Loudeye Expects to File Second Quarter Form 10-Q Shortly; Receives Expected Nasdaq Notification
31 August 2004 - 8:24AM
PR Newswire (US)
Loudeye Expects to File Second Quarter Form 10-Q Shortly; Receives
Expected Nasdaq Notification SEATTLE, Aug. 30
/PRNewswire-FirstCall/ -- Loudeye Corp. (Nasdaq: LOUD; LOUDE), a
worldwide leader in business-to-business digital media solutions,
previously disclosed that it was unable to timely file its
Quarterly Report on Form 10-Q for the period ended June 30, 2004
because it required additional time to complete the purchase
accounting for its June 2004 acquisition of On Demand Distribution
Limited in accordance with SFAS No. 141 (Business Combinations).
Loudeye stated today that it expects to file the Quarterly Report
shortly. Due to its delay in filing, on August 24, 2004 Loudeye
received a letter from the staff of The Nasdaq Stock Market,
indicating that Loudeye had failed to timely file its Quarterly
Report on Form 10-Q for the period ended June 30, 2004, as required
by NASD Marketplace Rule 4310(c)(14). The delisting notification is
standard procedure when a Nasdaq listed company fails to complete a
required filing in a timely manner. As a result of Loudeye's filing
delinquency, the fifth character "E" was appended to its ticker
symbol. Accordingly, Loudeye's ticker symbol was changed from
"LOUD" to "LOUDE" at the opening of business on August 26, 2004.
The Company expects its ticker symbol will revert back to "LOUD"
shortly after it files its Quarterly Report on Form 10-Q and meets
its requirements under Marketplace Rule 4310(c)(14). To ensure it
remains listed until it can file its Quarterly Report and regain
compliance with all applicable listing standards, Loudeye took the
additional step to file an appeal of the delisting notification to
the NASDAQ Listings Qualifications Panel. The filing of this appeal
will prevent the delisting of Loudeye's securities until Loudeye
regains compliance with all applicable listing standards through
the filing of its Quarterly Report or, should that not occur,
pending the Panel's decision. As a result of Loudeye's expectation
to file the Quarterly Report shortly, Loudeye expects to become
compliant with the applicable Nasdaq listing requirements prior to
the completion of the appeals process. About Loudeye Corp. Loudeye
is a worldwide leader in business-to-business digital media
solutions and the outsourcing provider of choice for companies
looking to maximize the return on their digital media investment.
Loudeye combines innovative products and services with the world's
largest music archive and the industry's leading digital media
infrastructure enabling partners to rapidly and cost effectively
launch complete, customized digital media stores and services. For
more information, visit http://www.loudeye.com/. Forward Looking
Statements This release contains forward-looking information within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on current estimates and actual
results may differ materially due to risks, including the
completion of the development of the platform; possibility of
adverse changes in the market for distribution of digital music
that Loudeye serves; adverse or uncertain legal developments with
respect to copyrights surrounding the creation and distribution of
digital content; pricing pressures and other activities by
competitors; lack of market acceptance for Loudeye's products and
services; the possible delay in the adoption of digital media or
related applications on the web in general; and other risks set
forth in Loudeye's most recent Form 10-Q, Form 10-K and other SEC
filings which are available through EDGAR at http://www.sec.gov/.
Loudeye assumes no obligation to update the forward-looking
statements. DATASOURCE: Loudeye Corporation CONTACT: Media/Public
Relations, Karen DeMarco of mPRm for Loudeye, +1-323-933-3399, or ;
or investors, Michael Dougherty, +1-206-832-4000, or Web site:
http://www.loudeye.com/
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