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Caracas, August
8th, 2001… International Briquettes Holding announced today that
it was informed by The Nasdaq Stock Market, Inc. that trading
of its shares will be moved from the Nasdaq National Market to
the Nasdaq Small Cap Market effective on August 10th, 2001. IBH's
common stock will continue trading under its current symbol -IBHVF-.
Daily trading volume and closing price will continue to be available
on the same basis as previously available from on-line services,
financial newspapers and general circulation newspapers.
As the market value of IBH's public float (i.e. shares held by
non-affiliates) has fallen bellow US$ 5,000,000, which is the
minimum level required in order to remain on the Nasdaq National
Market, IBH elected to apply for listing of its common stock on
the Nasdaq Small Cap Market in order to ensure the continuity
of its Nasdaq listing.
Since Nasdaq granted the continuing listing of IBH's shares in
the Nasdaq Small Cap Market, IBH has withdrawn its request for
a hearing before the Nasdaq Qualification Panel. Such request
was made on July 26th, 2001, to discuss the Nasdaq notification
about a delisting from the Nasdaq National Market.
International Briquettes Holding, IBH (Nasdaq:IBHVF) consolidates
Venprecar's financial results and owns, in a 50/50 partnership
with BHP Limited, the Orinoco Iron and Operaciones RDI iron briquettes
plants, and Brifer, which holds the intellectual rights of the
FINMETâ technology.
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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