FOR IMMEDIATE RELEASE
LMKI ANNOUNCES THAT NASDAQ REJECTS INITIAL LISTING
APPLICATION
COMPANY HAS TAKEN STEPS TO REMEDY NASDAQ'S CONCERNS AND
PLANS TO RE-FILE IN OCTOBER
IRVINE, CALIFORNIA - JULY 28, 2000 - LMKI (OTCBB: LMKI), a single source Managed
Service Provider (MSP), today announced that its initial application to list its
common stock on the NASDAQ National Market has been rejected by The NASDAQ-AMEX
Market Group.
In the formal rejection notice, the Qualifications Panel outlined the reasons
for its decision and provided recommendations for addressing its concerns.
NASDAQ reviewers determined that at the time the Company's independent auditor
performed his fieldwork, the auditor was not in technical compliance with their
rules. Pursuant to the Qualifications Panel's recommendations, the Company is
aggressively pursuing a new SEC qualified audit firm beginning to review its
financial statements for the fiscal year ending August 31, 2000. In addition,
due to failure of making proper disclosures of various legal and regulatory
proceedings, the Company intends to request Board of Directors member Robert
Weaver to resign his membership immediately.
The Company plans to re-file its application to the NASDAQ National Market
within 60 days after the end of its fiscal year, August 31, 2000 in order to
provide the new audit firm with sufficient time to perform the standard year-end
audit.
For further information, please refer to LMKI's most recent Form 8-K filed today
with the Securities and Exchange Commission.
ABOUT LMKI, INC.
LMKI (OTCBB:LMKI) is a single source Managed Service Provider (MSP) specializing
in Private Networking, Broadband Internet Access, Internet and Intranet based
Web Hosting, Hosted Application Services, Intelligent Routing and Content
Delivery Services, Network and Systems Management, and Professional Services.
LMKI's extensive experience in deploying enterprise private networking solutions
has resulted in a proprietary technology called REAL PRIVATE NETWORK(TM) (RPN)
(TM). Our RPN(TM) Infrastructure enables customers to outsource all of their
business communications needs, while ensuring the highest level of security and
reliability. Our solutions offer unparalleled value through our proprietary
network design and enabling technologies, which efficiently leverage our
partners' network capacity.
More information regarding LMKI may be found at www.lmki.net or by sending
e-mail to [email protected]. For sales inquiries, send e-mail to [email protected],
for agent inquiries, send e-mail to [email protected].
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"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995: Except for historical information, the matters discussed in this news
release may be considered forward-looking statements could be subject to certain
risks and uncertainties that could cause the actual results to differ materially
from those projected. These include uncertainties in the market, competition,
legal, success of marketing efforts and other risks detailed from time to time
in the company's SEC reports. The company assumes no obligation to update the
information in this release. Company Contact:
LMKI, Inc.
Barry Turbow/ VP Business Development
(949) 794-3000
[email protected]
www.lmki.net
