INTAC Receives Nasdaq Notification
11 May 2005 - 12:28AM
PR Newswire (US)
INTAC Receives Nasdaq Notification HONG KONG, May 10
/PRNewswire-FirstCall/ -- On March 9, 2005, INTAC International,
Inc. (Nasdaq: INTN; FSE: WKN 805768) (the "Company") issued a press
release announcing that it had not completed implementing a
framework to enable management to assess the Company's internal
control over financial reporting for its fiscal year ended December
31, 2004, as required by Section 404 of the Sarbanes-Oxley Act of
2002. As a result, the Company was unable to include management's
report on internal control over financial reporting and the related
report of the Company's independent public accounting firm on
management's assessment of the effectiveness of internal control
over financial reporting (collectively, the "Attestations") in the
Company's 2004 Form 10-K. On May 6, 2005, the Company received a
notice from the Listing Qualifications Department of The Nasdaq
Stock Market stating that, although the Company filed its 2004 Form
10-K, the Company does not comply with Nasdaq Marketplace Rule
4310(c)(14) because its 2004 Form 10-K did not include the
Attestations. The Company has requested a hearing on the matter
before a Nasdaq Listing Qualifications Panel (the "Panel"). Pending
the hearing, which we expect to occur in early June 2005, the
Company's shares will continue to trade on Nasdaq, but its trading
symbol will change from INTN to INTNE as of the opening of business
on May 10, 2005. The Company's failure to file the Attestations in
its 2004 Form 10-K is the only listing deficiency cited in the
notification. As discussed in the Company's 2004 Form 10-K,
management has selected the framework, and begun implementing such
framework, necessary to enable management to assess and report on
the Company's internal control over financial reporting for the
year ending December 31, 2005, in accordance with Section 404 of
Sarbanes-Oxley. In the hearing, the Company intends to request an
extension of its listing privileges for a period of time sufficient
to allow the Company to complete the implementation of the
framework and the testing necessary to comply with Section 404 of
Sarbanes-Oxley or an exception to the requirement to file the
Attestations to the extent applicable to the 2004 Form 10-K. If the
Company's request for an extension or exception is not granted, the
Company's common stock no longer will be eligible to be listed for
trading on the Nasdaq. While the Company is hopeful that the Panel
will grant the Company's request for an extension or an exception,
there can be no assurance that such request will be granted. About
INTAC International, Inc. INTAC International, Inc. is a provider
of a full range of integrated educational and career development
services as well as management software products for educational
institutions in China. In a strong cooperation (partnership) with
China's Ministry of Education, INTAC tailors its online and offline
services and products towards a target group of 300 million Chinese
students. The services are delivered through the Company's
websites, http://www.phrbank.com/ and http://www.joyba.com/ , as
well as through a range of mobile value-added services, its print
formats and its local Career Service Centers across China.
Forward-Looking Statements This press release contains certain
"forward-looking statements." Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause our actual results, performance or achievements
expressed or implied by such forward-looking statements to differ
materially from those projected or implied. Factors that could
cause or contribute to such differences include, among other
things, any change in the Company's assessment of the time period
to achieve compliance with Section 404 of Sarbanes-Oxley and the
identification of other actions or alternatives that may be
available to achieve compliance with the Nasdaq rules. We disclaim
any intention or obligation to revise any forward-looking
statements whether as a result of new information, future events or
otherwise. INTAC undertakes no obligation to update any
forward-looking statements made in this media release. Contact: J.
David Darnell, Senior Vice President and Chief Financial Officer,
469-916-9891, for further information. DATASOURCE: INTAC
International, Inc. CONTACT: J. David Darnell, Senior Vice
President and Chief Financial Officer of INTAC International, Inc.,
+1-469-916-9891 Web site: http://www.intac.cn/
http://www.phrbank.com/ http://www.joyba.com/
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