Quintus Explains Delay of SEC Filings; Company informed of Delisting by Nasdaq

Business Wire, Feb 16, 2001

Business Editors

DUBLIN, Calif.--(BUSINESS WIRE)--Feb. 16, 2001

Quintus Corporation today stated that it has yet to complete the filing of its required SEC forms, pending final resolution of the appropriate accounting treatment for one transaction. This transaction is one of the three transactions described on November 22 as requiring restatement because of falsified documentation. Quintus is working with the customer and its outside auditors to confirm the appropriate revenue recognition for this transaction. While the company anticipates filing its restated financials plus financials for the quarters ended September 30, 2000 and December 31, 2000 after resolution of this issue, the company is not in a position to state when this issue will be resolved.

The company has been in regular communication with Nasdaq throughout this process. Quintus has been informed that the company's stock will be delisted from The Nasdaq Stock Market, effective February 16, 2001, based on the company not being in compliance with its SEC filing requirements. The company is considering its response and has 15 days to request a review of this decision.

This release, and further information as it becomes available, will be published on the company's web site at www.quintus.com.