FORTEL’s Misfortunes
In the world of stock trading, the past few months have not been kind to FORTEL. In March of this year, the software services company received a notice from Nasdaq that FORTEL’s common stock was subject to de-listing from Nasdaq’s Small Cap Market for failure to comply with its minimum bid price of one dollar per share. In turn, the company was de-listed on May 16, 2001.
In order to be re-listed, FORTEL will need to petition Nasdaq and prove that it has met re-listing requirements.
In response to the events of the past few months Asa Lanum, FORTEL’s CEO, provides some reassurance, “FORTEL continues to work aggressively toward improving its reported results. The company is committed to achieving profitable operations in the second half of the fiscal year and is positioned to achieve cash breakeven at $4,500,000 quarterly revenue, and reported income breakeven at $5,000,000 in quarterly revenue.”
For more information, visit www.fortel.com.