Business Editors
DALLAS--(BUSINESS WIRE)--March 23, 2001
CT Holdings, Inc. (Nasdaq:CITN) today announced that it received a Nasdaq Staff Determination on March 16, 2001 indicating that the Company fails to comply with the minimum bid price requirements for continued listing set forth in Marketplace Rule 4310(c)(4), and that its securities are, therefore, subject to delisting from The Nasdaq SmallCap Market.
The Company has requested a hearing before the Nasdaq Listing Qualifications Panel to review the Staff Determination. There can be no assurance that the Panel will grant the Company's request for continued listing. In the event the Panel determines to delist the Company's common stock, the Company's common stock may continue to trade on the OTC Bulletin Board's electronic quotation system. If they do, shareholders will still be able to obtain current trading information, including the last trade bid and ask quotations and share volume.
Steve Solomon, CT's Chief Executive Officer, stated, "I remain disappointed in the performance of our share price in the current adverse market conditions. I wish to unequivocally state that we are committed to enhancing shareholder value, and we remain excited about our investments in Parago and River Logic. We have requested a hearing with the Nasdaq to request that we remain listed as a Nasdaq issuer."
About CT Holdings
CT Holdings, Inc. (Nasdaq:CITN), is an incubator of early stage Internet companies. (www.ct-holdings.com).
About Parago
Parago's patent-pending technology platform and processes represent an innovative approach designed to improve the promotional marketing industry. Parago provides a range of Internet-based customer relationship management products, PromoCenter, ValueRewards and KnowledgeCenter, that are created to increase sales, reduce costs, enhance customer retention for its clients, and improve loyalty. These products comprise Parago's Continuous Customer Interaction(SM) model, which helps retailers, manufacturers and service organizations reduce the cost of conducting promotions and drive incremental revenue by cross-selling and upselling new products and services. During the relationship management process, Parago captures fresh, accurate, and usable transaction and buyer demographic data that can be used by its clients to improve their promotional marketing programs. Parago, Inc. is a subsidiary of CT Holdings, Inc. (Nasdaq:CITN) and maintains a web site at www.parago.com.
About River Logic
River Logic, Inc. develops and supports 3rd Generation Internet Network Solutions customized for vertical market segments. Network Solutions contain a suite of value-added applications, management tools, and standard network components that connect domain experts and end-users to premium expertise knowledge that allow organizations to optimally leverage their intellectual assets to gain decisive competitive edge. River Logic is headquartered at 800 Cummings Center, Suite 355W, Beverly, MA 01915 and has just added an office in Atlanta, GA located at 100 Mansell Center East, Suite 225, Roswell, GA 30076. More information is available at www.riverlogic.com or via email at info@riverlogic.com, or at 978/753-5029.
For more information on CT Holdings, its Internet subsidiaries, and its Citadel Technology line of security software products, please visit our Web site at http://www.ct-holdings.com. For information on purchasing products, contact us directly by writing or calling: CT Holdings, 3811 Turtle Creek Blvd., Suite 770, Dallas, Texas 75219; phone: 214/520-9292; fax: 214/520-9293.
Forward-Looking Statements
This news release contains forward-looking statements, which involve risks and uncertainties. Accordingly, no assurances can be given that the actual events and results will not be materially different that the anticipated results described in the forward-looking statements. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statement made by us. These factors include the Company's failure to remain in compliance with Nasdaq's other listing requirements in addition to the minimum bid requirement, the Company's decision not to pursue continued listing on the Nasdaq SmallCap Market, a decision by the Nasdaq Listing Qualifications Panel to delist the Company's common stock from the Nasdaq SmallCap Market, and, in the event of delisting, a decision by the Company not to attempt to have its common stock traded on the OTC Bulletin Board, there may not be market makers for the shares of common stock and an active market may not continue to exist, as well as other risk factors. Investors are also encouraged to read the "Risk Factors" section of the Company's Annual Report on Form 10-KSB for the year ended February 29, 2000, and the Company's Quarterly Report on Form 10-QSB for the quarter ended September 30, 2000, and the Company's other filings, which are on file with the Securities and Exchange Commission.
The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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