SAN FRANCISCO, July 20 /PRNewswire/ -- Salon Media Group, Inc. (Nasdaq: SALN), a leading Internet media company, today reported that it received a NASDAQ Staff Determination on July 19, 2001, indicating that the Company has failed to comply with the net tangible assets/market capitalization/total assets and total revenue as required by NASDAQ Marketplace Rules 4450(a)(03) and 4450(b)(01) and the minimum market value of public float requirement set forth in Marketplace Rules 4450(a)(02). These issues will be considered at the NASDAQ Qualifications Panel hearing now set for July 26, 2001.
About Salon: Founded in 1995, Salon.com is a leading Internet media company that produces 10 award-winning, original content sites and hosts two communities -- Table Talk and The WELL. 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.
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 included 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, Inc. All other company and product names mentioned are trademarks of their respective owners.