Exhibit 99.1
SELECTICA RECEIVES NASDAQ NOTICE PROVIDING EXCEPTION
TO DEMONSTRATE COMPLIANCE WITH LISTING REQUIREMENTS
San Jose, Calif. — August 1, 2007—Selectica (NASDAQ: SLTC) today announced that on July 27, 2007, the Company received a letter from the Nasdaq Listing and Hearing Review Council (the “Listing Council”) granting the Company an exception to demonstrate compliance with all of The Nasdaq Stock Market continued listing requirements until September 25, 2007. The Listing Council indicated that it finds the May 4, 2007 decision by the Nasdaq Listing Qualifications Panel (the “Panel”) to delist the Company’s shares from The Nasdaq Stock Market to be appropriate, but that the Listing Council has determined to exercise its discretionary authority, under Rule 4802(b), to grant Selectica the exception to demonstrate compliance.
As previously announced, Selectica’s Board of Directors has formed a special committee to conduct a voluntary review of its historical stock option grants. As a result of this ongoing review of stock option granting practices, the Company has delayed filing its quarterly report on Form 10-Q for the fiscal quarters ended September 30, 2006, December 31, 2006 and March 31, 2007. The Company intends to file such quarterly reports on Form 10-Q with the Securities and Exchange Commission as soon as possible after the completion of the independent review of past stock option granting practices.
While there can be no assurance that the Company will become compliant with The Nasdaq Stock Market requirements that it file its periodic reports and restatement before the Listing Council takes any action lifting the stay, the Company continues to work diligently to do so.
About Selectica, Inc.
Selectica (NasdaqGM:SLTC — News) provides its customers with software solutions that automate the complexities of enterprise contract management and sales configuration lifecycles. The company’s high-performance solutions underlie and unify critical business functions including sourcing, procurement, governance, sales and revenue recognition. Selectica has been providing innovative, enterprise-class solutions for the world’s largest companies for over 10 years and has generated substantial savings for its customers. Selectica customers represent leaders in manufacturing, technology, retail, healthcare and telecommunications, including: ABB, Ace Hardware, Bell Canada, Cisco, Covad Communications, General Electric, Fireman’s Fund Insurance Company, Hitachi, International Paper, Juniper Networks, Levi Strauss & Co., Rockwell Automation, Tellabs, and 7-Eleven. Selectica is headquartered in San Jose, CA. For more information, visit the company’s Web site at www.selectica.com.
Selectica
Page 2 of 2
Forward Looking Statements
The statements contained in this release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, including statements regarding Selectica’s and its customers’ expectations, beliefs, hopes, intentions or strategies regarding the future and expectations regarding performance improvements or increases in sales attributable to Selectica’s existing and new products. All forward-looking statements included in this release are based upon information available to Selectica as of the date hereof, and Selectica assumes no obligation to update any such forward-looking statement. Actual results could differ materially from current expectations. Factors that could cause or contribute to such differences include, but are not limited to, (i) market and customer acceptance of new products of Selectica, including the on-demand contract management and sales execution products and the applications developed with business partners, (ii) the success of the ongoing restructuring of Selectica’s operations, (iii) the conclusions resulting from the independent review of the Company’s past stock option granting practices, (iv) the Company’s inability to file periodic reports in accordance with the Securities Exchange Act of 1934, (v) the inability of the Company to avoid delisting from The Nasdaq Stock Market due to non-compliance with Marketplace rules, (vi) potential regulatory inquiries and litigation relating to the review of past stock granting practices and any related restatement of the Company’s financial statements and (vii) other factors and risks discussed in Selectica’s Annual Report on Form 10-K for the fiscal year ended March 31, 2006 and in other reports filed by Selectica with the Securities and Exchange Commission.
###
| | | |
Contact: | | Tony Rossi, Financial Relations Board for Selectica |
| | | 310-854-8317, trossi@financialrelationsboard.com |
