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Company Contact: G. Andrew Cooke
Chief Financial Officer
(202) 333-0800
Investor Relations: Thomas M. Ryan
(203) 222-9013
U.S.A. FLORAL PRODUCTS, INC. MOVES TO OTC BULLETIN BOARD
WASHINGTON, D.C., August 28, 2000 - U.S.A. Floral Products, Inc. (Nasdaq:ROSI)
today announced that its Common Stock will be moved to the OTC Bulletin Board
effective August 29, 2000. This is a result of the Company's ineligibility to
remain listed on the SmallCap Market due to its non-compliance with the net
tangible asset/market capitalization/net income requirement for continued
listing on The Nasdaq SmallCap Market. The Company will continue to trade under
the symbol ROSI. The Company believes that market makers will continue to make a
market in its share of Common Stock on the OTC Bulletin Board, however, there is
no guarantee.
U.S.A. Floral Products Inc. had previously disclosed in its most recent Form
10Q, filed August 14 2000, that its common stock failed to meet certain
quantitative maintenance criteria established for Nasdaq SmallCap market
listings. Furthermore, the Company reported that a change in trading status
could become effective as early as October 16, 2000. Subsequent to the August
14, 2000 filing date of U.S.A. Floral's Form 10Q, however, the Company was
notified by the Nasdaq Stock Market that delisting would be effective August 29,
2000.
Founded in April 1997, U.S.A. Floral Products is the world's largest floral
supplier. The Company was formed to create a fully-integrated international
floral product distribution business. U.S.A. Floral Products engages primarily
in the importation and wholesale distribution of floral and floral-related
products. The Company also provides pre-packaged floral bouquets and
arrangements to retail florists and mass market retailers, engages in brokerage
services for wholesalers of both international and domestic cut flowers, and
provides floral fulfillment and shipping services to direct shippers.
Statements contained in this press release which are not historical facts are
forward looking statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are based
largely on the Company's expectations and are subject to a number of risks and
uncertainties, including but not limited to economic, competitive and other
factors affecting the Company's operations, markets and strategies, adequate
collection of accounts receivable, available financing, government regulations
involving the Company, facts and events not known at the time of this press
release, and other factors discussed in the Company's filings with the
Securities and Exchange Commission. Many of these factors are beyond the
Company's control. Actual results could differ materially from the forward-
looking statements. In light of these risks and uncertainties, there can be no
assurance that the results anticipated in the forward-looking information in
this press release will, in fact, occur.
