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TRAC 1:5 R/S around 3-8-05 Track Data Corporation Announces One for Five Reverse Stock Split. Track Data Corporation Corporate Communications: Rafi Reguer, 718-522-0222 rafi_reguer@trackdata.com
Track Data Corporation (Nasdaq: TRAC) today announced that its Board of Directors has authorized a one for five reverse stock split.
Under Nasdaq's current procedures, the Company's shares may no longer be eligible for listing on the Nasdaq National Market if the bid price of its common stock does not close at a minimum of $1.00 per share for a minimum of 10 consecutive trading days before February 22, 2005. The Company expects that the reverse stock split should permit continued listing on the Nasdaq National Market after a Nasdaq hearing.
The Company's Chairman and CEO controls more than 50% of the Company's outstanding common stock and will consent to the reverse stock split, which is expected to be effective on or about March 8, 2005, subject to filing requirements.
The words "believe," "expect," "should," "anticipate," and other similar expressions generally identify forward-looking statements. Forward-looking statements are based on the Company's current expectations and are subject to market, competitive and regulatory factors and other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission. Actual results can differ materially. The Company makes no commitment to disclose any revisions to forward-looking statements.
Track Data Corporation is a New York-based financial services company that provides direct access brokerage, real-time financial market data, news, and research to institutional and individual investors through dedicated telecommunication lines and the Internet.
For professional investors, Track Data Securities offers proTrack, a direct access trading platform with fully integrated market data. proTrack offers unbiased trade routing, allowing clients control over where their orders are sent. proTrack is also available to broker-dealers under a service bureau arrangement as an execution platform.
For individual investors, Track Data Securities offers myTrack and TrackTrade, both fully integrated, Internet-based online trading and market data systems. Each platform offers direct access online trading, allowing users the choice of where to route their equity and options orders. myTrack and TrackTrade offer continuous, dynamic streams of live market data powered by application-based software and a constant server connection similar to systems used by professionals.
For all investors, the Company's NewsWare division offers NewsWatch, a PC-based application that aggregates news from thousands of sources. Featuring real-time full text filtering and complex queries, its real-time alerting functions allow users to choose topics of interest and be among the first to know when news breaks.
For additional information, please contact Rafi Reguer, Vice President, Corporate Communications, at 718-522-0222 or by e-mail: rafi_reguer@trackdata.com.
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