MSC.Software Announces Review by the New York Stock Exchange
04 Januar 2005 - 10:30PM
PR Newswire (US)
MSC.Software Announces Review by the New York Stock Exchange Also
Announces the Audit Committee Independent Review is Complete SANTA
ANA, Calif., Jan. 4 /PRNewswire-FirstCall/ -- MSC.Software Corp.
(NYSE:MNS) today announced that the New York Stock Exchange (the
"Exchange") has informed the Company that the Exchange has been
reviewing the Company's continued listing status and monitoring the
Company because of the Company's failure to file its Annual Report
on Form 10-K for the year ended December 31, 2003. The Company has
been keeping the Exchange informed regarding the status of the
independent review being conducted by the Company's Audit Committee
which caused the filing delay and all other relevant events. The
independent review launched by the Audit Committee is now complete,
and a preliminary report was delivered to the Audit Committee on
December 31, 2004. A final report will be reviewed by the full
Board and the Company's outside auditors as soon as it becomes
available. A final timetable for completion of the 2003 audit will
then be developed. The Exchange's policy as it pertains to the
monitoring of late Form 10-K filers has been to initiate suspension
procedures if a company has not filed its Annual Report on Form
10-K within nine months after its due date. The Exchange's policy
also allows for it to consider up to a three month extension if
warranted, subject to certain conditions. The Exchange has informed
the Company that it is prepared to continue the listing of the
Company's common stock at this time, subject to ongoing review. The
Exchange will formally re-evaluate all facts by January 31, 2005.
The Exchange has stated that, if by the time of its re-evaluation
it is determined that the Company will not be able to file its 2003
Annual Report by March 31, 2005, the Exchange will move forward
with the initiation of suspension procedures. The Company is doing
everything possible to file its Annual Report by March 31, 2005.
However, the Company is uncertain that it will meet the deadlines
imposed by the Exchange, and no assurance can be given that the
Exchange will continue to allow the Company's stock to trade on the
NYSE. About MSC.Software Corporation MSC.Software (NYSE:MNS) is the
leading global provider of virtual product development (VPD)
products including simulation software and services that help
companies make money, save time and reduce costs associated with
designing and testing manufactured products. MSC.Software works
with thousands of companies in hundreds of industries to develop
better products faster by utilizing information technology,
software and services. MSC.Software employs more than 1300 people
in 22 countries. For additional information about MSC.Software's
products and services, please visit http://www.mscsoftware.com/.
DATASOURCE: MSC.Software Corp. CONTACT: Investors, Joanne Keates,
Vice President, Investor Relations, +1-714-444-8551, , or Media,
Todd Evans, Corporate Communications, +1-714-445-3066, , both of
MSC.Software Corp. Web site: http://www.mscsoftware.com/
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