MIGDAL HA'EMEK, Israel, September 23 /PRNewswire-FirstCall/ -- ACS Motion Control Ltd., (NASDAQ:ACSEF), a developer and manufacturer of advanced motion control products, announced today that its Board of Directors has approved the voluntarily delisting of its ordinary shares from the Nasdaq Capital Market, and the deregistration of its ordinary shares under the Securities Exchange Act of 1934, thereby suspending ACS Motion Control's obligation to file annual and other reports with the Securities and Exchange Commission.
Among the factors considered by the Board of Directors in deciding to voluntarily delist and deregister the ordinary shares were the reduced expenses associated with compliance efforts and elimination of listing fees. The ordinary shares are thinly traded, and ACS Motion Control Ltd. does not believe the benefits of being listed and registered outweigh the costs. ACS Motion Control Ltd. believes that the delisting and deregistration will reduce the Company's administrative expenses and enable management to focus more of its time and resources on operational matters that more directly impact shareholder value.
ACS Motion Control Ltd. currently anticipates that it will file with the Securities and Exchange Commission a Form 25 relating to the delisting of its ordinary shares on or about October 6, 2008. ACS expects that the delisting from the Nasdaq Capital Market will be effective approximately ten days later, on October 16, 2008. ACS Motion Control Ltd. also anticipates filing a Form 15 to deregister its ordinary shares from the Securities Exchange Act of 1934 on or about October 23, 2008, on which date it will cease filing periodic and current reports with the Securities and Exchange Commission. ACS Motion Control Ltd. reserves the right to delay or withdraw the filings for any reason prior to effectiveness.
ACS Motion Control Ltd. has not arranged for any other U.S. listing or registration on any other exchange or quotation medium within the U.S.
This press release contains forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the Company's product, successful implementation of the Company's product, competitive factors, the ability to manage the Company's growth and the ability to recruit additional personnel.
Contact: Ze'ev Kirshenboim, Chairman of the Board of Directors, ACS Motion Control Ltd. (+972-4-654-6440) DATASOURCE: ACS Motion Control CONTACT: Contact: Ze'ev Kirshenboim, Chairman of the Board of Directors, ACS Motion Control Ltd., +972-4-654-6440
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