EXHIBIT 99
FOR IMMEDIATE RELEASE
Contact:
Carol Weber
Worldwide Xceed Group, Inc.
(212) 553-2445
CWEBER@XCEED.COM
WORLDWIDE XCEED GROUP, INC.
ADVISES OF NASDAQ DELISTING NOTICE
APRIL 12, 2001: New York, NY -Worldwide Xceed Group, Inc. ("Xceed")
NASDAQ:XCED), a digital strategy and professional services firm, today announced
that Xceed has been advised by The Nasdaq Stock Market staff that it has
determined that Xceed has failed to comply with the minimum bid price
requirement for continued listing on The Nasdaq National Market as set forth in
Marketplace Rule 4450(a)(5). Xceed's common stock is therefore subject to
delisting from The Nasdaq National Market.
Under Marketplace Rule 4310(c)(8)(B), Xceed was provided 90 calendar days, or
until April 5, 2001, to regain compliance by maintaining a bid price of at least
$1.00 for a minimum of ten consecutive trading days prior to April 5, 2001. On
March 21, 2001, Xceed implemented a ten for one reverse stock split which has
been ineffective in raising the bid price to $1.00.
Xceed has requested a hearing before a Nasdaq Listing Qualifications Panel (the
"Panel") to review the Nasdaq staff's determination. Xceed expects that its
common stock will continue to trade on The Nasdaq National Market pending
outcome of the appeal. A hearing date has not been set. There can be no
assurance that the Panel will grant Xceed's request for continued listing on The
Nasdaq National Market. If the Xceed's common stock is delisted from The Nasdaq
National Market, the common stock may be eligible to trade on the Nasdaq over
the counter bulletin board.
- more -
Xceed Nasdaq Notice p.2
ABOUT XCEED
Xceed (www.xceed.com) provides strategic consulting and digital solutions to
enable Fortune 1000 and other companies and market leaders compete more
effectively in the new economy. Xceed leverages strategic relationships,
vertical industry expertise, and proprietary solutions to accelerate the
development of e-business models that make enterprises smarter, faster, and more
valuable. With more than 300 interactive professionals, Xceed is headquartered
in New York City with offices in Atlanta, Chicago, Colorado Springs, Dallas, Los
Angeles, Phoenix, Amsterdam, and London.
XCEED IS A TRADEMARK OF WORLDWIDE XCEED GROUP, INC.
IMPORTANT NOTE:
THIS NEWS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS THAT REFLECT XCEED'S
CURRENT EXPECTATIONS ABOUT ITS FUTURE RESULTS, PERFORMANCE, PROSPECTS AND
OPPORTUNITIES. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON THE CURRENT BELIEFS
OF XCEED'S MANAGEMENT AS WELL AS ASSUMPTIONS MADE BY, AND INFORMATION CURRENTLY
AVAILABLE TO, XCEED'S MANAGEMENT. XCEED HAS TRIED TO IDENTIFY THESE
FORWARD-LOOKING STATEMENTS BY USING WORDS SUCH AS "BELIEVE," "EXPECT,"
"ANTICIPATE," "INTEND," "ESTIMATE," AND SIMILAR EXPRESSIONS. THESE
FORWARD-LOOKING STATEMENTS ARE SUBJECT TO A NUMBER OF RISKS, UNCERTAINTIES AND
OTHER FACTORS THAT COULD CAUSE XCEED'S ACTUAL RESULTS, PERFORMANCE, PROSPECTS OR
