EXHIBIT 99.2
FOR IMMEDIATE RELEASE
May 21, 2004
FOR MORE INFORMATION CONTACT
Investor Relations Department
512-404-5128
FINANCIAL INDUSTRIES CORPORATION REPORTS RECEIPT
OF NASDAQ NOTICE OF ADDITIONAL DELINQUENCY
Austin, Texas, May 21, 2004 Financial Industries Corporation ("FIC")
(NASDAQ:FNINE) today announced that on May 18, 2004, it received a Notice of
Additional Delinquency from Nasdaq stating that the Company failed to timely
file its Form 10-Q for the quarterly period ended March 31, 2004, as required by
Nasdaq Marketplace Rule 4310(c) (14). This Notice of Additional Deficiency
relates to the Nasdaq Staff Determination letter that was received by FIC on
April 2, 2004, pertaining to the late filing of FIC's Report on Form 10-K for
the year ended December 31, 2003. The Nasdaq Staff Determination letter stated
that the Company's common stock was subject to delisting from The Nasdaq
National Market as a result of the Company's failure to file its Form 10-K
Annual Report, as required by Nasdaq Marketplace Rule 4310(c) (14).
Following receipt of the initial notification from Nasdaq, FIC requested a
hearing before a Nasdaq Listing Qualifications Panel, which hearing was held on
April 29, 2004. The Panel has not rendered its decision on FIC's request that
Nasdaq continue the listing of the Company's common stock pending remediation of
its late filings.
On May 19, 2004, FIC filed a Form 12b-25 (Notification of Late Filing) with
respect to its Form 10-Q for the quarter ended March 31, 2004. In its
Notification, FIC stated that the work related to the completion of its
consolidated financial statements for the year 2003 has adversely affected its
ability to complete its consolidated financial statements for the quarter ended
March 31, 2004, and to file its Form 10-Q for the quarter ended March 31, 2004,
within the prescribed period without unreasonable effort and expense.
Information regarding the status of the Company's work to complete the filing of
its Form 10-K is included in FIC's Reports on Form 8-K filed on March 23, 2004,
March 26, 2004, and April 23, 2004. There can be no assurance that the Listing
Qualifications Panel will agree with FIC's request to continue the listing of
FIC's common stock on The Nasdaq National Market.
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Statements in this press release, including those which may relate to the
completion of our Form 10-K for the year ended December 31, 2003, the completion
of our Form 10-Q for the quarter ended March 31, 2004, FIC's ability to become
current on its reporting obligations, the outcome of the Listing Qualifications
Panel hearing, FIC's ability to list on the Over-the-Counter Bulletin Board, and
any other expectations or anticipated events may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
and are based on a number of risks and uncertainties. If any of these risks and
uncertainties materializes, actual results could differ materially from those
indicated in the forward-looking statements.
For more information on FIC, go to http://www.ficgroup.com on the Internet.
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