SCOTTSDALE, Ariz., April 22 /PRNewswire-FirstCall/ -- Quepasa Corporation (NASDAQ:QPSA), one of the world's largest, bicultural, Latino online communities, has received formal notice from NASDAQ that since the Company's market value has been $35 million or greater for 10 consecutive trading days, the company has regained compliance with the rule 4310 (c) (3) and the matter is now closed.
"We are happy to regain compliance with the NASDAQ Listing Requirement as a result of our market value, and are eager to continue to execute on the formal plan we submitted to NASDAQ on April 21, 2008," said John Abbot, Quepasa Chief Executive Officer. "We recognize the volatility of the markets and believe that regaining positive equity in excess of the NASDAQ minimum requirement will only strengthen the balance sheet of the company. We are excited about the progress we have made since the new management team took over just six months ago and look forward to announcing some innovative networking concepts that will be new to the Latino markets." About Quepasa Corporation Quepasa Corporation (NASDAQ:QPSA), headquartered in Scottsdale, Arizona (with offices in Los Angeles and Mexico), owns Quepasa.com, one of the world's largest, bicultural, Latino, online communities committed to providing entertaining, enriching, and empowering products and services. Quepasa.com serves its users in the U.S. and Latin America in both Spanish and English.
Safe Harbor/Forward-Looking Statements of Quepasa Corporation This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including those relating to plan to exceed minimum Nasdaq equity requirements and future announcements. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the failure to reach an agreement with debt holders or otherwise create a plan that satisfies the Nasdaq minimum equity requirements. Further information on Quepasa's risk factors is contained in its filings with the Securities and Exchange Commission, including the Form 10-KSB for the year ended December 31, 2007. Quepasa does not undertake any duty nor does it intend to update the results of these forward-looking statements.
Contact:
Mike Matte, Chief Financial Officer
Quepasa Corporation
(561) 317-1315
DATASOURCE: Quepasa Corporation CONTACT: Mike Matte, Chief Financial Officer of Quepasa Corporation, +1-561-317-1315 Web site: http://www.quepasa.com/
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