Nasdaq Delisting Hearing Scheduled for buy.com
Aliso Viejo, Calif., July 16, 2001 -- buy.com™ (Nasdaq:BUYX), The
Internet Superstore™ announced that an oral hearing has been scheduled
with a Nasdaq Listing Qualifications Panel on July 19, 2001 for the
purpose of determining whether the Company`s common stock will continue
to be listed on The Nasdaq National Market. Nasdaq has notified the
Company that the purpose of the hearing will be to review both (i) the
Company`s failure to maintain a minimum bid price of $1 as required by
Nasdaq listing maintenance standards set forth in Marketplace Rule
4450(a)(5) and (ii) whether the Company is in compliance with the new
independent director and audit committee composition requirements set
forth in Marketplace Rules 4350(c) and 4350(d)(2).
The Company may be unable to satisfy the listing maintenance standards
of The Nasdaq National Market, and the Panel may not grant the
Company`s request for continued listing. Delisting, if it occurs, would
be communicated by the Nasdaq Stock Market sometime after the hearing
and would be effective immediately. If the Company`s common stock is
delisted from the Nasdaq National Market, it may continue to be listed
on the OTC Bulletin Board.
about buy.com
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) and "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, the risk that
the company may not be successful in its request for continued listing
and risks that if a 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.
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Contacts:
Robert Price
(949) 389-2247
robertp@buy.com
Kathy Beaman
(949) 389-2247
kathyb@buy.com
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