driversshield.com Receives Notice From Nasdaq; Company Requests Hearing

Apr 04, 2001, 01:00 ET from driversshield.com Corp.

    PLAINVIEW, N.Y., April 4 /PRNewswire/ --
 driversshield.com Corp. (Nasdaq:   DRVR) announced today that it received a
 Nasdaq Staff Determination on March 28, 2001 indicating that the Company has
 failed to meet the minimum bid price requirements of at least $1.00 for
 continued listing as set forth in Nasdaq Marketplace Rule 4310(c)(4) and that
 its securities are, therefore, subject to delisting from The Nasdaq SmallCap
 Market.  The Company has requested a hearing before the Nasdaq Listing
 Qualifications Panel to review the Staff Determination.  There can be no
 assurance the Panel will grant the Company's request for continued listing.
     Barry Siegel, Chairman and CEO of driversshield.com, said no date has yet
 been set for a hearing, but that driversshield.com stock will continue to be
 listed on the Nasdaq SmallCap market pending the hearing and subsequent
 disposition.
     He said the Company will present what it believes is a strong case for
 continued listing, citing a variety of reasons.
     First, the dramatic decline in overall stock prices over the past year,
 particularly for Nasdaq stocks, was the major factor depressing
 driversshield.com stock below $1.00, rather than conditions in the Company's
 business.
     In addition, he said, the Company has been profitable for four consecutive
 quarters, has positive cash flow and no debt, and has adequate cash to fund
 future operations and growth.
     Further, said Siegel, the Company's newly enhanced, working Web site is
 now functional and on line, positioning the Company to succeed in its Internet
 strategy, which involves handling collision repair claims for auto insurance
 companies.  The Company began actual processing of claims this week, he said.
 New contracts have been signed, he noted, citing a contract with The Assurant
 Group (member of the Fortis Group), which will market the driversshield.com
 Auto Discounts and Services program through financial institutions.  This very
 successful program is fast approaching one million members and is expected to
 reach that number by year's end.
     Siegel also said that Company has various new business relationships,
 initiatives and strategic opportunities, yet to be announced, that will
 further strengthen the business.
 
     Since its founding in 1983, driversshield.com Corp. has built a national
 reputation for efficient, cost-saving management of collision claims for
 self-insured corporate and municipal vehicle fleets.  Clients include The
 Coca-Cola Company, Time Warner, IBM, Hershey Foods and many other prominent
 corporations.  The Company is known for the quality of its auto membership
 programs and has built a customer base with well-known organizations such as
 Providian Financial, Protective Life, Priceline.com and other prestigious
 credit card, financial institutions and web sites.
 
     This announcement contains "forward looking statements."  Words
 "anticipate," "believe," "estimate," "expect" and other similar expressions as
 they relate to the Company and its management are intended to identify such
 forward looking statements.  Although the Company and its management believe
 that the statements contained in this announcement are reasonable, it can give
 no assurances that such statements will prove correct.  Factors that could
 affect the occurrence of events or results discussed herein are included with
 those mentioned in the Company's filings with the Securities and Exchange
 Commission.
 
 

SOURCE driversshield.com Corp.
    PLAINVIEW, N.Y., April 4 /PRNewswire/ --
 driversshield.com Corp. (Nasdaq:   DRVR) announced today that it received a
 Nasdaq Staff Determination on March 28, 2001 indicating that the Company has
 failed to meet the minimum bid price requirements of at least $1.00 for
 continued listing as set forth in Nasdaq Marketplace Rule 4310(c)(4) and that
 its securities are, therefore, subject to delisting from The Nasdaq SmallCap
 Market.  The Company has requested a hearing before the Nasdaq Listing
 Qualifications Panel to review the Staff Determination.  There can be no
 assurance the Panel will grant the Company's request for continued listing.
     Barry Siegel, Chairman and CEO of driversshield.com, said no date has yet
 been set for a hearing, but that driversshield.com stock will continue to be
 listed on the Nasdaq SmallCap market pending the hearing and subsequent
 disposition.
     He said the Company will present what it believes is a strong case for
 continued listing, citing a variety of reasons.
     First, the dramatic decline in overall stock prices over the past year,
 particularly for Nasdaq stocks, was the major factor depressing
 driversshield.com stock below $1.00, rather than conditions in the Company's
 business.
     In addition, he said, the Company has been profitable for four consecutive
 quarters, has positive cash flow and no debt, and has adequate cash to fund
 future operations and growth.
     Further, said Siegel, the Company's newly enhanced, working Web site is
 now functional and on line, positioning the Company to succeed in its Internet
 strategy, which involves handling collision repair claims for auto insurance
 companies.  The Company began actual processing of claims this week, he said.
 New contracts have been signed, he noted, citing a contract with The Assurant
 Group (member of the Fortis Group), which will market the driversshield.com
 Auto Discounts and Services program through financial institutions.  This very
 successful program is fast approaching one million members and is expected to
 reach that number by year's end.
     Siegel also said that Company has various new business relationships,
 initiatives and strategic opportunities, yet to be announced, that will
 further strengthen the business.
 
     Since its founding in 1983, driversshield.com Corp. has built a national
 reputation for efficient, cost-saving management of collision claims for
 self-insured corporate and municipal vehicle fleets.  Clients include The
 Coca-Cola Company, Time Warner, IBM, Hershey Foods and many other prominent
 corporations.  The Company is known for the quality of its auto membership
 programs and has built a customer base with well-known organizations such as
 Providian Financial, Protective Life, Priceline.com and other prestigious
 credit card, financial institutions and web sites.
 
     This announcement contains "forward looking statements."  Words
 "anticipate," "believe," "estimate," "expect" and other similar expressions as
 they relate to the Company and its management are intended to identify such
 forward looking statements.  Although the Company and its management believe
 that the statements contained in this announcement are reasonable, it can give
 no assurances that such statements will prove correct.  Factors that could
 affect the occurrence of events or results discussed herein are included with
 those mentioned in the Company's filings with the Securities and Exchange
 Commission.
 
 SOURCE  driversshield.com Corp.