United Information Systems Inc, the Miami, Florida and Manaus, Brazil-based computer manufacturer and distributor, has failed in its bid to transfer from the Nasdaq OTC market to the main Nasdaq National Market where it had hoped to enjoy a higher profile amongst technology investors. The company, which distributes its products solely in Brazil, was rejected by the Nasdaq for failing to meet listing criteria, chief among which was an inability to reach the $4 minimum bid price requirement for its stock. The refusal was made shortly after UIS announced a first quarter loss of $17m after charges, prompting the shares to fall by 65% to close at $1.06. UIS said that an inability to raise working capital during recent months has severely hampered its ability to fulfill customer orders. UIS anticipates a further attempt to transfer to the main market at a later date.
