NEWTON, Mass., Nov. 14, 2001 (PRIMEZONE) -- LifeFX, Inc. (Nasdaq:LEFX), the leading developer of life-like virtual people for the Internet, announced it received a Nasdaq Staff Determination on November 8, 2001 indicating that the Company has failed to comply with the minimum net tangible assets requirement for continued listing set forth in Marketplace Rule 4450, and that its securities are therefore subject to delisting from the Nasdaq National Market effective tomorrow November 15, 2001. It is expected that the Company's securities will be traded on the OTC Bulletin Board.
About LifeFX
Lifef/x, Inc., a Safeguard Scientifics (NYSE:SFE) partner company, is creating the face of the Internet by developing photo-realistic, digital human faces, or LifeFX Stand-In(tm) virtual people, that can interact in real time. LifeFX Stand-In(tm) virtual people will be used by Web businesses as life-like customer-service and sales representatives, guides, teachers and entertainers, while consumer applications will include e-mail, instant messaging and chat rooms. The LifeFX technology was originally developed for professional medical applications by the University of Auckland, with which LifeFX has an exclusive, worldwide, perpetual, paid up license. LifeFX holds three patents and has five pending. For more information about LifeFX, visit http://www.lifefx.com. For application ideas and demos, visit http://www.facemail.com
Statements made in this news release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made based on management's belief as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. LifeFX Inc.'s future results may differ materially from the results anticipated in these forward-looking statements because of a variety of factors, including the ability of the company to implement its business strategy; the ability of the company to achieve the intended benefits of this strategy; the ability of the company to complete development of its technology; the ability of the company to achieve success in forging strategic relationships; adoption of the technology by major consumer and commercial Websites; the ability of the company to commercialize the technology before competitors; the ability of the company to retain key employees; and those factors identified in Lifef/x, Inc.'s annual report on Form 10-K for the fiscal year ended December 31, 2000, and its quarterly reports on Form 10-Q and subsequent reports filed with the Securities and Exchange Commission.