Loudeye (NASDAQ:LOUD)
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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/