[LOGO] News Release
Company Contact:
Matthew Harrison
Chairman of the Board
(212) 453-1525
mharrison@dcis.com
FOR IMMEDIATE RELEASE
NQL CONTINUES ITS RELOCATION EFFORTS AND ANNOUNCES DEPARTURES OF
TWO SENIOR OFFICERS AND ADDITION OF BOARD MEMBER
NQL ANNOUNCES INTENTION TO APPEAL STAFF DETERMINATION AND
REQUEST LISTING ON NASDAQ SMALLCAP
BOARD AUTHORIZES REVERSE STOCK SPLIT
SANTA ANA, Calif., July 31, 2001 - NQL Inc. (Nasdaq NM: NQLI) announced today
that Douglas J. Tullio has resigned as Chairman of the Board and as a Board
member. Further, in continuance of the Company's previously announced migration
of its business operations to the East Coast, the location of Delta Computec
Inc., commonly referred to as the DCi division, Mr. Tullio's employment
relationship with the Company has been terminated and the Company has accepted
the resignation of Robert O. Riiska from his position of Chief Financial
Officer. John DeVito, currently President of DCi, and Alex Roque, currently
Corporate Controller of DCi, will assume the responsibilities of acting
President and acting Chief Financial Officer of the Company, respectively.
Mr. David Pallmann, NQL's Chief Technology Officer and author of the company's
NQL scripting language, will remain with the Company and will continue to
develop the NQL technology, concentrating on applications for the customer base
of DCi. Mr. Pallmann stated "DCi's customer base and the NQL technology are a
natural fit. Large organizations have a pressing need for intelligent connected
solutions, and DCi's customers fit the profile perfectly. I look forward to
seeing our technology deployed in these accounts, and will be working closely
with the DCi team to set future product direction to maximize these
opportunities."
Effective July 24, NQL appointed Mr. Matthew Harrison to the Board of directors
and as of today appointed Mr. Harrison to the position of Chairman of the Board.
Mr. Harrison joined Hampshire Equity Partners in 1999 after spending thirteen
years working as a consultant and interim executive with several mid-sized
companies in a variety of industries, including Wedtech Corporation, a defense
manufacturer; Square Industries, a parking facility operator; Great American
Recreation, an operator of ski resorts and amusement parks; and Knapp Shoes, a
work shoe manufacturer and retailer. He is currently Chief Executive Officer of
TransCare, an ambulance service company and Chairman of Rapid Rack Industries, a
manufacturer of shelving products. Mr. Harrison served a number of years in the
United States Army, including two tours in Vietnam as an infantry officer. He
received his
Bachelor of Science in Engineering from the United States Military Academy (West
Point), his Master of Arts in International Relations from The American
University, and a Certificate in Special Studies in Management and Business
Administration from Harvard University.
Separately, the Company today announced it received a Nasdaq Staff Determination
on July 24, 2001 indicating that the Company fails to comply with the net
tangible assets requirement and the stockholders' equity requirements for
continued listing set forth in Market Place Rule 4450(a)(5), and that its
securities are therefore, subject to delisting from The Nasdaq National Market.
Furthermore, the Company currently fails to comply with the minimum bid price
requirement for listing on the Nasdaq SmallCap Market set forth in Market Place
Rule 4450(a)(5).
The Company has informed Nasdaq that it wishes to appeal the determination. At
its appeal, the Company intends to present a plan for listing of its securities
on the Nasdaq SmallCap Market. In an effort to address the Nasdaq minimum bid
price requirement for listing on the Nasdaq SmallCap Market, NQL's Board of
Directors has authorized a reverse stock split. The reverse stock split will be
subject to stockholder approval. There can be no assurance that the Panel will
grant the Company's request for listing on the Nasdaq SmallCap Market.
About NQL Inc.
NQL, through its DCi division, provides professional services including Internet
and intranet consulting, network design, installation and maintenance as well as
onsite support for customers located primarily in the northeastern U.S. NQL's
DCi division also provides management and consulting services, information
technology services and products to vertical markets such as financial
institutions, "Big 5" accounting firms, major healthcare providers,
pharmaceutical companies and educational institutions. NQL's software division
develops and deploys intelligent software solutions based on its patent-pending
Network Query Language(TM) core technology, providing enterprises with an
alternative to chaotic, ad hoc information architectures. NQL provides its
scalable, augmentative software solutions to partner systems integrators,
Fortune companies, Internet marketplaces, software vendors and Internet-based
service providers. The Company is currently in the process of seeking a
purchaser for its software division. For more information, please see the
company's prospectus on file with the SEC, visit the company's web site at
www.nqli.com.
Network Query Language and all names of NQL Inc.'s other services or products
are trademarks of NQL Inc. in the U.S. and certain other countries. All other
trademarks are the property of their respective owners.
Certain statements in this press release are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks and uncertainties,
including (i) the Company's ability to attract and retain Senior Management,
(ii) the Company's ability to complete a reverse stock split and list its
securities on the NASDAQ SmallCap Market, (iii) the Company's ability to sell or
transfer the software division on terms and at a price that are beneficial to
the Company and its stockholders, (iv) the Company's ability to successfully
appeal the Nasdaq Staff Determination, (v) the Company's ability to successfully
market NQL technologies to DCi customers, (vi) the company's ability to manage
personnel and external resources, (vii) the state of the market and the
company's ability to continue developing technology that is competitive
according to industry standards, as well as other risk factors set forth from
time to time in the company's SEC reports. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the
date hereof and the company undertakes no obligation to update these
forward-looking statements.
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