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| Hastings Entertainment announces it
will request hearing at NASDAQ on notice of proposed delisting |
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AMARILLO, Texas, May 22, 2000 -- Hastings Entertainment, Inc. (NASDAQ: HAST) today
announced the Nasdaq-Amex Market Group has notified the company that effective Monday, May
22, the letter "e" will be added to Hastings' stock symbol, signifying the delay
in filing Hastings' 1999 Form 10-K in a timely manner, as the company had previously
announced. Additionally, Nasdaq-Amex informed Hastings that the company is at risk of
being delisted at the opening of business May 30, 2000 unless the 10-K filing requirement
is met by May 25, 2000. Hastings will request a hearing on the proposed delisting with the
exchange's Listing Qualifications Hearing Department. Under Nasdaq rules, the effect of
the request will be to stay the May 30 delisting action pending the hearing. Management of
the company believes it will have completed its 1999 audit and filed its annual report on
Form 10-K prior to the date of any hearing. "We have
made significant progress and expect to file a Form 10-K with audited financial statements
in the next few weeks," said Gaines L. Godfrey, senior vice president and the
company's new chief financial officer. "We have the full support of management and
the commitment of our financial personnel to complete the audit and the accounting
adjustments previously announced as soon as possible."
Founded in 1968, Hastings Entertainment, Inc. is the leading
multimedia entertainment retailer that combines the sale of books, music, software,
periodicals, DVDs, videos and video games with the rental of videos, DVDs and video games
in a superstore format. The company currently operates 143 superstores, averaging 21,500
square feet, primarily in small to medium- sized markets throughout the United States. The
company plans to slow new store growth in fiscal 2000 to three to five new units.
Hastings also operates www.gohastings.com,
an e-commerce Internet Web site that makes available to its customers new and used
entertainment products and unique, contemporary gifts and toys. The site features
exceptional product and pricing offers, including best-selling books at up to 50% off list
price.
Certain statements set forth above are forward-looking statements
within the meaning of the Securities Exchange Act of 1934. Such statements are based upon
Hastings Entertainment management's current estimates, assumptions and expectations and
are subject to a number of factors and uncertainties, which could cause actual events to
differ materially from those described herein. The most significant uncertainty with
respect to the matters described above is the precise timing of the completion of the 1999
audit. The forward-looking statements set forth above are also subject to the factors and
uncertainties set forth under the heading "Risk Factors" in the company's
Registration Statement on Form S-1 as filed with the Securities and Exchange Commission
and declared effective on June 11, 1998, and the company's annual and quarterly reports on
file with the SEC. |
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