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  Listing Council Decision 2002-1
Identification Number 689
Rules 4450(a)(3) and 4450(b)(1): $4,000,000 net tangible assets/$10,000,000 shareholders’ equity, or its alternatives, the $50,000,000 market value of listed securities/$50,000,000 total assets and $50,000,000 total revenue requirements, for continued listing on the National Market.
 
Issue: The company no longer satisfied the net tangible assets/shareholders’ equity requirement for the National Market. The company stated that it was in negotiations with investors to complete several proposed private placements to regain compliance.
 
Determination: The company was properly transferred to the SmallCap Market. The company’s plan of compliance was not definitive. The company did not make any public announcements or provide the Listing Council with any information indicating that it had entered into any definitive agreements with investors. The company did not comply with the National Market net tangible assets/shareholders' equity continued listing requirements, but complied with all the requirements for continued listing on the SmallCap Market.
Publication Date*: 7/31/2012 Mailto Link Identification Number: 689
material_search_footer*The Publication Date reflects the date of first inclusion in the Reference Library, which was launched on July 31, 2012, or a subsequent update to the material. Material may have been previously available on a different Nasdaq web site.
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