EX-99.1 2 a2052477zex-99_1.txt PRESS RELEASE EXHIBIT 99.1 INFONAUTICS MOVES TO OTC BULLETIN BOARD DAY-TO-DAY OPERATIONS AND PENDING MERGER UNAFFECTED King of Prussia, Pa., June 21, 2001, -- Infonautics, Inc. (OTCBB: INFO) announced that its common stock, previously traded on the Nasdaq SmallCap Market, commenced trading today on the OTC Bulletin Board. Infonautics recently appealed to the Nasdaq Listing Qualifications Panel with respect to a Nasdaq Staff Determination to remove the Company's listing on the SmallCap Market for failure to maintain a minimum bid price of $1.00 for 30 consecutive trading days. The company received notification of the Panel's determination to delist the Company's common stock from the SmallCap Market effective today for non-compliance with the minimum bid price requirements of Marketplace Rules 4310(c)(8)(B) and 4330(f). "We are disappointed by this determination, but Infonautics' move to the OTC Bulletin Board will not affect the company's day-to-day business operations," commented Van Morris, Infonautics' President and Chief Executive Officer. "Despite this determination, Infonautics remains fully committed to the completion of our pending merger with Tucows Inc. and we are working aggressively towards closing the merger as soon as possible." Infonautics' continued listing on the Nasdaq SmallCap Market is not a condition to closing the company's merger with Tucows. ABOUT INFONAUTICS Infonautics, Inc. is a pioneering provider of personalized information agents and Internet sites. The Infonautics Network of Web properties includes the award-winning Company Sleuth and Job Sleuth sites. The Infonautics Network also includes Search and Reference Media sites consisting of Electric Library, Encyclopedia.com, and NewsDirectory.com. The Electric Library site was the first reference site of its type on the Internet, and is one of the largest paid subscription sites on the Web. Infonautics was founded in 1992 and is headquartered in King of Prussia, PA. Media contact: Investor Relations, Infonautics, Inc., phone 610-680-0296 This news release contains, in addition to historical information, forward-looking statements that involve risks and uncertainties. These forward-looking statements may include statements regarding, for example, the ability of the Company's securities to trade on the OTC Bulletin Board or another quotation system, the effect of the Company's securities trading on the OTC Bulletin Board on its day-to-day business operations and the pending merger with Tucows Inc., the completion and closing of the Company's pending merger with Tucows Inc., and the timing of the completion and closing of the Company's pending merger with Tucows Inc. Such statements are based on management's current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward- looking statements. More information about potential factors which could affect Infonautics is included in the Risk Factors sections of the company's filings with the Securities and Exchange Commission. All forward-looking statements included in this document are based on information available to Infonautics as of the date of this document, and Infonautics assumes no obligation to update such forward-looking statements. INFONAUTICS and COMPANY SLEUTH are registered trademarks of Infonautics, Inc. or its subsidiaries. JOB SLEUTH, ENCYCLOPEDIA.COM, and NEWSDIRECTORY.COM are trademarks of Infonautics, Inc. or its subsidiaries. All other trademarks and service marks are the properties of their respective owners.