DSL.net
Receives Nasdaq Notice Regarding Listing; Company to
File Appeal of Nasdaq De-Listing Determination
[April 22, 2004]
NEW
HAVEN, Conn., Apr 22, 2004 (BUSINESS WIRE) -- DSL.net,
Inc. (DSLN) , a leading nationwide provider of broadband
communications services to businesses, today announced
that it received a Nasdaq staff determination indicating
that the Company's common stock failed to comply with
the $1.00 closing bid price per-share requirement for
10 consecutive trading days as set forth in the Nasdaq's
Marketplace Rules 4310(c)(4) and 4310(c)(8)(D). As a
result, DSL.net common stock is subject to de-listing
from the Nasdaq SmallCap Market.
DSL.net intends to appeal the Nasdaq
staff determination on or before Tuesday, April 27,
2004. In accordance with applicable Nasdaq Marketplace
Rules, the Company intends to request a hearing before
a Nasdaq Listing Qualifications Panel to review the
staff determination. That review will determine whether
DSL.net will continue to be listed on the Nasdaq SmallCap
Market. Under the Nasdaq's rules, the de-listing process
is postponed pending the hearing and the Panel's decision.
Since there can be no assurance that
the Panel will act favorably on the Company's appeal,
DSL.net is concurrently taking other actions to preserve
a continued trading market or exchange for the Company's
common stock.
About DSL.net
DSL.net, Inc. is a leading nationwide
provider of broadband communications services to businesses.
The Company combines its own facilities, nationwide
network infrastructure and Internet Service Provider
(ISP) capabilities to provide high-speed Internet access,
private network solutions and value-added services directly
to small- and medium-sized businesses or larger enterprises
looking to connect multiple locations. DSL.net product
offerings include T-1, DS-3 and business-class DSL services,
virtual private networks (VPNs), frame relay, Web hosting,
DNS management, enhanced e-mail, online data backup
and recovery services, firewalls and nationwide dial-up
services; as well as integrated voice and data offerings
in select markets. For more information, visit www.dsl.net,
e-mail info@dsl.net or call 1-877-DSL-NET1 (1-877-375-6381).
This press release may contain forward-looking
statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended,
and, to the extent it does, these forward-looking statements
are subject to a variety of risks and uncertainties,
many of which are beyond DSL.net's control, which could
cause actual results to differ materially from those
contemplated in these forward-looking statements. In
particular, the risks and uncertainties associated with
DSL.net's business include, among other things, (i)
fluctuations in DSL.net's quarterly operating results,
which could adversely affect the price of its common
stock; (ii) DSL.net's failure to generate sufficient
revenue, contain certain discretionary spending, achieve
certain other business plan objectives, or obtain additional
debt or equity financing, which could have a material
adverse effect on DSL.net's results of operations or
financial position, or cause it to restructure its operations
to further reduce operating costs; and (iii) risks associated
with the possible removal of DSL.net's common stock
from the Nasdaq SmallCap Market, which removal could
adversely impact the pricing and trading of DSL.net's
common stock. Existing and prospective investors are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof.
DSL.net undertakes no obligation, and disclaims any
obligation, to update or revise the information contained
in this press release, whether as a result of new information,
future events or circumstances or otherwise. For additional
information regarding these and other risks faced by
DSL.net, see the disclosure contained under "Risk
Factors'' in DSL.net's Annual Report on Form 10-K for
the year ended December 31, 2003, which has been filed
with the Securities and Exchange Commission.
DSL.net is a trademark of DSL.net, Inc.
SOURCE: DSL.net, Inc.
DSL.net
Media:
Joe Tomkowicz, 203-782-3885
jtomkowicz@dsl.net
Investors:
Bob DeSantis, 203-782-3267
investors@dsl.net |
