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TIC Target Invest Consulting LLC to Provide Bridge Loan To Constellation 3D, Inc. As it Finalizes Funding
Constellation 3D, Inc. to be Traded on the Nasdaq Smallcap Market
Constellation 3D, Inc. Stock Symbol Changed to
CDDDC, Effective April 11, 2002
NEW YORK, April 10 /PRNewswire-FirstCall/ -- Constellation 3D, Inc. (the "Company") (Nasdaq:CDDD) -- developer of Fluorescent Multilayer Disc and Card technologies announced today that TIC Target Invest Consulting, LLC ("TIC") has informed the Company that it has executed a loan, the net proceeds of which shall be deposited with the Company to act as a "bridge" during the next several days as TIC completes its final funding arrangements.
In addition, pursuant to the oral hearing before a Nasdaq Listing Qualifications Panel (the "Panel") held on January 31, 2002, the Panel has determined to transfer the listing of the Company's securities to The Nasdaq SmallCap Market effective with the open of business on April 11, 2002. The Company's common stock will continue to be listed on The Nasdaq SmallCap Market via an exception from net tangible assets/shareholders' equity/market capitalization/total assets and total revenue and bid price requirements. While the Company failed to meet these requirements as of June 30, 2001, the Company was granted a temporary exception from these standards subject to the Company meeting certain conditions. The exception will expire on April 15, 2002.
In the event the Company is deemed to have met the terms of the exception, it shall continue to be listed on The Nasdaq SmallCap Market. The Company believes that upon consummation of its financing by TIC it can meet these conditions, however, there can be no assurance that it will do so or that TIC will fulfill its contractual obligations. If at some future date the Company's securities should cease to be listed on The Nasdaq SmallCap Market, they may continue to be listed in the OTC-Bulletin Board. For the duration of the exception, the Company's Nasdaq symbol will be "CDDDC."
Furthermore, the Company has announced the resignation of Messrs. Michael Goldberg and Stuart Garawitz from its Board of Directors. It is anticipated that pursuant to the Company's contract with TIC, Messrs. Goldberg and Garawitz shall be replaced with two individuals designated by TIC. Previously, Val Mandel resigned from the Board of Directors. The Company anticipates a new slate of Directors will be presented for vote at the next shareholder meeting.
Constellation 3D, Inc.
The Company is the worldwide leader in the development of high capacity Fluorescent Multilayer Disc and Card (FMD/C) technology. The Company holds or has made applications for 122 worldwide patents in the field of optical data storage, and is supported by a team of world-class scientists. Headquartered in New York City, the Company has additional offices and laboratories in Israel and Russia. More information is available at c-3d.net .
Safe Harbor Statement
Statements contained in the news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements such as "TIC Target Invest Consulting, LLC ("TIC") has informed the Company that it has executed a loan, the net proceeds of which shall be deposited with the Company to act as a "bridge" during the next several days as TIC completes its final funding arrangements" and "In the event the Company is deemed to have met the terms of the exception, it shall continue to be listed on The Nasdaq SmallCap Market. The Company believes that upon consummation of its financing by TIC that it can meet these conditions, however, there can be no assurance that it will do so or that TIC will fulfill its contractual obligations" and "It is anticipated that pursuant to the Company's contract with TIC, Messrs. Goldberg and Garawitz shall be replaced with two individuals designated by TIC" are subject to risks and uncertainties which include, but are not limited to additional financings, market conditions, R&D efforts, competition, ongoing discussions with product and equipment manufactures, and technological advances, and "Risk Factors" as stated in recent SEC filings, which may cause actual results to differ materially from expected results.
CONTACT: Investor/Broker Inqueries
Bradley Meyer/Harvey Goralnick
FOCUS Partners LLC
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SOURCE Constellation 3D, Inc.
CO: Constellation 3D, Inc.; TIC Target Invest Consulting, LLC
ST: New York
04/10/2002 17:57 EDT
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