SAN MATEO, Calif. - May 8, 2003 - Virage, Inc. [NASDAQ: VRGE], a leading provider of video and rich media communication software, today announced that it received a NASDAQ Staff Determination notice on May 1, 2003 that the company's common stock is subject to delisting from the NASDAQ National Market due to failure to meet the $1.00 per share bid price of its common stock as required by Marketplace Rule 4450(a)(5). Virage has not been able to regain compliance under the 180-calendar day grace period NASDAQ affords under Marketplace Rule 4450(e)(2).
The company has requested a hearing before a NASDAQ Listing Qualifications Panel to review the Staff Determination. A hearing date has yet to be determined. Company officials said there is no assurance that the Listing Qualifications Panel will grant its request for continued listing. However, any NASDAQ action regarding delisting of the company's securities will be stayed during the appeal process.
Virage said if NASDAQ rejects its appeal, it will likely file an application to transfer its listing to the NASDAQ SmallCap Market. If the company transfers its listing to the NASDAQ SmallCap Market, it may be eligible for an additional 180 calendar day compliance period, provided that it meets the initial listing criteria for the SmallCap Market under Marketplace Rule 4310(c)(2)(A), and may be further eligible for an additional subsequent 90 calendar day compliance period in which to regain compliance with the NASDAQ National Market listing requirements. The company currently believes that it will meet the listing criteria for transfer to the SmallCap Market at the end of the appeals process, if the appeal is rejected. However, there can be no assurance that the company's common stock will be accepted for listing on the NASDAQ SmallCap Market, or that the company's common stock will reach the $1.00 per share bid price required to maintain a listing on either market beyond the applicable compliance period(s).
About Virage
Established in 1995, Virage is a leading provider of video and rich media communication software. Virage builds integrated rich media business solutions for corporations, media & entertainment companies, universities and government agencies worldwide. Headquartered in San Mateo, California, Virage (www.virage.com) has offices throughout the United States and Europe.
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Forward Looking Statements
This press release contains "forward-looking" statements about the products and services of Virage, as that term is used in Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are denoted by such words as "will grant", "will be stayed", "will likely file", "will meet", "will be accepted", "will reach" and similar terms and phrases. These types of statements address matters that are subject to risks and uncertainties, which could cause actual results to differ materially. There is no assurance that the Listing Qualifications Panel will grant the company's request for continued listing, that the company's common stock will be accepted for listing on the NASDAQ SmallCap Market, or that the company's common stock will reach the $1.00 per share bid price required to maintain a listing on either market beyond the applicable compliance period(s). In addition, our forward-looking statements should be considered in the context of other risk factors discussed in our filings with the Securities and Exchange Commission, including but not limited to our annual report on Form 10-K and 10-Q filings, available online at www.sec.gov. All forward-looking statements are based on information available to the company on the date hereof, and the company assumes no obligation to update such statements.
Virage and VideoLogger are registered trademarks of Virage, Inc. The Virage logo, SmartEncode, VS Webcasting, VS Publishing, VS Production, MediaSync, Virage ControlCenter, ScreenCast and Virage Solution Server are trademarks of Virage, Inc. Other company product and service names may be trademarks or service marks of others, and are hereby acknowledged.
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