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EXHIBIT 20
[LOGO] SCB COMPUTER TECHNOLOGY, INC.
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Contacts: T. Scott Cobb Michael J. Boling, CPA
President and Chief Executive Vice President and
Executive Officer Chief Financial Officer
(901) 754-6577 (901) 754-6577
NASDAQ LISTING COUNCIL REVERSES
DELISTING OF SCB COMPUTER TECHNOLOGY, INC.
MEMPHIS, Tenn. (November 29, 2000) - SCB Computer Technology, Inc. (OTCBB:SCBI)
announced today that the Nasdaq Listing and Hearing Review Council has reversed
the decision of the Nasdaq Listing Qualification Panel to delist SCB's common
stock from the Nasdaq National Market. The Nasdaq Listing Council has remanded
the matter to the Nasdaq staff to determine whether SCB's common stock may again
be listed on the Nasdaq National Market.
There have been several previous developments relating to SCB's listing
on Nasdaq. On April 14, 2000, Nasdaq suspended the trading in SCB's common stock
on the Nasdaq National Market following SCB's announcement of its intention to
restate certain prior financial statements. On May 26, 2000, the Nasdaq staff
notified SCB of its initial determination to delist SCB's common stock. On June
1, 2000, SCB requested that the Nasdaq Panel review the determination of the
Nasdaq staff, which stayed the delisting pending a decision by the Nasdaq Panel.
On August 17, 2000, the Nasdaq Panel issued its decision to delist SCB's common
stock. The delisting was effective as of August 18, 2000. On August 30, 2000,
SCB requested that the Nasdaq Listing Council review the decision of the Nasdaq
Panel. Finally, on November 22, 2000, the Nasdaq Listing Council reversed the
decision of the Nasdaq Panel and remanded the matter to the Nasdaq staff.
In its decision, the Nasdaq Listing Council found that SCB has taken
several meaningful steps to address the public interest concern cited by the
Nasdaq staff and the Nasdaq Panel in their delisting decisions. The Nasdaq
Listing Council noted, however, that SCB's common stock does not meet the
minimum bid price of $1.00 per share required by Nasdaq. (Today the closing bid
price of SCB's common stock, as quoted on the OTC Bulletin Board, was $0.38 per
share.) The Nasdaq Listing Council granted SCB a 90-day period in which to
achieve a minimum $1.00 bid price and to demonstrate its compliance with all
other continued listing requirements of the Nasdaq National Market. The Nasdaq
Listing Council instructed the Nasdaq staff to conduct a full initial inclusion
review of SCB and to include SCB's common stock on the Nasdaq National Market if
SCB is able to demonstrate compliance with all applicable listing requirements
and if there are no adverse developments justifying the denial of listing.
To facilitate compliance with Nasdaq's minimum bid price requirement, SCB
intends to effect a reverse split of its common stock. The reverse stock split
would result in a decrease in the number of outstanding shares of SCB's common
stock. SCB believes that the reverse stock split also would likely result in the
bid price of its common stock increasing above the minimum $1.00 bid price
requirement imposed by Nasdaq. The reverse stock split would be accomplished
through an amendment to the capital stock provisions of SCB's charter. To
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3800 Forest Hill-Irene Road, Suite 100 - Memphis, TN 38125 - (901) 754-6577
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SCBI Delisting Reversed by Nasdaq
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November 29, 2000
become effective, the charter amendment must be recommended by SCB's board of
directors and approved by its shareholders. SCB intends to proceed with the
reverse stock split in the very near future.
Certain statements contained in this press release and related statements
by management of SCB may be deemed to be forward-looking statements. These
forward-looking statements involve a number of risks and uncertainties,
including the risks described in SCB's filings with the Securities and Exchange
Commission. SCB undertakes no obligation to update this forward-looking
information except as required by law.
SCB Computer Technology, Inc., is a leading provider of information
technology management and technical services to Fortune 1000 companies, state
and local governments, and other large organizations.
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