EXHIBIT 99.1
FOR IMMEDIATE RELEASE CONTACT: W. Michael Smith
Chief Operating Officer
(972) 301-2450
www.minorplanetusa.com
NASDAQ DETERMINES MINORPLANET SYSTEMS USA, INC. TO RETAIN LISTING ON NASDAQ
SMALLCAP MARKET SUBJECT TO EXCEPTIONS
RICHARDSON, TEXAS, MAY 5, 2004 - Minorplanet Systems USA, Inc. (NASDAQ: MNPQC),
a leading provider of telematics-based management solutions for commercial
fleets, today announced that the company had received a written determination
notice from the Nasdaq Listing Qualifications Panel on May 3, 2004 indicating
that the company's securities would remain conditionally listed on The Nasdaq
SmallCap market subject to the following exceptions:
o On or before May 28, 2004, the company must submit documentation to the
Nasdaq evidencing that a hearing before the Bankruptcy Court for the
approval of the company's Disclosure Statement was held;
o On or before Jun. 30, 2004, the company must submit documentation to
the Nasdaq evidencing confirmation of the company's plan of
reorganization by the Bankruptcy Court and compliance with all
requirements for continued listing on The Nasdaq SmallCap Market upon
emergence from bankruptcy except for those deficiencies for which the
company has been granted a "grace period" within which to regain
compliance.
Pursuant to Nasdaq Marketplace Rule 4310(c)(8)(D), the Panel also granted the
company a 180-day grace period to achieve compliance with the $1.00 minimum bid
price requirement.
The Panel further indicated that effective on the opening of business
on May 5, 2004, the trading symbol for the company's securities will be changed
from MNPLQ to MNPQC to indicate the conditional listing on The Nasdaq SmallCap
Market. As per the Panel, the fourth character "Q" will remain appended to the
company's trading symbol pending the company's emergence from bankruptcy, and
the fifth character "C" will be removed from the company's symbol upon
confirmation of the company's compliance with the terms of the exceptions and
all other criteria for continued listing.
"We currently expect to obtain confirmation of our plan by Jun. 30,
2004 and retain the company's Nasdaq listing," said Dennis Casey, president and
chief executive officer. "In fact, the disclosure statement hearing is set for
May 24, 2004, ahead of the May 28, 2004 deadline." In closing remarks Mr. Casey
said, "We believe that the company will emerge from chapter 11 with a much
improved capital and expense structure and be well positioned to capitalize on
the large and growing market for mobile tracking and communications."
ABOUT MINORPLANET SYSTEMS USA, INC.
Minorplanet Systems USA, Inc. (minorplanetusa.com) markets, sells and
supports Vehicle Management Information(TM) (VMI(TM)), a state-of-the-art fleet
management solution that contributes to higher customer revenues and improved
operator efficiency. VMI combines the technologies of the global positioning
system (GPS) and wireless vehicle telematics to monitor vehicles, minute by
minute, in real time. Based in Richardson, Texas, the company also markets,
sells and supports a customized, GPS-based fleet management solution for large
fleets like SBC Communications, Inc., which has approximately 31,500 installed
vehicles now in operation.
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NASDAQ DETERMINES MINORPLANET SYSTEMS USA, INC. TO RETAIN LISTING ON NASDAQ
SMALLCAP MARKET SUBJECT TO EXCEPTIONS - PAGE 2
LEGAL NOTICE TO INVESTORS: Certain matters discussed in this press release are
"forward-looking statements" intended to qualify for the safe harbors from
liability established by the Private Securities Litigation Reform Act of 1995.
These forward-looking statements can generally be identified as such because the
context of the statement will include words such as the company "expects,"
"believes," "anticipates" or words of similar import. Similarly, statements that
describe the company's future plans, objectives or goals are also
forward-looking statements. Such forward-looking statements generally involve
known and unknown risks, uncertainties and other facts, which may cause the
actual results, performance or achievements of the company to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include, among others,
the following: ability to maintain the company's Nasdaq Stock Market listing;
ability to obtain the necessary approval of a plan of reorganization by the
creditors on or before June 30, 2004; ability to obtain confirmation of a plan
of reorganization by the Bankruptcy Court on or before June 30, 2004; ability to
obtain approval of a Disclosure Statement by the Bankruptcy Court on or before
May 28, 2004, ability to obtain a valuation of the company at a level which
allows the company to fully satisfy creditors' claims by issuance of equity
securities; ability to obtain approval of the Bankruptcy Court of the financing;
ability to demonstrate compliance with the Nasdaq SmallCap Market continued
listing requirements upon emergence from bankruptcy; ability to regain
compliance with the Nasdaq SmallCap Market $1.00 minimum bid requirement within
the 180-day grace period afforded by the Nasdaq Panel; ability to successfully
expand sales and marketing presence to additional metropolitan areas; ability to
commercially introduce a GPRS-capable mobile unit; ability to obtain
certification of GPRS-based products with wireless carriers; acceptance of new
product offerings; ability to achieve sales projections; ability to achieve and
maintain margins during periods of rapid expansion; availability of capital to
fund expansion; market conditions; general economic and business conditions;
business abilities and judgment of management and personnel; changes in business
strategy and competition. For a listing of risks applicable to the future
prospects of the company, please refer to the reports filed with the SEC, such
as recent 10-K and 10-Q Reports.
"Minorplanet" is a federally registered trademark and service mark of
Minorplanet Limited. "Vehicle Management Information," "VMI," "Minorplanet
Systems USA" and the orb logotype are trademarks and service marks of
Minorplanet Limited.
(MNPL320)