OPPORTUNITIES IN THE REMAINDER OF 2001 AND BEYOND TO DIFFER MATERIALLY FROM
THOSE EXPRESSED IN, OR IMPLIED BY, THESE FORWARD-LOOKING STATEMENTS. THESE
RISKS, UNCERTAINTIES AND OTHER FACTORS INCLUDE, BUT ARE NOT LIMITED TO: XCEED'S
LIMITED OPERATING HISTORY; XCEED'S OPERATING LOSSES; XCEED'S POTENTIAL NEED TO
RAISE ADDITIONAL CAPITAL TO CONTINUE OPERATIONS; XCEED'S ABILITY TO SUCCESSFULLY
INTEGRATE ACQUIRED COMPANIES INTO ITS OPERATIONS, WHICH COULD SLOW XCEED'S
GROWTH; FURTHER STRAIN ON XCEED'S RESOURCES CAUSED BY CONTINUING GROWTH, WHICH
COULD HINDER XCEED'S BUSINESS AND RESULTS OF OPERATIONS; XCEED'S REVENUES COULD
BE NEGATIVELY AFFECTED BY THE LOSS OF KEY CUSTOMERS; XCEED HAS ONLY LIMITED
PROTECTION OF PROPRIETARY RIGHTS; XCEED'S BUSINESS WILL BE NEGATIVELY AFFECTED
IF XCEED DOES NOT KEEP UP WITH THE INTERNET'S RAPID TECHNOLOGICAL CHANGES;
XCEED'S BUSINESS MAY BE NEGATIVELY AFFECTED IF XCEED FAILS TO ACCURATELY
ESTIMATE THE TIME AND RESOURCES NECESSARY FOR THE PERFORMANCE OF ITS SERVICES;
XCEED'S DEPENDENCE ON MANAGEMENT FOR ITS CONTINUED OPERATIONS AND GROWTH;
XCEED'S NEW MANAGEMENT'S LIMITED KNOWLEDGE AND INFORMATION CONCERNING PRIOR
EVENTS AND COMPANY ACTIVITIES; XCEED'S ABILITY TO RECRUIT AND RETAIN QUALIFIED
PROFESSIONALS, WHO ARE CURRENTLY IN HIGH DEMAND; IF CLIENTS DO NOT REHIRE XCEED
FOR NEW PROJECTS, OR IF THEY TERMINATE OR REDUCE THE SCOPE OF EXISTING PROJECTS,
XCEED'S REVENUES MAY DECLINE; XCEED COMPETES IN A NEW AND HIGHLY COMPETITIVE
MARKET THAT HAS LOW BARRIERS TO ENTRY; XCEED MUST MAINTAIN ITS REPUTATION AND
EXPAND ITS NAME RECOGNITION TO REMAIN COMPETITIVE; XCEED'S BUSINESS DEPENDS ON
CONTINUED GROWTH IN THE USE OF THE INTERNET; XCEED'S BUSINESS IS SUBJECT TO U.S.
AND FOREIGN GOVERNMENT REGULATION OF THE INTERNET; DIFFICULTIES PRESENTED BY
INTERNATIONAL FACTORS COULD NEGATIVELY AFFECT XCEED'S BUSINESS; THE CONVERSION
OF XCEED'S SERIES A PREFERRED STOCK AND THE EXERCISE OF THE RELATED WARRANTS
COULD RESULT IN SUBSTANTIAL NUMBERS OF ADDITIONAL SHARES BEING ISSUED IF XCEED'S
MARKET PRICE DECLINES; XCEED MAY ISSUE ADDITIONAL SHARES AND DILUTE INDIVIDUAL
STOCKHOLDERS' OWNERSHIP PERCENTAGES; SUBSTANTIAL SALES OF XCEED'S COMMON STOCK
COULD CAUSE THE STOCK PRICE TO FALL; XCEED MAY BE REQUIRED TO PAY SUBSTANTIAL
PENALTIES TO THE HOLDERS OF ITS SERIES A PREFERRED STOCK IF SPECIFIC EVENTS
OCCUR; IF XCEED'S COMMON STOCK IS REMOVED FROM NASDAQ, THE MARKETABILITY OF ITS
COMMON STOCK WILL BE DECREASED SUBSTANTIALLY; AND THE MARKET PRICE OF XCEED'S
COMMON STOCK MAY BE VOLATILE, WHICH COULD RESULT IN SUBSTANTIAL LOSSES FOR
INDIVIDUAL STOCKHOLDERS. FOR FURTHER INFORMATION ABOUT THESE AND OTHER RISKS,
UNCERTAINTIES AND FACTORS, PLEASE REVIEW THE DISCLOSURE INCLUDED UNDER THE
CAPTION "RISK FACTORS" IN XCEED'S ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR
ENDED AUGUST 31, 2000.
XCEED UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING
STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR CHANGED
CIRCUMSTANCES OR FOR ANY OTHER REASON.
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