News

UBICS off NASDAQ National Market

March 20, 2002

CANONSBURG, Pa. - Pending the outcome of an appeal, UBICS Inc. (NASDAQ: UBIX) stock will be delisted from the NASDAQ National Market, according to a company news release. UBICS is an IT consultant and kiosk designer.

The NASDAQ informed UBICS that it no longer complied with a $5 million minimum market value requirement for continued listing. UBICS requested a hearing before a NASDAQ Listing Qualifications Panel to review the decision. In the meantime, UBICS shares will continue trading on the NASDAQ National Market.

UBICS may be able to trade on the NASDAQ SmallCap Market if the appeal fails, the release stated.

The delisting decision follows a company quarterly report announcing second quarter revenues of $10.6 million, up four percent from the previous year. Net losses for the quarter totaled $535,000, or $0.08 per share. The announcement cited a continued slowdown in demand for IT consulting services, the company's core business, as a reason for the loss.

The Pittsburgh Business Times reported in April that UBICS purchased UK-based Oakwood Technical Services for $2 million. Oakwood, founded in 1994, has a kiosk design division, as well as IT consulting and technical services.

The acquisition, which is still pending according to the quarterly report, includes Oakwood division European Software Services. Its name will be changed to Cobalt Creative UK. Oakwood will change its name to UBICS UK.

UBICS is also seeking to aquire a 70 percent stake in DSF Internet Services Pvt. Ltd., an Internet software development company in India, the quarterly report stated.