CENTENNIAL, Colo., Nov. 4 /PRNewswire-FirstCall/ -- CET Services, Inc. (AMEX:ENV) reported that the American Stock Exchange has accepted the Company's plan to regain compliance with the Exchange's continued listing standards, thereby permitting continued trading of the Company's common shares on the Exchange, subject to periodic review. Previously the Company reported that on September 20, 2005, it had received notice from the Amex Staff that it was not in compliance with certain of the Exchange's continued listing standards due to shareholders' equity less than $4 million and losses from continuing operations and/or net losses were incurred in three of the four most recent fiscal years, as set forth in Section 1003(a) (ii) of the Amex Company Guide.
The Company was afforded the opportunity to submit a plan of compliance to the Exchange by October 20, 2005 detailing what actions would be taken to bring the Company into compliance with the continued listing standards within a maximum of 18 months or by May 2007. The plan, submitted in accordance with Section 1009 of the Amex Company Guide, has been determined by the Listings Qualifications Department to be a reasonable demonstration of an ability to regain compliance within the required time frame. If the Company is not in compliance with the listing standards at the end of the 18-month period or does not make progress consistent with the plan, delisting proceedings would be initiated.
Steven H. Davis, President and CEO, stated, "We are pleased that the American Stock Exchange has accepted the Company's plan to regain compliance and is permitting continued trading in the Company's stock. CET considers our Amex listing an important asset that provides our shareholders with a high degree of liquidity." Statements in this press release that are not strictly historical are "forward-looking" statements within the meaning of the Safe Harbor provisions of the federal security laws. Forward-looking statements involve risks and uncertainties, including, but not limited to, the cyclical nature of residential housing in general, local economic conditions, interest rate volatility, weather related factors, and fluctuations in building material prices and other risks detailed from time to time in the Company's Form 10-KSB and other regularly filed reports. DATASOURCE: CET Services, Inc.
CONTACT: Steven H. Davis, CEO and President, or Dale W. Bleck, CFO, both of CET Services, Inc., +1-720-875-9115 Web site: http://www.cetenvironmental.com/
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