Intac (NASDAQ:INTN)
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INTAC Receives Nasdaq Notification of Continued Listing
HONG KONG, July 13 /PRNewswire-FirstCall/ -- On July 12, 2005, INTAC
International, Inc. (Nasdaq: INTNE; FSE: WKN 805768) (the "Company") received
notification from the Listing Qualifications Department of The Nasdaq Stock
Market that the previously announced filing delinquency related to the
Company's 2004 Form 10-K is considered moot. As a result, the Company's common
stock will remain listed for trading on Nasdaq and the "E" appended to the
Company's trading symbol will be removed as of the open of business on July 14,
2005.
As previously announced, on May 6, 2005, the Company received notification from
the Listing Qualifications Department of The Nasdaq Stock Market that the
Company's 2004 Form 10-K did not comply with Nasdaq Marketplace Rule
4310(c)(14) because it failed 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 (the
"Attestations"). On July 11, 2005, Nasdaq, after consultation with the Staff
of the Securities and Exchange Commission ("SEC"), announced that it has
determined that during 2005, management's failure to complete its assessment of
internal control over financial reporting or an auditor's opinion that is
disclaimed based on a lack of time to complete internal control work will not
result in delisting of a company, provided such company is taking all steps
required by the Staff of the SEC to address these issues.
To remedy the filing delinquency of the Company's 2004 Form 10-K, the Company
has committed to Nasdaq and the SEC to change its fiscal year end to September
30, from December 31, and to complete the work required to give the
Attestations by September 30, 2005 such that the Attestations will be included
in the Form 10-K to be filed for the period ending on that date.
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 INTAC'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 any other deficiencies in the Company's 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.
Internet: http://www.intac-international.com/
http://www.PHRBank.com
http://www.Joyba.com
DATASOURCE: INTAC International, Inc.
CONTACT: J. David Darnell, Senior Vice President and Chief Financial
Officer for INTAC International, Inc., +1-469-916-9891
Web site: http://www.intac-international.com/