Contact Information: Contact: NewMarket Technology, Inc. Investor Relations ir@newmarkettechnology.com 214-722-3065 http://www.newmarkettechnology.com
NewMarket Technology, Inc. Appeals FINRA Ordered Symbol Change and Assures Shareholders of Continued Sales Momentum and Ongoing Tradability
Company Addresses Impact of Recent Developments and the Facts as They Pertain to NewMarket Shareholders
| Source: NewMarket Technology, Inc.
DALLAS, TX--(Marketwire - August 25, 2008) - NewMarket Technology, Inc.'s (OTCBB : NMKTE )
ticker symbol was changed on Friday, August 22, in an action by the
Financial Industry Regulatory Authority (FINRA). The symbol was changed
from NMKT to NMKTE. According to information published on the FINRA and
SEC websites, an 'E' is appended to a company's ticker symbol when the
company becomes delinquent in its reporting obligations to the SEC and
removed once the Company resolves the delinquency. NewMarket's public
filings are current and the Company has been in communication with FINRA in
an effort to change the Company's symbol back to NMKT.
FINRA's Rule 6530 Assessment and NewMarket's Appeal
FINRA has informed NewMarket that the 'E' was appended to the Company's
ticker to indicate that the Company has been late in its required financial
filings for a third time in twenty-four months. According to FINRA Rule
6530, three late filings in a twenty-four month period is cause for the
subject security to be ineligible for quotation on the Over the Counter
Bulletin Board (OTCBB). NewMarket management has been in contact with
FINRA to contest the assessment and plans to appeal formally by the appeal
deadline of August 27, 2008, if initial discussions are inconclusive.
NewMarket will remain a tradable security regardless of its success in
contesting or appealing the Rule 6530 assessment with FINRA.
NewMarket to Remain Fully Compliant with SEC Reporting Regulations
NewMarket is a fully reporting company in accordance with the periodic
financial reporting requirements of the United States Securities and
Exchange Commission (SEC). The Company's filings are available free of
charge at www.sec.gov. Regardless of FINRA's ultimate response to
NewMarket's appeal, management will continue to comply with the reporting
requirements of the SEC.
NMKT to Continue Trading Regardless of Rule 6530 Appeal
NewMarket management plans to vigorously oppose the possible removal of
NewMarket from the OTCBB quotation system. However, the OTCBB is only one
of five systems where NewMarket is currently quoted. For instance, as with
many OTCBB quoted companies, NewMarket is also quoted and trades on the OTC
system. The possible removal of NewMarket from the OTCBB quotation system
will not halt the tradability of the Company's stock. Regardless of the
success of the appeal opposing the removal of NewMarket from the OTCBB, the
Company's stock will remain tradable through most brokerages such as the
electronic brokerages E*TRADE, TD Ameritrade, Fidelity and Scottrade.
YTD Sales Momentum to Continue - AMEX or NASDAQ Move Not Affected
FINRA's late filing policies are targeted at OTCBB quoted securities and
their actions towards NewMarket are based solely on their assertion that
the Company was tardy in its filings. The Company intends to continue its
business plan, regardless of the outcome of FINRA's assessment. Notably, a
removal from the OTCBB quotation system would not prohibit the Company from
qualifying and moving to an exchange such as the AMEX or NASDAQ. The
Company recently reported its year-to-date financial results with the best
results in the Company's history. The Company continues to grow revenue and
improve margins year on year and quarter on quarter. Management conducted a
Webcast for shareholders to review the record year-to-date results as well
as record 2008 sales momentum and outlook for the remainder of the year.
The Webcast has been archived and is available for review through the
Company's corporate Website Investor Relations page at
www.newmarkettechnology.com/investor-relations.htm under "Current Events
and Communications" or by going to:
http://www.vcall.com/IC/CEPage.asp?ID=133305.
Additional Details Regarding Recent FINRA Actions and NewMarket's Response
The Company plans to issue additional updates to shareholders as
discussions with FINRA progress. The CEO of NewMarket Technology, Inc.,
Philip Verges has provided additional background and commentary regarding
the FINRA action against NewMarket. The letter is available by contacting
the Company at ir@newmarkettechnology.com.
Corporate Information and E-mail Updates
To find out more about NewMarket Technology or to be added to NewMarket
Technology's e-mail database to receive company updates, please send an
e-mail to ir@newmarkettechnology.com or call 214-722-3065.
About NewMarket Technology, Inc. (www.newmarkettechnology.com)
NewMarket helps clients maintain the delicate balance between maintaining
legacy systems and gaining a competitive edge from the latest technology
innovations. NewMarket provides certified systems integration and
maintenance services to support the prevailing industry standard solutions
from companies such as Microsoft, Oracle, Infor, Cisco Systems, SAP, Siebel
and Sun Microsystems. Concurrently, NewMarket continuously seeks to acquire
emerging technology assets to incorporate into an overall product portfolio
carefully packaged to complement the prevailing industry standard
solutions.
NewMarket delivers its portfolio of products and services through its
network of Solution Integration subsidiaries in North America and the
leading emerging markets around the world to include Latin America, China
and Singapore.
NewMarket ranked Number One in Texas, Number Three in the United States and
Number Five in North America on Deloitte's 2006 Technology Fast 500, a
ranking of the 500 fastest growing technology, media, telecommunications
and life sciences companies in North America. Rankings are based on
percentage revenue growth over five years, from 2001-2005. The Company grew
from less than $1 million in revenue in 2001 to over $50 million in
profitable revenue in 2005.
The company has continued its rapid growth, reporting $77.6 million in
revenue with a net income of $5.8 million in 2006 and most recently $93.1
million in revenue with a net income of $7.3 million in 2007.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995
This press release contains forward-looking statements that involve risks
and uncertainties. The statements in this release are forward-looking
statements that are made pursuant to safe harbor provision of the Private
Securities Litigation Reform Act of 1995. Actual results, events and
performance could vary materially from those contemplated by these
forward-looking statements. These statements involve known and unknown
risks and uncertainties, which may cause NewMarket's actual results in
future periods to differ materially from results expressed or implied by
forward-looking statements. These risks and uncertainties include, among
other things, product demand and market competition. You should
independently investigate and fully understand all risks before making
investment decisions.