Article: Envoy reverse split on hold.

Envoy Communications Group Inc. (NASDAQ: ECGI; TSX: ECG), announced today that, due to the pending rule changes to The Nasdaq SmallCap Market listing standards, and specifically, the proposed elimination of the US$1.00 minimum bid price to maintain The Nasdaq SmallCap Market listing, it may not be necessary for Envoy to implement a reverse split of its common shares.

As a result of this rule, the minimum bid price of Envoy's shares would have had to close at US$1.00 or more for a minimum of 10 consecutive trading days before June 16, 2003 to avoid a decision by NASDAQ to delist its shares. Envoy elected not to implement the reverse split of its shares before June ...

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