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CONTACT: Steven B. Solomon, President & CEO CT
Holdings, Inc. 214-521-3443
p 214-520-0034
f CT Holdings,
Inc. Receives Notification of Delisting From Nasdaq Listing Qualifications
Panel; Will Start Trading on the OTC Bulletin Board Under the Same Symbol
- CITN DALLAS,
TX - May 16, 2001 -- CT Holdings, Inc. (Nasdaq: CITN) today announced that
on May 16, 2001, it received a Nasdaq Staff Determination indicating the
Company's securities will be delisted from The Nasdaq National Stock
Market, and will trade on the OTC Bulletin Board effective with the open
of business on May 17, 2001 under the same symbol - CITN. The
Company previously announced that it had received a Nasdaq Staff
Determination indicating the Company no longer complied with the continued
listing requirements of The Nasdaq Stock Market, and that its securities
were therefore subject to being delisted from the Nasdaq National Market.
The Company exercised its right to appeal the Staff Determination
and requested a hearing before a Nasdaq Listing Qualifications Panel.
The hearing occurred on April 16, 2001 and today's Nasdaq Staff
Determination was the culmination of this hearing. Nasdaq
has advised CT Holdings that the Nasdaq Listing and Hearing Review Council
(the "Listing Council") may, on its own motion, determine to
review any Panel decision within 45 calendar days after issuance of the
written decision. If the
Listing Council determines to review this decision, it may affirm, modify,
reverse, dismiss, or remand the decision to the Panel.
The Company will be immediately notified in the event the Listing
Council determines that this matter will be called for review.
The Company may also request that the Listing Council review this
decision. The request for
review must be made in writing and received within 15 days from the date
of this decision. The
institution of a review, whether by way of the Company's request, or on
the initiative of the Listing Council, will not operate as a stay of this
decision. The Company plans
to request a review of the decision within the 15 day period. Except for the historical information contained herein, the matters discussed in this release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially, including, without limitation, the risk factors discussed in the "Risk Factors" section of the Company's Form 10-QSB for the quarter ended March 31, 2001. About
CT Holdings CT
Holdings, Inc. (NASDAQ: CITN), is a developer of early stage companies,
including Parago, Inc. and River Logic.
For more information on CT Holdings, our Internet holdings, and our
Citadel Technology line of security software products, please visit our
Web site at www.ct-holdings.com. About
Parago Parago's
patent-pending technology platform and processes represent an innovative
approach designed to improve the promotional marketing industry.
Parago provides a range of Internet-based customer relationship
management products, PromoCenter, ValueRewards and KnowledgeCenter, that
are created to increase sales, reduce costs, enhance customer retention
for its clients, and improve loyalty. These products comprise Parago's
Continuous Customer InteractionSM model, which helps retailers,
manufacturers and service organizations reduce the cost of conducting
promotions and drive incremental revenue by cross-selling and upselling
new products and services. During
the relationship management process, Parago captures fresh, accurate, and
usable transaction and buyer demographic data that can be used by its
clients to improve their promotional marketing programs.
Parago maintains a web site at www.parago.com. About
River Logic River Logic,
Inc. develops decision-support applications for industry. Using COR
Technology™, a
rapid-application development system, developers at River Logic create
applications that enable industry professionals to model complex enterprises and explore
financial relationships on a desktop computer or laptop. Embedded
analytics allow end-users to understand the financial implications of
critical business decisions easily by manipulating graphical icons that
model their enterprise. Headquartered in Beverly, Massachusetts, River Logic is a
privately held corporation receiving venture capital support from Cardinal
Investment, Inc., CT Holdings (NASDAQ:CITN), EBSCO CASIAS, eMed Ventures,
Intel Capital, and Mercury Ventures. The company's solution incorporates
several patented technologies and leverages research originally conducted
at University of Massachusetts and the Russian Academy of Sciences. To learn more about River Logic, visit www.riverlogic.com,
call 978.753.5029, or email info@riverlogic.com. About
the Intel 64 Fund The
Intel 64 Fund is a quarter-billion dollar equity investment fund that
invests in technology companies developing innovative enterprise solutions
for Itanium™-based servers and workstations. The Fund invests in
companies developing tools and technologies for Internet, enterprise, and
workstation solutions. Example application areas include e-commerce,
Internet infrastructure, advanced enterprise resource planning, design
automation, and financial applications and services. Fund investments
require a commitment to develop products optimized for the Itanium™
Processor Family and running on shrink-wrap operating systems.
Co-investors in the Intel 64 Fund include Compaq, Dell, Hewlett-Packard,
Intel, NEC, and SGI, with Intel coordinating the Fund activities. Intel
works closely with Fund investors to identify potential portfolio
companies and to actively support the companies' product development
activities once an investment is completed. The Intel 64 Fund creates
regular opportunities for high-level interaction between portfolio
companies and Fund investors. This interaction is intended to foster
dialogue as to how portfolio company products can better meet the
requirements of tomorrow's demanding IT environment utilizing using
Itanium-based platforms. To
learn more about the Intel 64 Fund, visit www.intel.com/capital/. Forward-Looking
Statements This news release contains forward-looking statements, which involve risks and uncertainties. Accordingly, no assurances can be given that the actual events and results will not be materially different that the anticipated results described in the forward-looking statements. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statement made by us. These factors include the Company's failure to remain in compliance with Nasdaq's other listing requirements in addition to the minimum bid requirement, the Company's decision not to pursue continued listing on the Nasdaq SmallCap Market, a decision by the Nasdaq Listing Qualifications Panel to delist the Company's common stock from the Nasdaq SmallCap Market, and, in the event of delisting, a decision by the Company not to attempt to have its common stock traded on the OTC Bulletin Board, there may not be market makers for the shares of common stock and an active market may not continue to exist, as well as other risk factors. Investors are also encouraged to read the "Risk Factors" section of the Company's Annual Report on Form 10-KSB for the year ended February 29, 2000, and the Company's Quarterly Report on Form 10-QSB for the quarter ended September 30, 2000, and the Company's other filings, which are on file with the Securities and Exchange Commission. The
Company undertakes no obligation to publicly release the result of any
revisions to these forward-looking statements, which may be made to
reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. #
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