Niagara Corporation Files to Deregister and Delist its Common Stock
29 Aprile 2004 - 3:00AM
PR Newswire (US)
Niagara Corporation Files to Deregister and Delist its Common Stock
Expects to Trade on Pink Sheets NEW YORK, April 28
/PRNewswire-FirstCall/ -- Niagara Corporation announced today that
it has filed a Form 15 with the Securities and Exchange Commission
to deregister its common stock under the Securities Exchange Act of
1934. The Company expects that the termination of its registered
company status will be effective within 90 days. As a result of
this filing, the Company's obligation to file with the SEC certain
reports and forms, including Forms 10-K, 10-Q and 8-K, was
immediately suspended. The Company expects to realize significant
savings of both costs and time as a result of it being relieved of
SEC periodic reporting requirements, particularly in light of the
substantial increases necessitated by the Sarbanes-Oxley Act of
2002 and associated SEC and Nasdaq rules. Although Niagara's shares
no longer will be quoted on the Nasdaq National Market, it is
expected that the Company's common stock will be quoted on the Pink
Sheets. The Pink Sheets is the leading provider of pricing and
financial information for the over-the-counter (OTC) securities
markets. It is a centralized quotation service that collects and
publishes market maker quotes in real time primarily through its
website, http://www.pinksheets.com/, which provides stock and bond
price quotes, financial news and information about securities
traded. Niagara will continue to hold annual stockholders meetings
and intends to provide its stockholders with quarterly financial
information and annual financial statements. Niagara also intends
to update its stockholders with information about the Company
through mailings and/or postings on the Company's web site at
http://www.niag.com/. In commenting on these developments, Michael
Scharf, Chairman, President and CEO of Niagara stated: "After
careful consideration, our Board of Directors unanimously decided
to take this action because it believes that the burdens associated
with operating as a registered public company currently outweigh
any advantages to the Company and its stockholders. Among the
matters the Board considered were the following: * the costs, both
direct and indirect, incurred by the Company each year in
connection with preparing and filing periodic reports with the SEC;
* the substantial increase and expected further substantial
increase in costs associated with remaining a registered public
company in light of the requirements of the Sarbanes-Oxley Act of
2002 and the related SEC and Nasdaq rules; * the benefits of
permitting senior management of the Company to spend less time on
report preparation, which will allow them to devote full attention
and effort to the Company's operations; and * the fact that Niagara
does not regularly use its public stock to consummate acquisitions
and it has not, in the recent past, raised capital in the public
marketplace, nor does it plan to do so in the future. We believe
that our stockholders are better served with the Company
deregistering at the present time, allowing management to focus all
resources on implementing the Company's business plan, in an effort
to enhance long-term stockholder value." This release contains
certain "forward-looking statements" made pursuant to the
"safe-harbor" provisions of the Private Securities Litigation
Reform Act of 1995. These statements involve known and unknown
risks, uncertainties and other factors, many of which are beyond
the control of the Company, which may cause the Company's actual
results to be materially different from those expressed or implied
by such statements. Such risks, uncertainties and other factors
include those described in the Company's filings with the
Securities and Exchange Commission. The forward-looking statements
made herein are only made as of the date of this release, and the
Company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances. DATASOURCE: Niagara Corporation CONTACT: Michael
Scharf, CEO of the Niagara Corporation, +1-212-317-1000 Web site:
http://www.niag.com/ http://www.pinksheets.com/
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