ESTERO, Fla., March 24, 2015 /PRNewswire/ -- Hertz Global
Holdings, Inc. (NYSE: HTZ) ("Hertz" or the "Company") today
announced that on March 18, 2015 it
received a notice from the New York Stock Exchange (the "NYSE")
notifying the Company of its failure to meet a NYSE listing
standard resulting from the Company's failure to timely file its
Annual Report on Form 10-K for the fiscal year ended December 31, 2014 (the "2014 Form 10-K"), as
provided by Rule 802.01E of the NYSE Listed Company Manual.
As previously disclosed, the Company was unable to timely file
its 2014 Form 10-K with the Securities and Exchange Commission (the
"SEC") because of the ongoing nature of the Company's previously
announced thorough review and investigation of its internal
financial records for fiscal years 2011, 2012 and 2013. As a
result of the ongoing nature of this review and its potential
impact on the Company's 2014 financial results, the Company was
unable to file the 2014 Form 10-K by the extended due date of
March 17, 2015. The financial
review and investigation by the Company is ongoing.
Hertz continues to expect that it will not be able to file updated
financial statements, including the 2014 Form 10-K, before
mid-2015, and there can be no assurance that the process will be
completed by that time.
The Company has until September 17,
2015 to cure the filing delinquency associated with its
failure to file the 2014 Form 10-K. The NYSE may, in its
discretion, extend the initial cure period for up to six months
after September 17, 2015.
Subject to the NYSE's ongoing oversight and review, the Company can
regain compliance during the cure period by filing its 2014 Form
10-K and subsequent Form 10-Qs (the "SEC Filings") with the
SEC. If the Company fails to file its SEC
Filings by the expiration of any applicable cure period, the
NYSE may commence proceedings to delist the Company's common
stock. The Company believes that it will continue to be
listed on the NYSE, but there can be no assurance that the Company
will be able to file the SEC Filings within the initial
cure period or any extended cure period. In addition, the
NYSE maintains the ability to commence delisting procedures at any
time during the cure period, but as of today we do not believe the
NYSE will do so.
About Hertz
Hertz operates the Hertz, Dollar, Thrifty and Firefly car rental
brands in more than 10,800 corporate and licensee locations
throughout 145 countries in North
America, Europe,
Latin America, Asia, Australia, Africa, the Middle
East and New Zealand. Hertz is the largest worldwide
airport general use car rental company with more than 1,700 airport
locations in the U.S. and more than 1,300 airport locations
internationally. Product and service initiatives such as
Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi
and unique vehicles offered through the Adrenaline, Dream,
Family, Fun, Green and Prestige Collections set Hertz apart from
the competition. Additionally, Hertz owns the vehicle leasing
and fleet management leader Donlen Corporation, operates the Hertz
24/7 hourly car rental business and sells vehicles through its
Rent2Buy program. The company also owns Hertz Equipment
Rental Corporation ("HERC"), one of the largest equipment rental
businesses with more than 350 locations worldwide offering a
diverse line of equipment and tools for rent and sale. HERC
primarily serves the construction, industrial, oil, gas,
entertainment and government sectors. For more information
about Hertz, visit: www.hertz.com.
Cautionary Note Concerning Forward Looking Statements
Certain statements contained in this release, and in related
comments by the Company's management, include "forward-looking
statements." Forward-looking statements include information
concerning the Company's liquidity and its possible or assumed
future results of operations, including descriptions of its
business strategies. These statements often include words
such as "believe," "becoming," "expect," "project," "potential,"
"preliminary," "anticipate," "intend," "plan," "estimate," "seek,"
"will," "may," "would," "should," "could," "forecasts" or similar
expressions. These statements are based on certain
assumptions that the Company has made in light of its experience in
the industry as well as its perceptions of historical trends,
current conditions, expected future developments and other factors
it believes are appropriate in these circumstances. The
Company believes these judgments are reasonable, but you should
understand that these statements are not guarantees of performance
or results, and the Company's actual results could differ
materially from those expressed in the forward-looking statements
due to a variety of important factors, both positive and negative,
that may be revised or supplemented in subsequent reports on SEC
Forms 10-K, 10-Q and 8-K. Some important factors that could
affect the Company's actual results include, among others, the
thorough review of the Company's internal financial records that is
being conducted, additional time that may be required to complete
the review, the ability of the Company to remediate any material
weakness in its internal control over financial reporting, the
ability of the Company's lenders to exercise any remedies under the
Company's indebtedness, the final results of the SEC's inquiry or
any other governmental inquiries or investigations, and those that
may be disclosed from time to time in subsequent reports filed with
the SEC and those described under "Risk Factors" set forth in Item
1A of the annual report on Form 10-K/A for the year ended
December 31, 2013 of the
Company. You should not place undue reliance on
forward-looking statements. All forward-looking statements
attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by the foregoing cautionary
statements. All such statements speak only as of the date
made, and the Company undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
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SOURCE Hertz Global Holdings, Inc.