Tarpon Industries, Inc. Receives Non-Compliance Notification from Amex
13 Settembre 2006 - 10:30PM
Business Wire
Tarpon Industries Inc., (AMEX:TPO) today announced that on
September 7, 2006, the Company notified the American Stock Exchange
(AMEX) that as the result of a resignation of an independent
director, Tarpon's audit committee now consisted of two members,
although three members are required pursuant to the Amex Company
Guide (Guide), Section 121(B)(2)(a). The Company is currently
considering candidates to fill the vacancy on the audit committee.
On September 11, 2006, the American Stock Exchange, by letter,
advised the company that the two member audit committee did not
comply with the Guide, and that Tarpon had until December 11, 2006
to regain compliance. In addition, on September 11, 2006, Amex, by
letter, advised the company that it was not in compliance with the
Guide for having issued a total of 288,415 shares of common stock
without prior approval of Amex as required by Section 301 of the
Guide. The company was also advised that a review of its report on
Form 10-Q for the period ended June 30, 2006, indicated that Tarpon
had sustained losses or its financial condition has become so
impaired that it appeared questionable, in the opinion of Amex, as
to whether the company would be able to continue operations and/or
meet its obligations, as required by Part 10 of the Guide. The
Company has been afforded the opportunity to submit a plan of
compliance to the Amex by September 26, 2006, advising Amex of the
actions the Company will take to bring it into compliance with the
continued listing standards. Upon favorable review of the plan by
Amex, the Company would be able to continue its listing during the
plan period, which Amex advised must lead to compliance by December
10, 2006, during which the Company will be subject to periodic
reviews to confirm it is making progress consistent with the plan.
Should Amex not accept the Company's plan or should the Company
fail to make progress according to its plan, Amex could initiate
delisting proceedings. The Company intends to submit a plan to Amex
on or before September 26, 2006 to bring it into compliance with
the requirements cited by Amex. Tarpon Industries Tarpon
Industries, Inc. Tarpon Industries, Inc., through its wholly owned
subsidiaries within the United States and Canada, manufactures and
sells structural and mechanical steel tubing and engineered steel
storage rack systems. The company's mission is to become a larger
and more significant manufacturer and distributor of structural and
mechanical steel tubing, engineered steel storage rack systems and
related products. For more information, please visit Tarpon's
website at http://www.tarponind.com. Forward-Looking Statements
Certain statements made by Tarpon in this presentation and other
periodic oral and written statements, including filings with the
Securities and Exchange Commission, are "forward-looking"
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements, as well as
statements which address operating performance, events or
developments that we believe or expect to occur in the future,
including those that discuss strategies, goals, outlook or other
non-historical matters, or which relate to future sales or earnings
expectations, cost savings, awarded sales, volume growth, earnings
or a general belief in our expectations of future operating
results, are forward-looking statements. The forward-looking
statements are made on the basis of management's assumptions and
estimations. As a result, there can be no guarantee or assurance
that these assumptions and expectations will in fact occur. The
forward-looking statements are subject to risks and uncertainties
that may cause actual results to materially differ from those
contained in the statements. Some, but not all of the risks,
include our ability to obtain future sales, our ability to
successfully integrate acquisitions, changes in worldwide economic
and political conditions, including adverse effects from terrorism
or related hostilities including increased costs, reduced
production or other factors, costs related to legal and
administrative matters, our ability to realize cost savings
expected, inefficiencies related to production that are greater
than anticipated, changes in technology and technological risks,
foreign currency fluctuations, increased fuel costs, increased
steel costs as it relates to our selling price, work stoppages and
strikes at our facilities and those of our customers, the presence
of downturns in customer markets where the company's goods and
services are sold, financial and business downturns of our
customers or vendors, and other factors, uncertainties, challenges,
and risks detailed in Tarpon's public filings with the Securities
and Exchange Commission. Tarpon does not intend or undertake any
obligation to update any forward-looking statements.
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