Global wireless entertainment publisher JAMDAT Mobile Inc. (NASDAQ:JMDT) today reported that it received an automatic notification from The Nasdaq Stock Market informing JAMDAT that it was not in compliance with Nasdaq's audit committee requirement as set forth in Marketplace Rule 4350 due to the vacancy created by the resignation of Rajiv Dutta as a director and member of the audit committee, effective November 11, 2005. Prior to his resignation, Dutta served as chairman of the audit committee of the Board and qualified as a "financial expert." Marketplace Rule 4350(d)(2)(A) requires the audit committee of each Nasdaq issuer to have at least three independent members on its audit committee (as the term "independent" is defined in Marketplace Rule 4200(a)(15) and Rule 10A-3(b)(1) under the Securities Exchange Act of 1934, as amended), at least one of whom must be a financial expert. Currently, JAMDAT's audit committee consists of only two members, neither of whom qualifies as a financial expert. Marketplace Rule 4350(d)(4)(B) provides that a company that has one vacancy on its audit committee will have until the earlier of its next annual shareholders' meeting, or one year after the vacancy occurred to fill the vacancy. JAMDAT intends to comply with this requirement by appointing a third independent member who qualifies as a financial expert to its audit committee within the time allowed under the Nasdaq rules. About JAMDAT Mobile JAMDAT Mobile Inc. is a global publisher of wireless entertainment applications, including games, ring tones, images and other content. JAMDAT's application portfolio is based on original and licensed intellectual properties and includes JAMDAT Bowling, Tetris(R), Downtown Texas Hold 'Em, Lemonade Tycoon(R), Bejeweled(R), The Lord of the Rings(R), Tony Hawk's(R) Underground and Scrabble(R). JAMDAT distributes its applications through wireless carriers around the world. For more information, please visit www.jamdat.com. Safe Harbor Statement - JAMDAT Mobile Inc. This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for JAMDAT's markets and the demand for its products. Factors that could cause JAMDAT's actual results to differ materially from these forward-looking statements include its ability to integrate the acquisition of Blue Lava Wireless, anticipated growth in the handset market, its ability to effectively market and sell products in diverse market segments, its reliance on a limited number of products and third-party vendors and distributors, its ability to expand studio operations, increases in fulfillment costs, disruptions to information technology systems, unpredictable events and circumstances relating to international suppliers, increased competition, government regulatory action and general economic conditions. Please refer to JAMDAT's reports and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. JAMDAT undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made or to reflect the occurrence of unanticipated events. (C)2005 JAMDAT Mobile Inc. JAMDAT, JAMDAT Mobile and the bubbles logo are trademarks of JAMDAT Mobile Inc.
Jamdat Mobile (NASDAQ:JMDT)
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