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Starcraft Meets NASDAQ Qualifications Compliance

13 January 2000

Starcraft Meets NASDAQ Qualifications Compliance; Effective Thursday, January 13, 2000 Stock Symbol To Change Back To STCR From Designated Symbol STCRC

    GOSHEN, Ind.--Jan. 13, 2000--Starcraft Corporation has been notified by NASDAQ Listing Qualifications that it is in compliance with the requirements necessary for continued listing on the NASDAQ Small Cap Market.
    As a result, effective Thursday, January 13, 2000 the Company's trading symbol will be changed back to STCR from the STCRC listing it is currently trading under.
    A conditional listing was imposed on June 18, 1999, after Starcraft failed to meet NASDAQ's net tangible asset requirements for continued listing. To preserve its listing on the NASDAQ, the Company was required to show in its Form 10-K filing for the year ending September 30, 1999 that it had net tangible assets of at least $2.5 million. At the end of fiscal 19999, the Company reported net tangible assets of $2.9 million and net income for the year of $522,000. Accordingly, Starcraft's common stock will continue to be listed on the NASDAQ Small Cap Market and the conditional listing will be closed. We were confident that we would get over this bump in the road. Our total net assets fell and the Company incurred operating losses in prior years as we invested in repositioning the Company. But we believed that the investment would provide a return for our Company and its investors in the long run," said Michael H. Schoeffler, President. "We thank the independent panel appointed by NASDAQ who agreed with our assessment, granted us the conditional listing, and has now closed the issue."
    Starcraft Corporation is a leading manufacturer of second state vehicle conversions through its Starcraft, Imperial, Bus, Tecstar and National Mobility divisions.