Axeda Granted Extension from Nasdaq Listing Qualifications Panel
March 25 2005 - 9:28AM
PR Newswire (US)
Axeda Granted Extension from Nasdaq Listing Qualifications Panel
MANSFIELD, Mass., March 25 /PRNewswire-FirstCall/ -- Axeda Systems
Inc. (NASDAQ:XEDA), the world's leading provider of device
relationship management (DRM) software and services, today
announced that the Nasdaq Listing Qualifications Panel has approved
its request for continued listing of its common stock on The Nasdaq
SmallCap Market, via an exception from Nasdaq's stockholders'
equity and minimum bid price requirements. According to the
exception, on or before April 30, 2005, Axeda must demonstrate a
minimum of $2.5M in stockholders' equity. In the event Axeda is
able to evidence stockholders' equity of at least $5M on or before
April 30, 2005, the exception to the $1.00 bid price requirement
will continue through August 15, 2005. In the event stockholders'
equity is greater than $2.5M but less than $5M on April 30, 2005,
the exception to comply with the bid price requirement will
continue through June 30, 2005. If Axeda meets the terms of the
exception, its shares will continue to be listed on The Nasdaq
SmallCap Market. The Company intends to meet these terms; however,
there can be no assurance that it will do so. Commencing Monday,
March 28, 2005, and for the duration of the exception, the trading
symbol for Axeda's shares will be "XEDAC." About Axeda The
Company's flagship product, the Axeda(R) DRM system helps
manufacturing and service organizations increase revenue while
lowering costs, by proactively monitoring and managing devices
deployed at customer sites around the world. Axeda DRM is a highly
scalable, field-proven, and comprehensive remote management
solution that leverages its patented Firewall- Friendly(TM)
technology to enable Machine-to-Machine (M2M) communication by
utilizing the public Internet. Axeda customers include Global 2000
companies in many markets including Medical Instrument, Enterprise
Technology, Office and Print Production Systems, and Industrial and
Building Automation industries. Axeda has sales and service offices
in the U.S. and Europe, and distribution partners worldwide. More
information about Axeda is available at http://www.axeda.com/.
(C)2005 Axeda Systems. All rights reserved. Axeda, Axeda Systems,
Axeda DRM, Axeda Device Relationship Management System, Axeda
Agents, Axeda Applications, Axeda Policy Manager, Axeda Enterprise,
Axeda Access, Axeda Software Management, Axeda Service, Axeda
Usage, Automatic eCommerce, Firewall-Friendly, and Access. Insight.
In Real Time. are trademarks of Axeda Systems. All other trademarks
are either property of Axeda Systems or property of their
respective owners. This press release may contain certain
forward-looking statements that relate to Axeda's future
performance. These forward-looking statements include, but are not
limited to, those regarding Axeda's products and markets, and may
include implied statements concerning market acceptance of Axeda's
products and its growing leadership role in the DRM market. Such
statements are subject to a number of risks and uncertainties that
may cause the actual events or future results to differ from those
discussed herein. Such factors include, among others: the
difficulty of protecting and enforcing proprietary rights including
but not limited to patent rights; the potential that Axeda may not
be successful in enforcing its intellectual property rights;
Axeda's ability to manage technological change and respond to
evolving industry standards, including the potential that new
technology not protected by Axeda's patents could be developed and
patented by others; Axeda's customers' ability to implement or
integrate Axeda's DRM solutions successfully and in a timely
fashion or achieve benefits attributable to Axeda's DRM solutions;
uncertainties in the market for DRM products and the potential for
growth in the DRM market; the long sales cycle for DRM products;
limited distribution channels; present and future competition; and
Axeda's ability to service the principal and interest payments
under its outstanding secured convertible term note either through
stock conversions or cash payments when due and the risk that the
lender could foreclose on its security interest in substantially
all of Axeda's assets if Axeda defaults on its payments under the
notes. Investors are advised to read Axeda's Annual Report on Form
10-K and quarterly reports on Form 10-Q filed with the Securities
and Exchange Commission, particularly those sections entitled
"Factors Affecting Operating Results" and "Risk Factors" for a more
complete discussion of these and other risks and uncertainties.
Axeda assumes no obligation to update the forward-looking
information contained in this press release. Erin Nolan Smith Axeda
Systems Inc. +1 (508) 851-1251 DATASOURCE: Axeda Systems Inc.
CONTACT: Erin Nolan Smith of Axeda Systems Inc., +1-508-851-1251,
Web site: http://www.axeda.com/
Copyright