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Technology Stocks : RRRR: Rare Medium Group (soon to be) formerly ICC

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To: Mahatmabenfoo who wrote (91)1/17/2003 5:21:06 PM
From: Mahatmabenfoo   of 1150
 
PRESS RELEASE: Rare Medium Announces Delisting From Nasdaq

NEW YORK--(BUSINESS WIRE)--Dec. 23, 2002--Rare Medium Group, Inc. (symbol:
RRRR) today reported that it had received notice following the close of
business on Friday, December 20, 2002, that the Company's common stock will be
delisted from The Nasdaq Stock Market as of the open of business on Monday,
December 23, 2002.
The notice was contained in a decision by the Nasdaq Listing and Hearing
Review Council (the "Listing Council") overturning the August 19, 2002
decision by the Nasdaq Listing Qualifications Panel to permit the Company's
common stock to remain listed. The Council cited Nasdaq Market Rules 4300 and
4330(a)(3) as the basis for the decision, focusing on the Company's ability to
maintain compliance with the continued listing requirements over the long-term
and what the Council perceived as a lack of "tangible business operations."
According to the notice, Rare Medium's common stock is not immediately
eligible to trade on the OTC Bulletin Board. Accordingly, trading likely will
be conducted in the "pink sheets" and may result in a reduction in the
liquidity and the trading volume of the Company's common stock. This lack of
liquidity may also make it difficult for the Company to raise additional
capital, if necessary. In addition, the delisting from the Nasdaq National
Market has resulted in an event of non-compliance under the provisions of the
Company's preferred stock. If the Company is unable to obtain a waiver of this
event of non-compliance, the preferred stockholders will be entitled to elect
a majority of the members of the board of directors
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