EXHIBIT 99.1
[FIBERCORE, INC. LOGO]
NEWS RELEASE
FOR IMMEDIATE RELEASE
FIBERCORE RECEIVES NOTICE OF DELISTING FROM NASDAQ SMALLCAP MARKET
CHARLTON, MASS - APRIL 23, 2003 -- FiberCore, Inc. (Nasdaq: FBCE), a leading
manufacturer and global supplier of optical fiber and preform for the
telecommunication and data communications markets, today announced that on April
17, 2003 it had received a notification of delisting from Nasdaq.
The Company has not yet filed its annual report on Form 10-K with the SEC due to
delays in finalizing the results from its foreign subsidiaries. The Company had
previously filed for an extension on Form 12b-25, which expired on April 15,
2003. The Company currently anticipates filing its Form 10-K within the next 15
days.
As a result of not timely filing its 10-K, the Company received a Nasdaq staff
determination on April 17 indicating that the Company fails to comply with the
filing requirements for continued listing set forth in Marketplace Rule
4310(c)(14), and further that the Company is late in paying fees to Nasdaq which
is a failure to comply with Marketplace Rule 4310 (c) (13), and that its
securities are, therefore, going to be delisted from the Nasdaq Smallcap Market
at the opening of business on April 28, 2003. Accordingly, the trading symbol
for the Company's securities was changed from FBCE to FBCEE at the opening of
business on April 22, 2003.
Previously, the Company had been notified that it would be delisted from the
Nasdaq Smallcap on May 29, 2003 due to failure to meet minimum bid requirements.
The Company has elected not to contest this latest determination. The Company
will endeavor, once its annual report on Form 10-K has been filed, to facilitate
the trading of its stock on the OTC Bulletin Board, but no assurance can be
given that such a trading market will be available. FiberCore previously traded
on the OTC Bulletin Board before moving to the Nasdaq Smallcap Market in
November 2000. No trading on the OTC Bulletin Board can take place until the
Company's annual report on Form 10-K has been filed and a market maker files a
Form 211 with the NASD and such form is "cleared".
Three consecutive trading days after the delisting, an event of default will
exist under the terms of the 5% Convertible Subordinated Debentures issued in
2002 unless an intervening waiver is granted by the holders of the Debentures.
Currently, there is $2.5 million outstanding on these
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FIBERCORE, INC. FIBER OPTICS FOR THE NEXT GENERATION
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253 Worcester Rd o P.O. Box 180 o Charlton, MA 01507 o Tel: (508) 248-3900
o Fax: (508) 248-5588
FiberCore, Inc.
Page 2
Debentures. Once such a default exists, the Company will also be in default
under the terms of its $8.5 million Credit Facility with Fleet National Bank. In
the event of a default of the Credit Facility, Fleet could exercise the
provisions of a guarantee given by Tyco International Group S.A. to be paid in
full by Tyco and Tyco would then assume Fleet's position as a creditor of the
Company. In this case, Tyco would also have the right to assume control of the
Company's Board of Directors.
FiberCore, Inc. develops, manufactures, and markets single-mode and multimode
optical fiber preforms and optical fiber for the telecommunications and data
communications markets. In addition to its standard multimode and single-mode
fiber, FiberCore also offers various grades of fiber for use in laser-based
systems up to 10 gigabits/sec, to help guarantee high bandwidths and to suit the
needs of Feeder Loop (also known as Metropolitan Area Network), Fiber-to-the
Curb, Fiber-to-the Home and Fiber-to-the Desk applications. Manufacturing
facilities are presently located in Jena, Germany and Campinas, Brazil.
For more information about the company, its products, or shareholder information
please visit our Website at: www.FiberCoreUSA.com or contact us at: Phone -
508-248-3900 or by FAX - 508-248-5588 or E-Mail: sales@FiberCoreUSA.com;
investor_relations@FiberCoreUSA.com
Except for the historical matters discussed above, the statements in this press
release are forward looking and are made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. They are
based on the Company's current expectations and are subject to a number of risks
and uncertainties. Actual results may differ materially from those projected as
a result of certain general economic and business conditions; loss of market
share through competition; introduction of competing products by other
companies; changes in industry capacity; pressure on prices from competition or
from purchasers of the Company's products; availability of qualified personnel;
the delivery of an ability to commission new equipment as scheduled; ability to
obtain required financing; dependence on a limited number of raw material
suppliers; the loss or reduced creditworthiness of any significant customers;
and other factors detailed from time to time in the Company's filings with the
Securities and Exchange Commission.
CONTACTS:
AT THE COMPANY: AT FRB|WEBER SHANDWICK:
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Dr. Mohd A. Aslami, President/CEO Alison Ziegler - General Info.
Robert Lobban, CFO 212/445-8432
508/248-3900
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FIBERCORE, INC. FIBER OPTICS FOR THE NEXT GENERATION
- --------------------------------------------------------------------------------
253 Worcester Rd o P.O. Box 180 o Charlton, MA 01507 o Tel: (508) 248-3900
o Fax: (508) 248-5588