Jun 03, 2003 global provider of electronics manufacturing services to the technology
industry, today reported it has received a notification from Nasdaq Listing
Qualifications that its common stock has failed to maintain the minimum bid
price of US $1.00 per share over a period of 30 consecutive trading days, as
required by Nasdaq's Marketplace Rules. Nasdaq has provided SMTC with a grace
period of 180 calendar days, or until November 17, 2003, to regain compliance
with this requirement or be delisted from trading on The Nasdaq National
Market. To regain compliance, SMTC's common stock must achieve a minimum
closing bid price of at least US $1.00 for at least ten consecutive trading
days unless the NASDAQ staff requires the stock to satisfy this requirement
for a longer period (which would generally not be more than 20 consecutive
trading days). SMTC intends to monitor the bid price for its common stock
between now and November 17, 2003. If the stock does not trade at a level that
is likely to regain compliance, SMTC's Board of Directors will consider other
options available to the Company to achieve compliance. If SMTC is unable to
come into compliance with the bid price requirement by November 17, 2003,
Nasdaq Listing Qualifications will provide written notification that SMTC's
common stock will be delisted, which the Company may appeal to a Listing
Qualifications Panel.
About the Company: SMTC Corporation is a global provider of advanced
electronic manufacturing services to the technology industry. The Company's
electronics manufacturing and technology centers are located in Appleton,
Wisconsin, Boston, Massachusetts, Charlotte, North Carolina, San Jose,
California, Toronto, Canada, and Chihuahua, Mexico. SMTC offers technology
companies and electronics OEMs a full range of value-added services including
product design, procurement, prototyping, printed circuit assembly, advanced
cable and harness interconnect, high precision enclosures, system integration
and test, comprehensive supply chain management, packaging, global
distribution and after-sales support. SMTC supports the needs of a growing,
diversified OEM customer base primarily within the networking/server,
communications and industrial markets. SMTC is a public company incorporated
in Delaware with its shares of common stock traded on The Nasdaq National
Market System under the symbol SMTX and the exchangeable shares of its
subsidiary SMTC Manufacturing Corporation of Canada traded on The Toronto
Stock Exchange under the symbol SMX. Visit SMTC's web site, http://www.smtc.com, for
more information about the Company.
For further information: Frank Burke, Chief Financial Officer, (905)
479-1810, frank.burke@smtc.com
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