CRANBURY, N.J., Oct. 15 /PRNewswire/ -- Ariel Corporation (Nasdaq: ADSP)
today announced that it has received a formal notice from MAYAN Networks
stating that MAYAN Networks is terminating the Agreement and Plan of Merger
dated March 28, 2001. Ariel also announced that it had received a letter from
Nasdaq informing Ariel that Nasdaq will delist the company from the Nasdaq
National Market effective at the opening of the market tomorrow,
October 16, 2001.
MAYAN Networks notice to Ariel cited the failure of the Merger to close on
or before August 31, 2001 as the primary reason for the unilateral termination
of the merger agreement.
Nasdaq cited their opinion that the combination of Ariel and MAYAN
Networks would not meet the initial listing standards for the Nasdaq National
Market, and that Ariel failed to meet the continued listing standards for the
Nasdaq National Market.
No further details or information were announced.
Statements contained in this press release that are not historical facts
are forward-looking statements that are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995, as
amended. Forward-looking statements involve risks and uncertainties,
including market acceptance of the Company's products, the timely development
and acceptance of new products, the impact of competitive products and
pricing, changing market conditions and the other risks detailed from time to
time in the Company's filings with the SEC. These risks and uncertainties
could cause actual results to differ materially from those projected or
currently expected. These forward-looking statements represent the Company's
judgment as of the date of this release. The Company disclaims, however, any
intent or obligation to update these forward-looking statements.
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SOURCE Ariel Corporation