Atrinsic, Inc. Announces Receipt of Notice from NASDAQ
NEW YORK--(BUSINESS WIRE)--Atrinsic, Inc. (NASDAQ:ATRN) announced today that it received notice
from The Nasdaq Stock Market regarding non-compliance with Nasdaq
listing requirements as the result of the actions previously announced
on October 7, 2009, including the appointment of Jeffrey Schwartz as
Interim Chief Executive Officer and the resignation of Burton Katz from
the Board of Directors. As reported in Atrinsic?s Form 8-K filed with
the Securities and Exchange Commission on October 7, 2009, Jeffrey
Schwartz, previously an independent member of the Board of Directors and
one of the three members of its Audit Committee, was named Interim Chief
Executive Officer. As a result of these events, Mr. Schwartz is no
longer considered an independent member of the Board of Directors and is
precluded from being a member of the Audit Committee.
Atrinsic is temporarily in noncompliance with Nasdaq Listing Rule
5605(b)(1), which requires that independent directors comprise a
majority of the Board of Directors, and Nasdaq Listing Rule
5605(c)(2)(a), which requires that the Audit Committee be comprised of
at least three independent members. There are currently six members of
the Board of Directors, three of whom remain independent: Jerome Chazen,
Lawrence Burstein and Robert Ellin. Mr. Chazen and Mr. Burstein have
retained their positions on the Audit Committee. Each of these Nasdaq
Listing Rules provides that the company has a cure period lasting until
the earlier of its next annual stockholder meeting and October 6, 2010
to regain compliance. Atrinsic intends to regain compliance with the
Nasdaq Listing Rules prior to the expiration of the specified cure
periods.
About Atrinsic
Atrinsic, Inc. is one of the leading cross-platform digital content and
online marketing services networks in the United States. Atrinsic brings
together the power of the Internet and the latest in mobile technology
to drive consumer audiences to its network of owned, branded content
sites as well as third party media that feature web, mobile and social
networking applications. The company delivers high quality leads for
both its own proprietary subscription clubs and its advertisers and
monetizes these audiences through performance-based advertising, direct
billed subscription clubs and agency services. Atrinsic primarily
accesses target audiences through four strategic, high-traffic vertical
channels - digital music, casual games, commerce and lifestyle, and
personal finance ? to offer existing and potential customers high-value
products and services. Atrinsic brands include Kazaa (www.kazaa.com),
a fully legal, music subscription service, and Shopit.com, an e-commerce
and social network platform that allows buyers and sellers to complete
simple transactions and reach broader audiences. Atrinsic?s agency
services allow its advertisers to reach customers using an integrated
online approach, including search marketing, affiliate network, social
media, display media, mobile marketing, creative services, business
intelligence and brand protection. Atrinsic is uniquely positioned to
leverage its marketing services and proprietary content channels to form
a fully integrated, multi-platform vehicle for advertisers. For more
information, please visit www.atrinsic.com.
Atrinsic, Inc.
Andrew Zaref, CFO
212-273-1141
IR@atrinsic.comRead more