The Nasdaq Listing Qualifications Panel has denied the Company's appeal of a Staff Determination to delist IIS Intelligent Information Systems Ordinary Shares from The Nasdaq SmallCap Market.
Accordingly, the Company's Ordinary Shares will be delisted from The Nasdaq SmallCap Market effective with the open of business on January 23, 2003. The Company's Ordinary Shares are eligible to trade on the OTC Bulletin Board.
The Company also announced financial results for the third quarter ended September 30, 2002. Revenue for the third quarter was $44,000 compared with $88,000 in the comparable quarter last year. The loss for the quarter was $417,000 o, compared with $532,000 in the third quarter of 2001.
Israel’s IIS Intelligent Information Systems is focused on research and development investments and operations within the technology sector of Storage Networking. The Company owns a 39 percent interest in StoreAge Networking Technologies. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
