EXHIBIT 99.1
GOAMERICA PROVIDES UPDATE ON CONTINUED LISTING ON
NASDAQ SMALLCAP MARKET
* * *
Hackensack, NJ--December 1, 2003 -- GOAMERICA, INC. (NASDAQ: GOAM), a developer
and distributor of wireless data technology, today announced that it updated
Nasdaq during November 2003 regarding the Company's plans to regain compliance
with Nasdaq Marketplace Rule 4310(c)(4), the minimum bid price requirement.
Formal action by Nasdaq was neither requested nor anticipated by the Company,
however the Company believes that as long as it remains in compliance with all
other Nasdaq SmallCap Market listing requirements and the SEC does not make an
adverse determination regarding Nasdaq's bid price exception proposal prior to
the Company's implementation of its plans, the Company's common stock will
continue to trade on the Nasdaq SmallCap Market.
As previously announced, in October 2003, The Nasdaq Listings Qualifications
Panel provided GoAmerica with additional time to regain compliance with the
minimum bid price requirement after GoAmerica appealed the Nasdaq Staff's August
2003 delisting determination.
Similar to the settlement with its landlord disclosed in its Current Report on
Form 8-K filed on November 24, 2003, the Company continues to negotiate its
liabilities with certain creditors in order to improve the Company's financial
condition. Additionally, as reported in its Quarterly Report on Form 10-Q for
the period ended September 30, 2003, the Company has retained an outside advisor
to assist the Company with exploring equity placements that would enable the
Company to continue its operations. The Company expects to provide an update on
its plans no later than its Annual Meeting of Stockholders scheduled for
December 19, 2003.
ABOUT GOAMERICA
- ---------------
GoAmerica, Inc. is a developer of wireless data technology based in Hackensack,
NJ that licenses its proprietary Go.Web(TM) technology to enterprises and
individuals, providing mobile professionals with remote access to corporate
databases and intranets, email and the Internet across a wide variety of mobile
computing and wireless network devices. Through its wholly owned subsidiary,
Wynd Communications Corporation, the Company provides wireless
telecommunications services for people with hearing loss. Wynd Communications is
a winner of the California Governor's Award for Excellence in Universal Design
and Technology and has been recognized by both the Clinton and Bush
Administrations for its commitment to Americans with disabilities. For more
information on Go.Web, call 888-462-4600 or visit www.goamerica.net. For more
information about Wynd services, visit http://www.wynd.com, or contact Wynd
directly at TTY 800-549-2800, voice 805-781-6000 or e-mail: info@wynd.com.
The statements contained in this news release that are not based on historical
fact are "forward-looking statements" within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements may be
identified by the use of forward-looking terminology such as "may", "will",
"expect", "estimate", "anticipate", "continue", or similar terms, variations of
such terms or the negative of those terms. Such forward-looking statements
involve risks and uncertainties, including, but not limited to: (i) our limited
operating history; (ii) our reduced capital resources and need for additional
liquidity; (iii) our ability to fund our operating needs through available cash
reserves; (iv) our ability to raise additional equity and renegotiate
liabilities before our cash resources are fully depleted; (v) the impact on our
business from our receiving a "going concern" opinion from our independent
auditors; (vi) our ability to successfully implement our strategic alliance with
EarthLink; (vii) our dependence on EarthLink to provide billing, customer and
technical support to our subscribers; (viii) our ability to respond to the rapid
technological change of the wireless data industry and offer new services; (ix)
our dependence on wireless carrier networks; (x) our ability to respond to
increased competition in the wireless data industry; (xi) our ability to
integrate acquired businesses and technologies; (xii) our ability to leverage
strategic alliances to generate revenue growth; (xiii) our ability to increase
or maintain gross margins, profitability, liquidity and capital resources; and
(xiv) our ability to manage our remaining operations; and (xv) difficulties
inherent in predicting the outcome of regulatory processes. Such risks and
others are more fully described in the Risk Factors set forth in our filings
with the Securities and Exchange Commission. Our actual results could differ
materially from the results expressed in, or implied by, such forward-looking
statements. Each reference in this news release to "GoAmerica", the "Company" or
"We", or any variation thereof, is a reference to GoAmerica, Inc. and its
subsidiaries. "GoAmerica", "Go.Web", "Go.Web Enterprise Server", "Mobile
Office", and "OnPrem" are trademarks or service marks of GoAmerica, Inc.
"WyndTell", "Deafwireless", and "Deafwireless Superstore" are trademarks or
service marks of Wynd Communications Corporation. Other names may be trademarks
of their respective owners.