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November 26, 1998

SYSTEMSOFT THREATENED WITH DE-LISTING BY JANUARY 15

By CBR Staff Writer

SystemSoft Corp, the troubled former PC card and BIOS vendor which now bills itself as a software utilities provider, said Wednesday that its miniscule share price has caused the Nasdaq stock market to threaten the company with a de-listing unless the shares achieve a $1 minimum bid price by January 15. The company’s stock has traded below the $1 mark since August 26 this year and closed Wednesday at just $0.50. For its second quarter through to July 31 the company’s revenues dropped by 80% to $2.6m and spawned losses of $6m. And in October, SystemSoft said it was looking for potential buyers following the appointment of an investment bank. It said it intended to request a hearing with Nasdaq which would automatically stay the de-listing pending a review by the Nasdaq hearing panel. However, the outcome of such a hearing is unlikely to be favorable.

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