Parts.com, Inc. (OTCBB:MIRM), a leading real-time business-to-business e-commerce parts exchange, today announced that due to its lower share trading price it has withdrawn its Nasdaq application originally filed in March 2000.
As the closing bid price for parts.com stock has recently fallen below $4 per share, the Company no longer meets the minimum bid price requirements for a listing on Nasdaq. If the Company’s bid price regains and sustains the $4 per share price level, the Company would then be able to submit a new application.
“We remain committed to seeking a Nasdaq listing and as soon as our share price meets the minimum requirements, we intend to reapply at the earliest opportunity,” stated Shawn D. Lucas, Chairman, President and Co-CEO. “We are hopeful that a Nasdaq listing for MIRM is not far off,” concluded Mr. Lucas.
Parts.com provides a business-to-business e-commerce solution for the $600 billion auto parts industry. The site creates value for participants throughout the supply chain, including manufacturers, distributors, dealerships, collision repair shops, garages, recyclers and insurance companies, as a result of its unique, direct business model which eliminates a number of inefficient links in the supply chain inherent in the auto parts business. Parts.com’s OCTANE System and logistics plan enables parts distributors to deliver their product more quickly and cost-effectively than through traditional distribution channels. Parts.com was officially launched on January 23, 2000 and presently has 385 dealer/distributors whose combined auto parts sales, prior to joining parts.com, were in excess of $1 billion in 1999.
This news release includes statements that may constitute forward-looking statements pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Although parts.com, Inc. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be met. Factors that could cause actual results to differ materially from parts.com’s expectations include the operational performance of parts.com, the Company’s success in entering into strategic alliances, parts.com’s and ReallyKnow.com’s operational and financial performance, industry conditions, demand for its products, as well as other risks.