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"A voluntary delisting from Nasdaq is the best course of action for the Company to take at this time given the many growth initiatives the Company is currently executing. This action allows us to focus our efforts on growing the business on a global scale and building for profitability," said Quepasa CEO, John Abbott. He added, "We are enthusiastic with the improvement and growth in our core business metrics - our exponential growth in new users, our increase in page views and unique visits and new growth in revenues. We believe we can better focus on accelerating these metrics if we voluntarily delist from Nasdaq." Although the holders of its outstanding debt are agreeable to converting to equity, given the prolonged slump in smaller cap stock prices and the diversion of our senior management from our core business by seeking to raise capital, the Company decided to withdraw at this time.
Our growth is supported by the recent release of some new user metrics for Quepasa.com:
-- Signed up over 600K new users in the month of May which supports the
success of our viral growth engine;
-- Brazil now comprises over 14% of Quepasa's monthly uniques since we
formally launched our Portuguese language social network in Brazil in
mid-April;
-- Our tri-lingual social network generated over 60M page views from 2.4M
uniques in the month of May.
Continuing its current momentum, Quepasa anticipates seeing improvement in its core metrics due to some upcoming partnerships the Company believes will significantly impact the business. In the next few weeks and months, Quepasa will roll out the online community for Worldvibe Entertainment's new Television show - Batalla de las Americas. Quepasa will power the online voting and community for this new music reality show that is to be televised in over 15 countries across Latin America. Quepasa also anticipates rolling out a virtual currency driven application platform promoting social gaming and competition across the site. Following the success of the application ecosystem on Facebook and MySpace and more recently new companies like MyYearbook, SGN and Zynga, Quepasa intends to develop applications driven by virtual currency as a strategy to drive competition and monetization on the site.
In April, Nasdaq notified the Company that it was not in compliance with Marketplace Rule 4310(c)(3), which requires the Company to maintain a minimum of: (i) $2,500,000 million in stockholders' equity, or (ii) $35,000,000 in market value of listed securities, or (iii) net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years, as required by Nasdaq Marketplace Rule 4310(c)(3).
The Company intends to file a Form 25 with the Securities and Exchange Commission on June 15, 2009 and cease trading on Nasdaq as of the close of business on June 12th. The Company believes that its common stock will be eligible for quotation on the Over-the-Counter Bulletin Board.
"We believe that the Nasdaq delisting in order to focus on our growth initiatives is preferable to attempting a very dilutive debt conversion and financing amid today's difficult environment. At the same time, we will continue to focus on our monthly expenses and the cash on our balance sheet and manage that against some of the opportunities we have to drive revenue and continued growth," noted John Abbott.
Contact:
Mike Matte, Chief Financial Officer
Quepasa Corporation
(561) 491-4186
SOURCE Quepasa Corporation
http://www.quepasa.com
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