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NetNation Announces Reverse Stock Split
Vancouver, BC June 13, 2003 -
NetNation Communications, Inc. (NASDAQ: NNCI) announced today that its stockholders approved a one for two and one-half (1:2.5) reverse stock split, which will take effect today, Friday, June 13, 2003. The reverse stock split is intended to regain compliance with the continued listing requirements of the NASDAQ Stock Market, and specifically, NASDAQ's minimum bid price requirement. NASDAQ will append NetNation's common stock symbol "NNCI" with the letter "D" for 20 trading days to signify the split, following which time the "D" will be removed. Post-consolidation trading will commence on Monday, June 16, 2003.
As a result of the reverse stock split, every two and one-half shares of common
stock outstanding at the close of trading on Friday, June 13, 2003, will be
combined into one share of common stock. Fractional shares will be rounded up
to the nearest whole number. The reverse split will reduce from approximately
15 million to approximately 6 million the number of outstanding shares of NetNation
common stock. The par value of NetNation common stock will remain at $0.0001
per share, and the number of shares of common stock authorized for issuance
under NetNation's certificate of incorporation remains at 50 million shares.
About NetNation Communications, Inc.
NetNation Communications, Inc. (http://www.netnation.com) is a pioneer in web
hosting and domain name registration. With more than six years in operation,
the Company has extended its products to offer enhanced-dedicated servers, co-location,
shared hosting and managed services to clients worldwide. NetNation is recognized
by industry evaluators for its excellent customer service and support, as reflected
by its frequent top web host rankings worldwide. The Company was recently ranked
the fourth fastest growing company in British Columbia by Business in Vancouver
magazine, based on percentage revenue growth from 1997 to 2001.
This news release contains forward-looking statements within the meaning of
the "safe harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These statements are based on management's current expectations
and beliefs and are subject to a number of risks and uncertainties that could
cause actual results to differ materially from those described in the forward-looking
statements. These risks and uncertainties include the following: (1) the reverse
stock split may not result in a minimum bid price of NetNation's common stock
at or above the $1.00 minimum bid price required by Marketplace Rule 4310(c)(4)
for the required ten consecutive trading days or at all; (2) the NASDAQ listing
qualifications panel may not approve NetNation's request for continued listing
on the NASDAQ SmallCap Market; (3) NetNation must maintain compliance with all
criteria for continued listing on the NASDAQ SmallCap Market; (4) technological
changes or changes in the competitive environment adversely affecting the service-packages,
market share, revenues or margins of the combined business; (5) changes in general
economic, financial or business conditions adversely affecting the combined
business or the markets in which it operates and adversely affecting future
revenues; (6) availability of financial resources to carry out plans; and (7)
authorization from third parties to carry out plans. The matters discussed in
this news release also involved risks and uncertainties described from time
to time in NetNation's filings with the Securities and Exchange Commission,
including the most recent Form 10-K filed on February 11, 2003 and Form 10-Q
filed on May 13, 2003. NetNation assumes no obligation to update any forward-looking
information contained in this news release. NetNation is a registered trademark
of NetNation Communications, Inc. All other products and company names are the
trademarks or registered trademarks of their respective owners.
Contact
Media Relations
mr@netnation.com
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