News

Kiosk services provider UBICS is delisted from SmallCap

March 31, 2003

CANONSBURG, Pa. -- Kiosk solutions provider UBICS, Inc. (Nasdaq SmallCap: UBIX), says its common stock has been delisted from Nasdaq's SmallCap Market, beginning March 31.

According to a news release, the stock was delisted because UBICS failed to demonstrate a market value of publicly held shares of at least $1 million by March 24, 2003 and maintain a value of publicly-held shares of at least $1 million for at least 10 consecutive trading days.

UBICS' common stock is now eligible for trading on the Over-the-Counter (OTC) Bulletin Board, where its trading symbol will remain "UBIX." Some Internet quotation services add an "OB" to the end of the symbol, and will use "UBIX.OB" for the purpose of providing stock quotes.

The company had moved its stock from the Nasdaq National Market to the SmallCap Market in June when it was unable to show a minimum $5 million market value. UBICS  had a market value of $4.2 million as of June 17, according to the Nasdaq Web site.

UBICS reported a loss of $858,000 on revenues of $6.6 million during the quarter ended June 30, 2002, down from a loss of $535,000 on revenues of $10.6 million in the year-earlier quarter.

Robert Harbage, president and chief executive of UBICS, said in the release, "While we are obviously disappointed by Nasdaq's decision to delist our stock, it does not interfere with our ongoing efforts to strengthen our business and return to profitability."