February 15, 2002 -- eLEC Communications Corp. (Nasdaq:ELEC) announced that it has received notice from Nasdaq Stock Market, Inc. indicating that pursuant to the January 31, 2002 oral hearing before a Nasdaq Listing Qualifications Panel, a determination has been made to deny eLEC's request for continued inclusion on The Nasdaq SmallCap Market. The company fails to comply with the net tangible assets/shareholders' equity/market capitalization/net income requirement, as set forth in Marketplace Rule 4310(c)(2).

The company will meet the eligibility criteria to have its common stock quoted on the OTC Bulletin Board (OTCBB).

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