Nasdaq Issues Written Determination for Continued Listing of Notify Stock

SAN JOSE, Calif., July 19 /PRNewswire/ -- Notify Technology Corporation (Nasdaq: NTFY) today reported that it had received a written determination from the Nasdaq Listing Qualifications Panel (the "Panel"). The Panel was of the opinion that the Company has presented a definitive plan that should enable it to evidence compliance with all requirements for continued listing on The Nasdaq SmallCap Market within a reasonable period of time and to sustain compliance with those requirements over the long term. In order to maintain its Nasdaq listing, Notify must make a public filing with the Securities and Exchange Commission and Nasdaq evidencing net tangible assets of at least $4.5 million on or before July 23, 2001. Notify must also continue to meet the normal requirements for continued listing. Background

On March 29, 2001 the Company received a Nasdaq Staff Determination indicating that the Company has failed to comply with the minimum $2M net tangible asset as set forth in Marketplace Rule 4310 (c)(2)(B) and corporate governance requirements as set forth in Marketplace Rule 4350 (i)(D)(ii). On April 5, 2001, Notify filed a request for a hearing before the Panel and was granted a meeting date of May 17, 2001.

On May 17, 2001 Notify met with the Panel and presented Notify's plan for meeting the $2M net tangible asset requirement for continued listing on the SmallCap Market. The Panel also reviewed certain governance issues regarding prior financings by the Company and requested additional information at the May 17th meeting, which the Company has since provided. The Panel made its written determination upon consideration of that response. About

 

Notify Technology Corp.

Founded in 1994, Notify Technology Corporation, (Nasdaq: NTFY) is an innovative communications service and software provider for wireline and wireless notification and messaging services. Notify Technology currently sells its products through OEM relationships to major telephone companies, ISP's and wireless carriers. The company is headquartered in San Jose, CA. For more information, see www.notifycorp.com or call 408-777-7920.

Forward-Looking Statements and Risk Factors: This press release may contain forward-looking statements related to Notify Technology that involve a number of risks and uncertainties. Those statements are based on current information and expectations and there are numerous factors that could cause actual results to differ materially from those anticipated by such statements. These risks include, but are not limited to, our ability to deliver products and manage growth, market acceptance of certain products, business and economic conditions in the wireless industry, changes in customer order patterns, intellectual property risks, as well as other risks. These forward- looking statements are made in reliance on the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. For further information about risk factors that could affect Notify Technology's future, please see the risk factors listed from time to time in the Company's filings with the Securities and Exchange Commission, including but not limited to the report on Form 10-KSB for the fiscal year ended September 30, 2000 and the Form 10-QSB for the period ending March 31, 2001. Prospective investors are cautioned that forward-looking statements are not guarantees of future performance. Actual results may differ materially from management expectations. This press release does not constitute an offer to sell any securities of the Company.

Contacts:
Investor:
Matthew Hayden (for Notify Technology Corp.)
Hayden Communications, Inc.
(843) 272-4653
matt@haydenir.com





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