EXHIBIT 99.1
[GOAMERICA LETTERHEAD]
CONTACT: Investor Relations
201-996-1717
investors@goamerica.com
GOAMERICA RECEIVES AND APPEALS NASDAQ DELISTING NOTICE
* * *
Company also Investigating Trading of its Common Stock on German Stock Exchanges
Hackensack, NJ--June 8, 2004 GoAmerica, Inc. (NASDAQ: GOAM and GOAMD) today
announced that it recently received a Nasdaq Staff Determination indicating that
GoAmerica has failed to regain compliance with the minimum $1.00 closing bid
price per share requirement for continued listing on The Nasdaq SmallCap Market
(as set forth in Nasdaq's Marketplace Rule 4310(c)(4)). GoAmerica has filed an
appeal of the Nasdaq Staff Determination and requested a hearing before a Nasdaq
Listing Qualifications Panel to review the Staff Determination, which action
automatically stays the delisting of GoAmerica's Common Stock.
During the appeal process and until the Panel's ultimate determination,
GoAmerica's Common Stock will continue to be traded on The Nasdaq SmallCap
Market. Hearings with the Panel typically occur within 30 to 45 days of a
company's request. Had the Company not timely filed its appeal, GoAmerica's
Common Shares would have been subject to delisting as of June 14, 2004. The
Company believes that it continues to comply with all Nasdaq SmallCap Market
listing qualifications other than minimum bid price per share.
GoAmerica intends to present, among other things, a plan to the Panel for
achieving and sustaining compliance with the Nasdaq Marketplace Rules as well as
information regarding the unauthorized listing of the Company's Common Stock on
the Berlin Bremen Stock Exchange and other German stock exchanges and possible
adverse developments therefrom.
GoAmerica has contacted the Berlin Stock Exchange as well as the German
brokerage firm (Berliner Freiverkehr (Aktien) AG) that applied, without the
Company's knowledge or authorization, for GoAmerica's listing on the German
stock exchanges. The Berlin exchange and the broker each contend that their
respective actions and all trading of GoAmerica's shares has been conducted in
compliance with all applicable laws and under close monitoring of the German
Securities and Exchange Commission. The U.S. Securities and Exchange Commission
(SEC), financial media and numerous similarly affected U.S. public companies
have addressed the discovery and investigation of the notable increase in such
foreign exchange listings of U.S. companies since "naked short selling"
restrictions were recently implemented by the SEC and NASD, all contributing to
a growing belief that domestic and/or foreign brokers attempt to circumvent such
restrictions and benefit from an "arbitrage" loophole.
The Company believes that unattributable increased downward pressure on
GoAmerica's stock price during the weeks immediately preceding and following the
implementation of a one-for-ten reverse stock split as of May 14, 2004 may have
hindered the Company's ability to regain bid price compliance during a critical
listing qualification period. The Company is unable to determine the cause of
such unduly adverse trading activity as the Company believes that its financial
condition is significantly better than it has been in recent fiscal quarters and
that no new negative material information about the Company was introduced into
the market during the relevant period.
Despite the Company's appeal, there can be no assurance that the Panel will
grant GoAmerica's request for continued listing. If the pending appeal is
unsuccessful, GoAmerica's Common Shares are expected to be immediately eligible
for quotation on the OTC Bulletin Board. The Company's regular ticker symbol is
GOAM; however, Nasdaq appended a temporary "D" to it (making the interim ticker
symbol "GOAMD"), beginning on May 17, 2004, to indicate the Company's reverse
stock split. The Company's ticker symbol is expected to revert to GOAM on or
about June 15, 2004.
ABOUT GOAMERICA
GoAmerica (R) is a leading provider of wireless telecommunications services for
people with hearing loss. The Company's vision is to improve the quality of life
for people who are deaf or hard of hearing by being their premier provider of
innovative communication services. WyndTell(R) -- a GoAmerica service -- is the
wireless service of choice for thousands of deaf consumers across the U. S., and
was recognized for Excellence in Universal Design and Technology, by the
California Governor's Committee for the Employment of Disabled Persons. For more
information, visit www.goamerica.com or contact GoAmerica directly at TTY
201-527-1520, voice 201-996-1717.
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 ability to successfully manage our strategic
alliance with EarthLink; (iii) our dependence on EarthLink to provide billing,
customer and technical support to certain of our subscribers; (iv) our ability
to respond to the rapid technological change of the wireless data industry and
offer new services; (v) our dependence on wireless carrier networks; (vi) our
ability to respond to increased competition in the wireless data industry; (vii)
our ability to integrate acquired businesses and technologies; (viii) our
ability to generate revenue growth; (ix) our ability to increase or maintain
gross margins, profitability, liquidity and capital resources; and (x) our
ability to manage our remaining operations; and (xi) 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" and "WyndTell" are registered trademarks of GoAmerica. "Go.Web" is
also a trademark of GoAmerica. Other names may be trademarks of their respective
owners.