SAN FRANCISCO, June 16 /PRNewswire/ -- Salon Media Group, Inc. (Nasdaq: SALN), a leading Internet media company, today reported that it received a Nasdaq Staff Determination on June 13, 2001, indicating that the Company has failed to comply with the minimum bid price requirement for continued listing (Nasdaq Marketplace Rule 4450(a)(5)). Salon has requested an oral hearing before the Nasdaq Qualifications Panel to appeal the Staff Determination. Salon stock will continue to be traded on the Nasdaq National Market pending the final decision by the Qualifications Panel. There can be no assurance that the Panel will grant the Company's request for continued listing. The hearing date will be determined by Nasdaq. The Company is considering seeking stockholder approval for a reverse stock split in order to comply with Nasdaq's minimum bid price requirement.
Founded in 1995, Salon.com is a leading Internet media company that produces 10 award-winning, original content sites; and hosts two online communities -- Table Talk and The WELL. In October 2000, Salon.com launched Salon Audio, a site offering music programming, daily downloads and streaming audio from Salon's favorite columnists, as well as hundreds of downloadable versions of short stories, poems and interviews in MP3 and Real Audio formats. Over 530 companies have advertised on Salon.com including: IBM, Lexus, Microsoft, EDS, Hewlett-Packard, Mastercard, AskJeeves, Virgin Megastore Online, Kimberly Clark and Intel. In December 1999, Salon.com announced a content and equity agreement with Rainbow Media Holdings, Inc., a subsidiary of Cablevision Systems Corp. and NBC. Strategic wireless distribution partners include: AvantGo, Omnisky, Palm.net and Skytel.
Disclosure Note: This announcement contains forward-looking statements concerning Salon stock trading, appeals from Nasdaq staff determinations and efforts to deal with liquidity concerns. Actual results could differ materially from those discussed. More information about factors that potentially could affect Salon.com's financial results is indicated in the Company's filings with the Securities and Exchange Commission. All forward-looking statements are based on information available to the company on the date hereof, and the Company assumes no obligation to update such statements.
Note: Salon.com is a registered trademark of Salon Media Group. All other company and product names mentioned are trademarks of their respective owners.