Tickets.com, Inc. received a letter from the NASDAQ Listing Qualifications Department on February 24 indicating that the company's common stock will be de-listed from the NASDAQ National Market effective February 4, 2003 because it does not comply with Marketplace Rule 4450(a)(3). Compliance with this rule had not been an issue prior to November 1, 2002 when NASDAQ eliminated its Net Tangible Asset test as a continued listing alternative. Until November 1, 2002, as a result of its solidly positive Net Tangible Asset level, the company was well in compliance with NASDAQ listing requirements. The ramifications of this rule change and notification are expected to result in Tickets.com's common stock trading on the NASDAQ OTC Bulletin Board as opposed to the NASDAQ National Market.
Regardless of this determination by NASDAQ as to continued listing on the National Market, this action will have no impact on the financial or operational strength of neither the company nor its ability to exceptionally serve its clients.