PLEASANTON, CA PRNewswire January 31, 2001 Looks like the light may be dimming for BrightStar, an e-business and application outsourcing solution provider. The company announced last week that it received a Staff Determination from Nasdaq, indicating that, as a result of its report on Form 10Q filed for the period ending September 30, 2001, the company fails to comply with the net tangible assets requirement. This means that BrightStar's securities are subject to delisting from the Nasdaq.
BrightStar will request a hearing before the Nasdaq Listing Qualifications Panel to review the Staff Determination and the company's plan to achieve compliance with the listing requirements.
In December, 2000, BrightStar submitted a plan to Nasdaq which showed the steps the company would take to bring itself into compliance with Nasdaq's net tangible assets requirement, said Joe Wagda, CEO. Since September 2000, we have already made substantial progress and are on schedule with our plan to date. We expect to demonstrate to the Qualifications Panel the likelihood that we will be able to achieve compliance with Nasdaq's listing requirements within a reasonable time period.
As of today, BrightStar announced that it received a second letter from Nasdaq saying that the delisting action has been stayed, pending the hearing. The hearing has been scheduled for March 9, 2001 in Washington, D.C.
