings by Forrester Research, Inc. (November 2000), a "Best of the Web" in the computer and electronics category by Forbes Magazine (spring 2000 and fall 2000), "Best Overall Place To Buy" by Computer Shopper Magazine (January 2001). buy.com, founded in June 1997, is located in Aliso Viejo, California. For more information visit www.buy.com. buy.com™ and The Internet Superstore,™ are trademarks of buy.com Inc.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release may contain forward-looking statements that involve risks and uncertainties. Important factors, which could cause actual operating results to differ materially from those in the forward-looking statements, include, without limitation, risks that the Nasdaq Listing Qualifications Panel will decline to grant our request for a hearing on the Staff Determination, or that if such request for hearing is granted, that the company will be successful in its request for continued listing, and risks that if such delisting occurs the company`s stock price may decline and the trading volume may decrease. Other risks are detailed in filings with the Securities and Exchange Commission made from time to time by buy.com, including its Annual Report on form 10-K, as amended, filed with the Securities and Exchange Commission on March 29, 2001, and its quarterly reports filed from time to time with the Securities and Exchange Commission. buy.com undertakes no obligations to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.