Mayan Cancels Ariel Merger

CRANBURY, N.J. -- Ariel Corporation (Nasdaq: ADSP) today announced that it has received a formal notice from MAYAN Networks stating that MAYAN Networks is terminating the Agreement and Plan of Merger dated March 28, 2001. Ariel also announced that it had received a letter from Nasdaq informing Ariel that Nasdaq will delist the company from the Nasdaq National Market effective at the opening of the market tomorrow, October 16, 2001. MAYAN Networks notice to Ariel cited the failure of the Merger to close on or before August 31, 2001 as the primary reason for the unilateral termination of the merger agreement. Nasdaq cited their opinion that the combination of Ariel and MAYAN Networks would not meet the initial listing standards for the Nasdaq National Market, and that Ariel failed to meet the continued listing standards for the Nasdaq National Market. No further details or information were announced. Ariel Corp. Mayan Networks Inc.