Engex Receives NYSE Amex Notification
14 Agosto 2009 - 10:48PM
PR Newswire (US)
NEW YORK, Aug. 14 /PRNewswire-FirstCall/ -- Engex Inc. (the
"Company") today announced it has received notice from the staff of
the NYSE Amex LLC (the "Amex") that, based on their review of
publicly available information, the Company does not currently meet
certain of the Amex's continued listing standards as set forth in
Part 10 of the Amex's Company Guide (the "Company Guide").
Specifically, the Amex will consider delisting the securities of an
issuer: (a) with stockholders' equity (as in net assets) of less
than $4,000,000 and net losses in three of its four most recent
fiscal years (Section 1003(a)(ii) of the Company Guide); (b) with
stockholders' equity (as in net assets) of less than $6,000,000 and
net losses in its five most recent fiscal years (Section
1003(a)(iii) of the Company Guide); and (c) having a total market
value of publicly held shares and net assets less than $5,000,000
for more than 60 consecutive days (Section 1003(b)(v)(A) of the
Company Guide). The Amex has advised the Company that in order to
maintain its listing, the Company must submit a plan by September
7, 2009 addressing how it intends to meet the listing standard
under Section 1003(b)(v)(A) of the Company Guide by February 8,
2010 and the listing standards under Section 1003(a)(ii) of the
Company Guide and Section 1003(a)(iii) of the Company Guide by
February 7, 2011. The Company is considering how to best address
its current situation and intends to request an extension from the
Amex to allow the Company time to fully review the best options for
the Company and its stockholders. If the Company fails to submit a
plan acceptable to the Amex, or even if accepted, if the Company is
not in compliance with the continued listing standards at the end
of the plan period or the Company does not make progress consistent
with the plan during the period, then the Amex may initiate
delisting proceedings. The Company's common shares continue to
trade on Amex under the symbol "EGX" but will become subject to the
trading symbol extension "BC" to denote noncompliance with the
Amex's continued listing standards. Engex Inc. is a closed end
mutual fund registered under the Investment Company Act of 1940, as
a nondiversified, closed-end investment company. On behalf of the
Board of Directors Michael Siciliano Treasurer, Engex Inc. Some
statements contained in this news release are forward-looking
statements within the safe harbor of the Private Securities
Litigation Reform Act of 1995. These statements generally are
identified by words such as the Company "believes," "expects," and
similar language, or convey estimates and statements that describe
the Company's future plans, objectives or goals, and include the
Company's ability to submit a plan to the Amex, the Amex's
acceptance of the plan, the continued listing of the Company's
shares on the Amex, the Company's ability to increase its
stockholders' equity, continue operations, and meet its
obligations. Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Further
information regarding risks and uncertainties which may cause
results to differ materially from those projected in
forward-looking statements, are including in filings by the Company
with securities regulatory authorities. Readers are cautioned not
to place undue reliance on forward-looking statements, which speak
only as of the date thereof. The Company does not undertake to
update any forward-looking statement that may be made from time to
time except in accordance with applicable securities laws.
DATASOURCE: Engex Inc. CONTACT: Michael Siciliano of Engex Inc.,
+1-212-495-4200
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