NewMarket Technology, Inc. Appeals FINRA Ordered Symbol Change and
Assures Shareholders of Continued Sales Momentum and Ongoing
Tradability
Monday August 25, 10:16 am ET
Company Addresses Impact of Recent Developments and the Facts as
They Pertain to NewMarket Shareholders
DALLAS, TX--(MARKET WIRE)--Aug 25, 2008 -- NewMarket Technology,
Inc.'s (OTC BB:NMKTE.OB - News) ticker symbol was changed on Friday,
August 22, in an action by the Financial Industry Regulatory Authority
(FINRA). The symbol was changed from NMKT to NMKTE. According to
information published on the FINRA and SEC websites, an 'E' is
appended to a company's ticker symbol when the company becomes
delinquent in its reporting obligations to the SEC and removed once
the Company resolves the delinquency. NewMarket's public filings are
current and the Company has been in communication with FINRA in an
effort to change the Company's symbol back to NMKT.
FINRA's Rule 6530 Assessment and NewMarket's Appeal
FINRA has informed NewMarket that the 'E' was appended to the
Company's ticker to indicate that the Company has been late in its
required financial filings for a third time in twenty-four months.
According to FINRA Rule 6530, three late filings in a twenty-four
month period is cause for the subject security to be ineligible for
quotation on the Over the Counter Bulletin Board (OTCBB). NewMarket
management has been in contact with FINRA to contest the assessment
and plans to appeal formally by the appeal deadline of August 27,
2008, if initial discussions are inconclusive. NewMarket will remain a
tradable security regardless of its success in contesting or appealing
the Rule 6530 assessment with FINRA.
NewMarket to Remain Fully Compliant with SEC Reporting Regulations
NewMarket is a fully reporting company in accordance with the
periodic financial reporting requirements of the United States
Securities and Exchange Commission (SEC). The Company's filings are
available free of charge at www.sec.gov. Regardless of FINRA's
ultimate response to NewMarket's appeal, management will continue to
comply with the reporting requirements of the SEC.
NMKT to Continue Trading Regardless of Rule 6530 Appeal
NewMarket management plans to vigorously oppose the possible
removal of NewMarket from the OTCBB quotation system. However, the
OTCBB is only one of five systems where NewMarket is currently quoted.
For instance, as with many OTCBB quoted companies, NewMarket is also
quoted and trades on the OTC system. The possible removal of NewMarket
from the OTCBB quotation system will not halt the tradability of the
Company's stock. Regardless of the success of the appeal opposing the
removal of NewMarket from the OTCBB, the Company's stock will remain
tradable through most brokerages such as the electronic brokerages
E*TRADE, TD Ameritrade, Fidelity and Scottrade.
YTD Sales Momentum to Continue - AMEX or NASDAQ Move Not Affected
FINRA's late filing policies are targeted at OTCBB quoted
securities and their actions towards NewMarket are based solely on
their assertion that the Company was tardy in its filings. The Company
intends to continue its business plan, regardless of the outcome of
FINRA's assessment. Notably, a removal from the OTCBB quotation system
would not prohibit the Company from qualifying and moving to an
exchange such as the AMEX or NASDAQ. The Company recently reported its
year-to-date financial results with the best results in the Company's
history. The Company continues to grow revenue and improve margins
year on year and quarter on quarter. Management conducted a Webcast
for shareholders to review the record year-to-date results as well as
record 2008 sales momentum and outlook for the remainder of the year.
The Webcast has been archived and is available for review through the
Company's corporate Website Investor Relations page at
www.newmarkettechnology.com/investor-relations.htm under "Current
Events and Communications" or by going to:
http://www.vcall.com/IC/CEPage.asp?ID=133305.
Additional Details Regarding Recent FINRA Actions and NewMarket's
Response
The Company plans to issue additional updates to shareholders as
discussions with FINRA progress. The CEO of NewMarket Technology,
Inc., Philip Verges has provided additional background and commentary
regarding the FINRA action against NewMarket. The letter is available
by contacting the Company at
ir@newmarkettechnology.com.
Corporate E-mail Updates
To be added to NewMarket Technology's e-mail database to receive
company updates or to obtain more information on the Company, please
send an e-mail to
ir@newmarkettechnology.com or call 214-722-3065.
About NewMarket Technology, Inc. (www.newmarkettechnology.com)
NewMarket helps clients maintain the delicate balance between
maintaining legacy systems and gaining a competitive edge from the
latest technology innovations. NewMarket provides certified
integration and maintenance services to support the prevailing
industry standard solutions such as Microsoft, Cisco Systems, SAP,
Siebel and Sun Microsystems. Concurrently, NewMarket continuously
seeks to acquire emerging technology assets to incorporate into an
overall product portfolio carefully packaged to complement the
prevailing industry standard solutions.
NewMarket delivers its portfolio of products and services through
its network of Solution Integration subsidiaries in North America and
the leading emerging markets around the world to include, Latin
America, China and Singapore.
NewMarket ranked Number One in Texas, Number Three in the United
States and Number Five in North America on Deloitte's 2006 Technology
Fast 500, a ranking of the 500 fastest growing technology, media,
telecommunications and life sciences companies in North America.
Rankings are based on percentage revenue growth over five years, from
2001-2005. The Company grew from less than $1 million in revenue in
2001 to over $50 million in profitable revenue in 2005. In 2006, the
company continued its rapid growth, reporting $77.6 million in revenue
with a net income of $5.8 million.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This press release contains forward-looking statements that involve
risks and uncertainties. The statements in this release are
forward-looking statements that are made pursuant to safe harbor
provision of the Private Securities Litigation Reform Act of 1995.
Actual results, events and performance could vary materially from
those contemplated by these forward-looking statements. These
statements involve known and unknown risks and uncertainties, which
may cause NewMarket's actual results in future periods to differ
materially from results expressed or implied by forward-looking
statements. These risks and uncertainties include, among other things,
product demand and market competition. You should independently
investigate and fully understand all risks before making investment
decisions. |