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Corel Requests Hearing with NASDAQ Following Delisting Notice

Monday, May 05, 2003

Press release from the issuing company

OTTAWA--May 2, 2003-- Corel Corporation today announced that it received a NASDAQ Staff Determination on May 1, 2003, indicating that the Company failed to comply with the US $1 minimum bid price requirement for continued listing set forth in Marketplace Rule 4450(a)(5), and that its securities are, therefore, subject to delisting from the NASDAQ National Market. The Company satisfies all other requirements for continued listing on the NASDAQ National Market. Corel has requested a hearing before the NASDAQ Listing Qualifications Panel to appeal the Staff Determination. The hearing is expected to occur within 45 days of the hearing request filing, and will stay the delisting of Corel's securities pending the Panel's decision, allowing the Company to continue trading on the NASDAQ National Market under the symbol CORL. "Corel is one of hundreds of companies who have seen their stock value impacted by the protracted weak economic conditions," said Derek Burney, President and CEO of Corel Corporation. "With the minimum bid price issue being the only area in which Corel does not currently satisfy NASDAQ compliance rules, we believe that an appeal is the best course of action for Corel."




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