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Caracas, July
27, 2001… International Briquettes Holding (IBH) reported today
that it filed a listing application for the transfer of its shares
to The NASDAQ Small Cap Market. The company has been advised that
it complies with the qualification requirements for foreign securities
for continued inclusion in The NASDAQ Small Cap Market as provided
in the NASDAQ Marketplace Rules 4320. The NASDAQ Small Cap Market
would allow the company´s shares to continue to trade in NASDAQ.
The Small Cap Market continued listing standard is less stringent
while the company´s ability to issue new capital will be limited.
In addition, as announced on July 25, 2001, the company appealed
the NASDAQ staff determination dated July 20, 2001 indicating
that the company fails to comply with certain requirements for
continued listing in The NASDAQ National Market. If NASDAQ grants
the company´s request for inclusion in The NASDAQ Small Cap Market,
the appeal process may be discontinued. There can be no assurance
that NASDAQ will grant the company's request for inclusion in
The NASDAQ Small Cap Market nor of the outcome of the appeal process.
IBH shares continue to be listed in the Caracas Stock Exchange.
This press
release contains statements about future events and financial
results that are forward-looking and subject to substantial risks
and uncertainties. Actual results could differ materially from
those indicated in such forward-looking statements. Factors which
may cause actual results to differ materially from those discussed
include economic considerations that could affect demand for hot
briquetted iron (HBI), competition, general economic conditions
in Venezuela and in the global steel industry, the availability
and terms of financing and the risk factors set forth in IBH's
various filings with the U.S. Securities and Exchange Commission
and the Comisión Nacional de Valores of Venezuela. IBH undertakes
no obligation to revise these forward-looking statements to reflect
events or circumstances after the date hereof, and claims the
protection of the safe harbor for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995.
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