ATLANTA--Aug. 15, 2002--T/R SYSTEMS, INC., a leader in developing innovative solutions for the management and production of digital documents, announced today that on August 14, 2002 it received notification from the Listing Qualifications Department of The Nasdaq Stock Market, Inc., indicating that the Company's common stock has not maintained the required minimum bid price for continued quotation on the Nasdaq National Market and is therefore subject to delisting.
NASD Rule 4450(a)(5) requires that, for continued quotation on the Nasdaq National Market, a company must maintain a minimum bid price of $1 for at least one day during any period of thirty consecutive business days. Nasdaq rules provide that a listed company is given a period of ninety calendar days to achieve compliance with the minimum bid requirement in order to maintain its listing on the Nasdaq National Market. During the ninety day period, a company would be considered to be in compliance with Nasdaq's minimum bid price requirements if its minimum bid is $1 or greater for any ten consecutive business days.
"We are reviewing all options available to us to return to compliance with Nasdaq's continued listing requirements, including requesting a hearing before the Listing Qualifications Department," said Mike Kohlsdorf, President and Chief Executive Officer of T/R Systems. "We wish to maintain a listing on Nasdaq and will take whatever actions that are appropriate to maintain our listing."
There can be no assurance that T/R Systems will be able to take actions sufficient to bring it back into compliance with the Nasdaq National Market continued listing criteria within the allotted period of time.
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