Business Editors
NORWALK, Conn.--(BUSINESS WIRE)--June 1, 2001
eLOT, Inc. (NASDAQ:ELOT), a provider of web-based retailing and Internet marketing services to governmental lotteries, today announced that it received a Nasdaq staff determination on May 25, 2001, indicating that as of March 31, 2001, the Company failed to comply with the net tangible assets requirement for continued listing set forth in Marketplace Rule 4450(a)(3).
The Company has previously been notified that it is no longer in compliance with the $1.00 minimum bid price per share requirement of Marketplace Rule 4450(a)(5) and that its Common Stock is therefore subject to delisting from the Nasdaq National Market. At a hearing before a Nasdaq Listing Qualifications Panel held on May 17, 2001, the Company acknowledged the issue with the net tangible assets requirement, and presented its plans to return to compliance with both the minimum bid price and the net tangible assets requirements for continued listing on the Nasdaq National Market. The Listing Panel has not yet issued a decision on the Company's request for an exception from the listing requirements pending completion of the planned transactions. Pending a decision, eLOT will continue to be listed on the Nasdaq National Market.
Edwin McGuinn commented, "We are in the process of executing a comprehensive plan designed to bring the company into NASDAQ National Market compliance. Although these transactions are not yet sufficiently definitive to be publicly disclosed, the plan we presented to the Nasdaq Panel, when and if completed, should result in returning eLOT to full compliance with Nasdaq listing requirements."
About eLOT, Inc.
eLOT, Inc. is committed to leading the governmental lottery industry into the e-commerce market. The Company's subsidiary, eLottery, Inc., is a leading web-based retailer of governmental lottery tickets and has developed, installed and operated systems that have processed e-commerce lottery ticket sales and transactions. It has operated Internet, Intranet, telephone, communications, accounting, banking, database and other applications and services that can facilitate the electronic sale of new and existing lottery products worldwide. eLottery is also an application service provider of Internet marketing and advertising technology for lotteries. The Company's IMARCS (Internet Marketing Analysis Research and Communications System) database marketing solution enables government lotteries to attract, register and communicate with lottery players through advanced Internet technology.
eLOT also owns DM360 (formerly Network60), an Internet promotions and permission-based direct marketing company, which offers a flexible, cost effective direct marketing medium to traditional corporations, advertising agencies, and online companies. DM360's web sites www.EasyWinning.com, www.CoolWinning.com and www.RadioStakes.com are client-sponsored sweepstakes sites that function as lead generation vehicles. www.PrizeChest.com is a prize fulfillment site. The Company also maintains a reward-entertainment web site located at www.eLotteryFreeWay.com. In addition, eLottery offers a free daily lottery email notification service (LENS) of state lottery results and other information and services at www.eLottoNet.com. eLottery's corporate web site is located at www.eLottery.com.
This news release contains forward-looking statements. Such statements are subject to certain factors, which may cause eLOT's plans to differ or results to vary from those expected including the risks associated with the development of new products and the uncertainty of product acceptance, the competitive nature of the Company's industry, rapid technological change, legal uncertainties, the Company's dependence on key personnel, and a variety of risks set forth from time to time in Company filings with the Securities and Exchange Commission.
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