TAT Technologies Ltd. Announces Receipt of Letter From NASDAQ
17 Agosto 2009 - 9:20PM
PR Newswire (US)
GEDERA, Israel, August 17 /PRNewswire-FirstCall/ -- TAT
Technologies Ltd. ("TAT") today announced that it has received a
letter dated August 12, 2009 from the NASDAQ staff stating that TAT
had failed to comply with Listing Rule 5635(a) which requires
companies listed on the NASDAQ Stock Market to obtain shareholder
approval for any share issuance in connection with an acquisition
which would exceed 20% of the total shares outstanding or voting
power. On July 2, 2009, in connection with the acquisition of
Limco-Piedmont, Inc., TAT issued 2,520,372 ordinary shares, which
exceeded the 20% threshold. On August 12, 2009, TAT's Israeli
counsel provided the NASDAQ staff with an attestation confirming
that TAT relied on Israeli home country practice for the issuance
of shares in such transaction, which practice did not require
shareholder approval. Accordingly, the NASDAQ staff has advised TAT
that it has determined that TAT has regained compliance with the
Listing Rules and that this matter is now closed. About the Company
TAT Technologies Ltd. provides a variety of services and products
to the military and commercial aerospace and ground defense
industries through its Gedera facility in Israel, as well as
through its subsidiaries, Bental Industries Ltd., in Israel and
Limco - Piedmont, Inc., in the U.S. TAT operates under four
operational segments: (i) OEM of Heat Transfer products (ii) OEM of
Electric Motion Systems (iii) MRO services; and (iv) parts
services, each with the following characteristics. TAT's activities
in the area of OEM of Heat Transfer products primarily relate to
the (i) design, development, manufacture and sale of a broad range
of heat transfer components (such as heat exchangers, pre-coolers
and oil/fuel hydraulic coolers) used in mechanical and electronic
systems on-board commercial, military and business aircraft; and
(ii) manufacture and sale of environmental control and cooling
systems and (iii) a variety of other electronic and mechanical
aircraft accessories and systems such as pumps, valves, power
systems and turbines. TAT's activities in the area of OEM of
Electric Motion Systems primarily relate to the design,
development, manufacture and sale of a broad range of electrical
motor applications for airborne and ground systems. TAT activities
in this segment commenced with the acquisition of Bental in August
2008 and accordingly, the results in this segment for fiscal year
2008 are not compared with the previous years. TAT's MRO services
include the remanufacture, overhaul and repair of heat transfer
equipment and other aircraft components, APUs, propellers and
landing gear. TAT's Limco subsidiary operates FAA certified repair
stations, which provide aircraft component MRO services for
airlines, air cargo carriers, maintenance service centers and the
military. TAT's parts segment focuses on inventory management and
sale of APU parts, propellers and landing gear. TAT offers parts
services for commercial, regional and charter airlines and business
aircraft owners. TAT's executive offices are located in the Re'em
Industrial Park, Neta Boulevard, Bnei Ayish, Gedera 70750, Israel,
and TAT's telephone number is +972-8-862-8500. Safe Harbor for
Forward-Looking Statements This press release contains
forward-looking statements which include, without limitation,
statements regarding possible or assumed future operation results,
synergies, customer benefits, growth opportunities, financial
improvements, expected expense savings and other benefits
anticipated from the merger. These statements are hereby identified
as "forward-looking statements" for purposes of the safe harbor
provided by the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve risks and uncertainties
that could cause our results to differ materially from management's
current expectations. Actual results and performance can also be
influenced by other risks that we face in running our operations
including, but are not limited to, general business conditions in
the airline industry, changes in demand for our services and
products, the timing and amount or cancellation of orders, the
price and continuity of supply of component parts used in our
operations, and other risks detailed from time to time in the
company's filings with the Securities Exchange Commission,
including its registration statement on form F-4, its annual report
on form 20-F and its periodic reports on form 6-K. These documents
contain and identify other important factors that could cause
actual results to differ materially from those contained in our
projections or forward-looking statements. Stockholders and other
readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on
which they are made. We undertake no obligation to update publicly
or revise any forward-looking statement. DATASOURCE: TAT
Technologies Ltd CONTACT: TAT's executive offices are located in
the Re'em Industrial Park, Neta Boulevard, Bnei Ayish, Gedera
70750, Israel, and TAT's telephone number is +972-8-862-8500.
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