Smith-Midland Corporation Will Continue to be Listed On the Nasdaq Smallcap Market

Business Wire, August 4, 1999

MIDLAND, Va.--(BUSINESS WIRE)--Aug. 4, 1999--

Smith-Midland Corporation (Nasdaq: SMID, SMIDW; Boston Stock Exchange: SMM, SMM/W) announced today that the Company's common stock will continue to be listed on The Nasdaq SmallCap Market(SM) via an exception from the net tangible assets and minimum bid price requirements.

While Smith-Midland Corporation failed to meet these requirements as of March 31, 1999, the Company was granted a temporary exception from these standards subject to Smith-Midland meeting certain conditions on or before each of August 16th, September 30th and October 15th, 1999. The exception will expire on October 15, 1999. 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(SM). The Company believes that it can meet these conditions, 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(SM), they may continue to be listed in the OTC-Bulletin Board. For the duration of the exception, the Company's Nasdaq symbol for the common stock will be SMIDC and the symbol for the Company's publicly traded warrants will be SMIWC.

This announcement contains forward-looking statements which involve risks and uncertainties. The Company's actual results may differ significantly from the results discussed in the forward-looking statements. Factors which might cause such a difference include, but are not limited to, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, the possibility that the Company may not meet Nasdaq's listing requirements, general business and economic conditions, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-KSB and in other filings with the Securities and Exchange Commission.