American Community Newspapers Inc. Announces Intent to Voluntarily Delist and Deregister its Common Stock
October 21 2008 - 5:10PM
PR Newswire (US)
DALLAS, Oct. 21 /PRNewswire-FirstCall/ -- American Community
Newspapers Inc. (NYSE Alternext US LLC: ANE) ("ACN") today
announced that it has notified NYSE Alternext US LLC ("NYSE
Alternext") of its intent to voluntarily delist its common stock,
warrants and units from NYSE Alternext and that it intends to
voluntarily deregister its common stock under the Securities
Exchange Act of 1934, as amended ("Exchange Act"), and cease filing
reports with the Securities and Exchange Commission ("SEC"). The
decision to voluntarily delist and deregister will save management
time and attention on SEC reporting and Sarbanes Oxley compliance.
Furthermore, it will eliminate listing fees and result in reduced
expenses associated with compliance efforts, such as accounting
fees, legal fees, other professional fees and administrative costs.
The common stock has a low market capitalization and the common
stock, warrants and units are thinly traded, and therefore the
Company does not believe the benefits of having its common stock,
warrants and units listed and registered outweigh the costs. As
previously announced on September 30, 2008, ACN is currently not in
compliance with certain NYSE Alternext continued listing standards,
as set forth in Sections 134 and 1101 of the NYSE Alternext Company
Guide, due to its failure to file its Form 10-Q for the fiscal
quarter ended June 29, 2008 with the SEC. The Company plans to file
its Form 10-Q for the fiscal quarter ended June 29, 2008 in early
November 2008. The Company anticipates that it will file with the
SEC a Form 25 relating to the delisting of its common stock,
warrants and units on or about October 31, 2008, with the delisting
to be effective ten days thereafter. Accordingly, the Company
anticipates that the last day of trading of its securities on NYSE
Alternext will be on or about Tuesday, November 11, 2008. On the
effective date of the delisting, the Company plans to file a Form
15 to deregister its common stock, warrants and units under the
Exchange Act. Upon the filing of the Form 15, the Company's
obligation to file certain reports with the SEC, including Forms
10-K, 10-Q, and 8-K, will immediately be suspended. The Company
expects that the deregistration will become effective 90 days after
the date of filing of the Form 15 with the SEC. The Company
anticipates that following delisting its common stock, warrants and
units will be quoted on the Pink Sheets, a centralized electronic
quotation service for over-the-counter securities, so long as
market makers demonstrate an interest in trading in the Company's
stock. However, the Company can give no assurance that trading in
its stock will continue on the Pink Sheets or on any other
securities exchange or quotation medium. About American Community
Newspapers Inc. ACN is a community newspaper publisher in the
United States, operating within four major U.S. markets:
Minneapolis - St. Paul, Dallas, Northern Virginia (suburban
Washington, D.C.) and Columbus, Ohio. These markets are some of the
most affluent, high growth markets in the United States, with ACN
strategically positioned in many of the wealthiest counties within
each market. ACN's goal is to be the preeminent provider of local
content and advertising in any market its serves. Forward-Looking
Statements This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act,
with respect to ACN's future financial or business performance,
strategies and expectations. Forward-looking statements are
typically identified by words or phrases such as "trend,"
"potential," "opportunity," "pipeline," "believe," "comfortable,"
"expect," "anticipate," "current," "intention," "estimate,"
"position," "assume," "outlook," "continue," "remain," "maintain,"
"sustain," " seek, " "achieve," and similar expressions, or future
or conditional verbs such as "will," "would," "should," "could,"
"may" and similar expressions. DATASOURCE: American Community
Newspapers Inc. CONTACT: Brainerd Communicators, Corey Kinger,
Investors, , or Joe LoBello, Media, , +1-212-986-6667
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