Datalex (ISE: DLE), a leading provider of technology solutions for the global travel industry, announced today that the company will voluntary de-list its American Depositary Recipts (ADRs) (NASDAQ: DLEX ) from the NASDAQ National Market in the United States.
As a result of the voluntary de-listing, the Company`s ADRs will be eligible for quotation in the over-the-counter (OTC) market. The Company has sent a letter to NASDAQ Listing Qualifications requesting that the Company`s ADRs be de-listed from the exchange as of the close of business on April 25th, 2002.
On April 25th, 2002, Datalex will also convert its secondary listing on the Irish Stock Exchange (ISEQ) to a primary listing.
Commenting on the decision to voluntarily de-list from NASDAQ, Neil Beck
, Chief Executive Officer of Datalex, said: “Almost 100% of Datalex institutional shareholders and more than 95% of private shareholders are based in Ireland and the United Kingdom. The company has therefore decided that it is no longer appropriate to maintain a primary listing on the NASDAQ national market. Accordingly, we will be voluntarily de-listing our ADRs from that market and will be moving to an OTC listing. In addition, there will be a considerable savings to the Company both financially and in terms of the resources required to maintain a separate U.S. listing.
“North America continues to account for a significant proportion of our customer base and a substantial amount of our revenues. That market will still be a key focus for us from a sales and business development perspective. We have been encouraged by the strong signs of economic recovery in the United States and have seen significant customer interest and activity in recent months.”
At the same time, Beck announced a number of changes to the management team of Datalex and to the composition of the Board of Directors.
, founder of Datalex and its largest shareholder will step down from his role as Executive Chairman. As Datalex`s largest individual shareholder, Wilson will retain his board seat. Wilson has been asked to lead a Sales Task Force formed to maximize Datalex`s response to a recovering economy. Reporting to CEO Neil Beck, Wilson will have Senior Vice President - Commercial, Damian Hickey, Vice President Business Development Justin Morshead and Chief Technology Officer James Peters on the Task Force representing a multi-dimensional team to generate additional market demand. Morshead, an executive with Datalex since the acquisition in 1999 of the company he co-founded, Teamwork Solutions, will retire from the Company in June after working with Wilson to establish the Task Force.
Beck also announced that Paul Addy and James Peters, part of the Datalex executive team, will resign as executive members of the Board as part of a longer range plan to create a primarily non-executive Board. “It has always been my intention to change the composition of the Board to one that is primarily non-executive. I am delighted that Michael Quinn, formerly Chief Executive of ICC Bank, will be taking over as Chairman,” said Beck.
“Datalex has certainly felt the effects of the economic downturn and the events of September 11th. As we see early signs of recovery, it is important that we begin to make the changes necessary to maximize the opportunities of the marketplace.”
Datalex will be announcing Q1 2002 results on May 14th.
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