WQN, Inc. Receives Notice Regarding Noncompliance With Nasdaq's Board Composition Rules.

Publication: PR Newswire

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COPYRIGHT 2005 PR Newswire Association LLC

DALLAS, Oct. 31 /PRNewswire-FirstCall/ -- WQN, Inc. announced today that on October 25, 2005, the Company received a notice from the Nasdaq Stock Market indicating that the Company no longer complies with Nasdaq Marketplace Rules 4350(c)(1), 4350(c)(3) and 4350(c)(4) (collectively, the "Rules"), which require a Nasdaq-listed company to have a majority of independent directors serving on its board, a compensation committee composed entirely of independent directors, and a nominating committee composed entirely of independent directors, respectively.

The Company's Board currently has seven members, three of which are considered independent under Nasdaq's corporate governance standards. Nasdaq has requested that the...

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