BOHEMIA, N.Y.--(BUSINESS WIRE)September 8, 2003--Direct Insite Corp. (NASDAQ: DIRI - News) today announced that it received notification from NASDAQ that it has been granted an extension to maintain its common stock listing on The Nasdaq SmallCap Market via an exception from the shareholders' equity requirement. While Direct Insite Corp. did not meet this requirement as of December 31, 2002, the Company was granted a temporary exception from this standard subject to Direct Insite Corp. meeting certain conditions. The exception will expire on October 10, 2003. In the event the Company is deemed to have met the terms of the exception, it shall continue to be listed on The Nasdaq SmallCap Market. The Company is taking certain measures in an effort to meet this condition, however, there can be no assurance that it will do so. If at some future date the Company's securities should cease to be listed on The Nasdaq SmallCap Market, they will continue to be listed in the OTC Bulletin Board. For the duration of the exception, the Company's Nasdaq symbol will be DIRIC.
Direct Insite Corp operates primarily as an Application Service Provider, generally referred to as an ASP, providing an Electronic Invoice Presentment and Payment (EIP&P) solution targeted at large enterprise customers. The Company's offering is based on a "data centric" approach that improves the delivery and management of high volumes of invoice related data while providing a customer workflow system that better manages the complexity of the presentation, analysis, dispute resolution, approval and payment process. This reduces the administrative and operating expenses for both "Biller" and "Payer" alike. Direct Insite also provides managed services using our patented d.b.Express(TM) technology, a management information tool that allows users to visually data mine large volumes of transactional data via the Internet. A complete Internet Customer Care tool set integrated with the EIP&P product set is also available. Additionally, the Company offers an integrated solution of order entry, workflow management, provisioning, and invoice verification for large enterprise clients, currently marketed under the trade name AMS (Asset Management System) sometimes referred to as TAMS.
Headquartered in Bohemia, NY, with offices in Dallas, TX, and Chicago, IL, Direct Insite Corp. employs a staff of 65. For more information about Direct Insite Corp. call (631) 244-1500 or visit our Web site at www.directinsite.com.
All statements other than statements of historical fact included in this release, including without limitation statements regarding the company's financial position, business strategy, and the plans and objectives of the company's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the company's management, as well as assumptions made by and information currently available to the company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business and economic conditions, competitive factors and pricing pressures, capacity and supply constraints. Such statements reflect the views of the company with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the company. Readers are cautioned not to place undue reliance on these forward-looking statements. The company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
| Contact: | |
| Direct Insite Corporation Leigh Athans, 631/244-1500 leigh.athans@directinsite.com |
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| Direct Insite Corp. | |