SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of report (Date of earliest event reported) March 12, 2003
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Princeton Video Image, Inc.
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(Exact Name of Registrant as Specified in Charter)
Delaware 000-23415 22-3062052
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(State or Other (Commission File (I.R.S. Employer
Jurisdiction of Number) Identification No.)
Incorporation)
15 Princess Road, Lawrenceville, New Jersey 08648
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (609) 912-9400
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Not Applicable
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(Former Name or Former Address, If Changed Since Last Report)
Item 5. Other Events.
On March 12, 2003, Princeton Video Image, Inc. issued the following press
release:
"PRINCETON VIDEO IMAGE RECEIVES NOTICE OF NASDAQ DELISTING; COMPANY ANTICIPATES
ITS COMMON STOCK WILL TRADE ON THE OVER-THE-COUNTER -OTC- BULLETIN BOARD
LAWRENCEVILLE, N.J.--(BUSINESS WIRE) -- March 12, 2002-- Princeton Video Image,
Inc. (NASDAQ: PVII), the Emmy Award-winning leader in virtual advertising and
imaging solutions, announced today that it has been notified by the Nasdaq
Listing Qualifications Panel (the "Panel") that its common stock will be
delisted from trading on The Nasdaq Stock Market effective with the open of
business on Thursday, March 13, 2003.
PVI's common stock will be immediately eligible for quotation on the OTC
Bulletin Board, effective with the open of business on Thursday, March 13, 2003,
and will continue to trade under the ticker symbol PVII.
By decision dated January 2, 2003, the Panel transferred the listing of PVI from
The Nasdaq National Market to The Nasdaq SmallCap Market pursuant to an
exception, which was later modified on February 6, 2003. Pursuant to the
exception, PVI was required to evidence a closing bid price of at least $1.00
per share on or before March 10, 2003 and maintain a minimum $1.00 closing bid
price for at least ten consecutive trading days immediately thereafter. The
Panel determined that PVI had failed to satisfy the terms of the exception. PVI
does not intend to appeal the delisting. PVI's management believes that PVI will
continue to be able to provide all of its services to its clients.
About Princeton Video Image, Inc. (www.pvi-inc.com)
Princeton Video Image, Inc., (PVI) provides real-time virtual advertising,
programming enhancements, virtual product integration and targeted interactive
services for televised sports and entertainment events. PVI services the
advertising industry with its proprietary, Emmy award-winning technology.
Headquartered in New York City and Lawrenceville, New Jersey, PVI has offices in
Los Angeles, Toronto, Tel Aviv, Sao Paulo, and Mexico City. The company employs
approximately 100 people worldwide.
Any statements contained in this press release that relate to future plans,
events or performance are forward-looking statements that involve risks and
uncertainties including, but not limited to, those relating to the need for
additional financing, market acceptance, integration of acquired businesses,
dependence on strategic partners and third party sales, contractual restraints
on use of Princeton Video Image's technology, a rapidly changing commercial and
technological environment, competition, possible adverse regulations,
intellectual property rights and litigation, and other risks identified in
Princeton Video Image's filings with the Securities and Exchange Commission.
Actual results, events or performance may differ materially. Princeton Video
Image undertakes no obligation to publicly release the result of any revisions
to these forward-looking statements that may be made to reflect events or
circumstances after the date hereof to reflect the occurrence of unanticipated
events."
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Princeton Video Image, Inc.
By: /s/ James Green
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James Green
President and Chief Operating Officer
Dated: March 12, 2003