SANTA CLARA, Calif., Feb. 20, 2002 (PRIMEZONE) -- iPrint Technologies, inc. (Nasdaq:IPRT), a leading supplier of online and offline marketing and branding solutions, today reported that it has received a letter from Nasdaq notifying the Company that it is not in compliance with Nasdaq Marketplace Rules 4450(a)(2) and 4450(a)(5) relating to the minimum market value of publicly held shares ($5 million) and minimum bid price per share ($1.00) requirements for continued listing on The Nasdaq National Market.
The Company has 90 calendar days, or until May 15, 2002, to regain compliance with these standards. Under Nasdaq National Market rules, iPrint may demonstrate compliance by maintaining a $1.00 minimum closing bid and a minimum market value of publicly held shares of $5 million or more for a minimum of 10 consecutive trading days by that date. If the Company is unable to demonstrate compliance by that date, the Company may appeal a determination that it be delisted from The Nasdaq National Market, or the Company could decide to file an application to transfer its securities to The Nasdaq SmallCap Market. For that application, the Company would be required to meet the SmallCap Market continued listing criteria, including a market value of public float requirement of $1 million, other than the SmallCap Market minimum bid price requirement ($1.00). If the application is accepted, the Company would have another 90 days, or until August 13, 2002, to comply with the minimum bid price requirement. If the Company had not regained compliance with the minimum bid price requirement at the end of the 90 day period, it would be afforded an additional 180 days to regain compliance if it could demonstrate compliance with the core initial SmallCap listing standards (either net income of $750,000, stockholders' equity of $5 million, or market capitalization of $50 million).
About iPrint Technologies, inc.
iPrint Technologies, inc. (Nasdaq:IPRT), created by a merger between iPrint and Wood Associates, is a leader in providing promotional branding solutions and technology to the Fortune 1000. With a network of offices nationwide, iPrint works with over 200 world-class organizations such as BP, Charles Schwab, Compaq, Microsoft, OfficeMax, Oracle and PeopleSoft, as well as servicing over one million small business customers. iPrint's technology and solutions improve the way businesses buy custom imprinting and corporate printing. iPrint can integrate into e-procurement platforms, streamlining the cost of ordering professional printing and promotional merchandise and improving the overall ROI of e-procurement efforts. iPrint's technology also powers the award-winning Web site, iPrint.com, which offers SOHO customers convenience and significant cost savings on professionally printed products. The company has been distinguished with the Inc./Cisco Technology Award, an "Innovation in Print" award by CAP Ventures, and named the No. 15 top eBusiness by InformationWeek. For information on corporate services, please visit http://www.iPrintTech.com.
(Sources: PC Data Online, Top Monthly E-Tailers Reports and Top Monthly Sites Reports; CAP Ventures, Research; BizRate.com, Customer Certified Ratings; Keynote.com, 2000.)
iPrint is a registered trademark of iPrint Technologies, inc. Other marks are property of their respective owners.
This press release contains "forward-looking statements" (as that phrase is used in Section 21E of the Securities Exchange Act of 1934). Actual results could differ materially from those stated or implied in the company's forward-looking statements. These forward-looking statements reflect management's current expectations and are based on many assumptions and are subject to certain risks and uncertainties, including among other things, the Company's decision not to file, or its failure to file an application to transfer its securities to The Nasdaq SmallCap Market, or The Nasdaq's determination that the criteria for continued listing on The Nasdaq SmallCap market have not been met. iPrint's forward-looking statements should be considered in the context of other risk factors discussed in its Securities and Exchange Commission filings, including its most recent Forms 10-Q and 10-K, available for viewing on its Web site http://www.iPrintTech.com. (To access this information, click on "Investor Relations," "SEC Filings.")