Empire Resources, Inc. Announces Plan to Delist from the NYSE Alternext US and to Withdraw its Common Stock from Registration Un
19 Dicembre 2008 - 12:55AM
PR Newswire (US)
FORT LEE, N.J., Dec 18 /PRNewswire-FirstCall/ -- Empire Resources,
Inc. (AMEX:ERS), a distributor of value-added, semi-finished
aluminum products, announced today the unanimous decision of its
Board of Directors to voluntarily delist its common stock from the
NYSE Alternext US LLC (formerly The American Stock Exchange) (the
"AMEX") and terminate the registration of its common stock under
the Securities Exchange Act of 1934 (the "Exchange Act"). The basis
of Empire Resources' eligibility to delist and deregister is that
its common stock was held of record by fewer than three hundred
(300) persons at the beginning of this fiscal year. To effect this
plan, the Company intends to file with the SEC a Form 25,
Notification of Removal from Listing and/or Registration, on or
about December 28, 2008. The Company expects that trading of its
shares on the AMEX will be terminated on or about January 9, 2009,
and on or around that date the Company will file with the SEC a
Form 15, Notice of Termination of Registration and Suspension of
Duty to File, to terminate its reporting obligations under the
Exchange Act. When the Form 15 has been filed, the Company's
obligation to file certain reports with the SEC, such as Forms
10-K, 10-Q and 8-K, will be suspended. The deregistration of the
Company's Common Stock under the Exchange Act will become effective
90 days after the date on which the Form 15 was filed. Until the
delisting becomes effective, Empire Resources Common Stock will
continue to trade on the AMEX. The Company intends to apply for
inclusion on the OTCQX, which is the highest tier over-the-counter
market in the U.S. If and when that application has been approved,
the Company will be subject to the related rules and ongoing
disclosure requirements of the OTCQX. For more information about
the OTCQX, please refer to their website at otcqx.com. If the
Common Stock has not started trading on the OTCQX by when the
Company has been delisted from the AMEX, the Company anticipates
that a secondary market will develop on the quotation and trading
systems provided by Pink OTC Markets Inc. and will carry over to
trading on the OTCQX after the Company's application therefor has
been approved. In either event, no assurance can be given that an
active market in the Company's Common Stock will develop. Although
not required under the Exchange Act, Empire Resources will make
available to its shareholders ongoing quarterly and annual
information regarding its performance. The Board of Directors'
decision to delist and deregister was based primarily on its view
that compliance with the reporting requirements of the Exchange Act
and with the requirements of the Sarbanes-Oxley Act of 2002 is
disproportionately expensive and unduly complex in relation to the
Company's business, earnings and size. The Board of Directors
believes that its decision will result in significant cost-savings
and will enable management to focus more intensely on delivering
long-term shareholder value. In reaching its decision, the Board
considered a number of specific factors, including: -- the ongoing
direct and indirect costs of preparing and filing periodic reports
with the SEC -- the substantial increase in costs that have
resulted from the Sarbanes-Oxley Act of 2002 -- the
disproportionate impact of the foregoing costs on the Company's
profitability -- lost productivity resulting from the diversion of
management and other human resources to compliance activities --
the existing low level of liquidity in the Company's Common Stock
-- the availability of a means to provide continued transparency
and some liquidity for stockholders -- the potential reaction of
the Company's customers, suppliers and creditors -- the absence, in
the Company's case, of significant benefits and opportunities that
are often available to publicly traded companies -- the market
value of the Common Stock A notice about the delisting and
deregistration will be available on the Empire Resources website at
http://www.empireresources.com/. In a separate action, Empire
Resources announced that its Board of Directors has declared a cash
dividend of $0.05 per share. The dividend is payable on January 21,
2009 to stockholders of record at the close of business on December
31, 2008. The Board of Directors intends to review its dividend
policy on a quarterly basis and a determination by the Board of
Directors will be made subject to profitability, free cash flow and
the other requirements of the business. About Empire Resources
Empire Resources, Inc. is engaged in the purchase, sale and
distribution of semi-finished aluminum products to a diverse
customer base located throughout the United States and Canada,
Europe, Australia and New Zealand. The Company also manufactures
prime aluminum extruded products in its facility located in
Baltimore, MD. Empire Resources, Inc. distributes a wide range of
semi-finished aluminum products to customers in the distribution,
transportation, automotive, housing, appliance and packaging
industries in the U.S., Canada, Australia, New Zealand and Europe
and maintains supply contracts with aluminum mills in various parts
of the world. This press release contains forward-looking
statements. Such statements involve various risks that may cause
actual results to differ materially. These risks include, but are
not limited to, the ability of the company to grow internally or by
acquisition and to integrate acquired businesses, not being able to
improve operating margins and efficiencies, changing industry and
competitive conditions, and other risks referred to in the
Company's registration statements and periodic reports filed with
the Securities and Exchange Commission. DATASOURCE: Empire
Resources, Inc. CONTACT: Empire Resources Investor Relations, Mr.
David Kronfeld, +1-917-408-1940, Web Site:
http://www.empireresources.com/
Copyright
Grafico Azioni Empire Resources (AMEX:ERS)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Empire Resources (AMEX:ERS)
Storico
Da Giu 2023 a Giu 2024