NASHUA, N.H., Dec. 18 /PRNewswire-FirstCall/ -- SkillSoft PLC (Nasdaq: SKIL) today announced that it received a Nasdaq staff determination letter on December 17, 2002 indicating that SkillSoft does not comply with the requirements for continued listing set forth in Marketplace Rule 4310(c)(14) as a result of its failure to file with the Securities and Exchange Commission its quarterly report on Form 10-Q for the quarter ended October 31, 2002 within the stipulated time period. Accordingly, its American Depositary Shares are subject to delisting from the Nasdaq National Market. As a result of the noncompliance, the trading symbol for SkillSoft's American Depositary Shares will be changed from "SKIL" to "SKILE" at the opening of business on December 19, 2002.
As permitted by Nasdaq rules, SkillSoft has the right to stay the delisting process by requesting a hearing before the Nasdaq Listing Qualifications Panel. SkillSoft intends to make a timely request for a hearing before the Panel to review the staff determination, and hopes to comply with the rule by filing its quarterly report on Form 10-Q prior to such time as Nasdaq would effect the delisting of its securities.
The delay in SkillSoft's filing of its Form 10-Q is attributed to SkillSoft 's previously announced intention to restate the historical financial statements of SkillSoft PLC (then known as SmartForce PLC) for certain periods prior to its merger in September 2002 with SkillSoft Corporation.
SkillSoft is a leading provider of e-learning courseware and referenceware for business and IT professionals. SkillSoft products and services are designed to accelerate the ability of today’s workforce to master the business and technology skills required for competitive success. The company currently has more than 2,800 corporate customers worldwide and more than 4.5 million licensed users.
SkillSoft focuses on meeting the comprehensive business skills and information technology learning needs of professionals in Global 5000 organizations through a comprehensive range of content-focused, e-learning solutions, including:
Business Skills Library: More than 1,600 courseware and simulation titles encompassing professional effectiveness, management/leadership, project management, sales & customer-facing skills, business strategy/operations, finance, human resources, safety/health and financial services industry. Courses feature strong visual design; a focus on instructional objectives at the application and analysis levels; learner interactivity and reinforcement through RolePlays, SkillSimulations, and case studies; and pre- and post-course assessments with prescriptive learning capabilities.
IT Skills and Certification Library: More than 2,800 course titles encompassing software development, operating systems and server technologies, Internet and network technologies, enterprise database systems, web design, and desktop computer skills. The IT library also supports more than 40 certification programs.
ITPro and Business Pro Referenceware: More than 2,500 unabridged IT and business books and reports are available to online subscribers through SkillSoft’s subsidiary, Books24x7. A unique, patent-pending search engine gives subscribers the ability to perform multi-level searches.
SkillSoft customers include organizations such as: First Union, Clarica (Canada), Fluor Corporation, Verizon, U.S. Army, Deloitte Consulting, Raytheon, IBM, Internal Revenue Service, Lockheed Martin, Microsoft, Army National Guard, Dell Computers, Qwest, Department of Transportation, NEC America, British Telecom and Wells Fargo.
SkillSoft, SkillPort, RolePlay, Search-and-Learn, e-Learning for the Knowledge Economy, NetUniversity, and Accelerated Path are trademarks and/or servicemarks of SkillSoft Corporation. Books24x7.com and Referenceware are servicemarks of Books24x7, Inc. All brand names, trademarks, or registered trademarks are the property of their respective holders.
Safe Harbor: This release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include difficulties in integrating the organizations of SmartForce and SkillSoft, competitive pressures, changes in customer demands or industry standards, adverse economic conditions, loss of key personnel, litigation and other matters disclosed under the heading "Risk Factors" in the SkillSoft’s most recent Quarterly Report on Form 10-Q and its proxy statement/prospectus dated August 5, 2002, each as filed with the Securities and Exchange Commission. The forward-looking information provided in this press release represents the company's estimates as of December 2002. We anticipate that subsequent events and developments will cause the company's estimates to change. However, while the company may elect to update this forward-looking financial information at some point in the future, the company specifically disclaims any obligation to do so. This forward-looking information should not be relied upon as representing the company's estimates of its future financial performance as of any date subsequent to the date of this release.