Minorplanet Systems USA, Inc., a provider of telematics-based management solutions for commercial fleets, on Oct. 14 announced that the company received notice from the Nasdaq Listing Qualifications Staff that it hasuntil Jan. 6, 2004 to comply with the $1.00 minimum bid requirement. On Oct. 8, 2003, the company received notice from the Nasdaq Staff indicating that the company has 90 calendar days, or until Jan. 6, 2004, to demonstrate 10 consecutive trading days whereby the minimum bid price closes at $1.00 per share or more. As per the notice, if the company is unable to demonstrate compliance with this minimum bid price requirement on or before Jan. 6, 2004, the Nasdaq Staff will issue a written notification to the company delisting the company's securities.At such time, the company may appeal the Nasdaq Staff's determination with the Nasdaq Listing Qualifications Panel, which stays the effectiveness of the delisting pending a hearing with the Nasdaq Listing Qualifications Panel. "Management is currently reviewing options regarding steps necessary to achieve compliance," Minorplanet said in a prepared statement.About Minorplanet Systems USA, Inc.
Minorplanet Systems USA, Inc. (www.minorplanetusa.com
) markets, sells and supports Vehicle Management Information(TM) (VMI), a fleet management solution that the company says "contributes to higher customer revenuesand improved operator efficiency."According to Minorplanet, VMI combines the technologies of the global positioning system (GPS) and wireless vehicle telematics to monitor vehicles, minute by minute.The company also markets, sells and supports a customized, GPS-based fleet management solution for large fleets like SBC Communications, Inc., which has approximately 34,000 installed vehicles now in operation.Headquartered in Richardson, Texas, Minorplanet currently markets its VMI fleet management technology in the Dallas/Fort Worth, Houston,Atlanta, Los Angeles and Austin, Texas, markets, with plans for expanding into other metro markets in the future.