ST. LOUIS, Feb. 3, 2012 /PRNewswire/ -- CPI Corp. (NYSE:
CPY) today announced that its common stock will begin trading on
the OTCQX marketplace, effective February
9, 2012. OTCQX® is the highest tier of the OTC market,
available exclusively for companies that meet high financial
standards and undergo a qualitative review. The Company will
announce its new trading symbol on February
8, 2012.
The Company plans to continue to file periodic and other reports
with the Securities and Exchange Commission under applicable
federal securities laws and continue its commitment to transparency
and the highest standards of governance. The transition of
the Company's stock to the OTCQX will have no effect on the
ownership of the Company's stock. CPI Corp.'s shareholders
remain owners of the common stock and are expected to be able to
trade the stock on the OTCQX marketplace as of February 9, 2012.
The transition to the OTCQX marketplace comes after the New York
Stock Exchange (NYSE) announced that trading of the common stock of
CPI Corp. will be suspended prior to the market opening on
February 9, 2012 because the Company
fell below an average market capitalization of $15 million over a consecutive 30-trading-day
period, a minimum threshold for continued NYSE listing.
About CPI Corp.
For more than 60 years, CPI Corp. (NYSE: CPY) has been
dedicated to helping customers conveniently create cherished
photography portrait keepsakes that capture a lifetime of
memories. Headquartered in St.
Louis, Missouri, CPI Corp. provides portrait photography
services at approximately 3,000 locations in the United States, Canada, Mexico and Puerto
Rico and offers on location wedding photography and
videography services through an extensive network of contract
photographers and videographers. CPI's digital format allows
its studios and on location business to offer unique posing
options, creative photography selections, a wide variety of sizes
and an unparalleled assortment of enhancements to customize each
portrait – all for an affordable price.
Forward-Looking Statements
The statements contained in this press release that are not
historical facts are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, and
involve risks and uncertainties. The Company identifies
forward-looking statements by using words such as "preliminary,"
"plan," "expect," "looking ahead," "anticipate," "estimate,"
"believe," "should," "intend" and other similar expressions.
Management wishes to caution the reader that these forward-looking
statements are only predictions or expectations; actual events or
results may differ materially as a result of risks facing the
Company. Such risks include, but are not limited to: the
Company's dependence on Walmart, Sears and Toys "R" Us, the
approval of the Company's business practices and operations by
Walmart, Sears and Toys "R" Us, the termination, breach, limitation
or increase of the Company's expenses by Walmart under the lease
and license agreements and Sears and Toys "R" Us under the license
agreements, the Company's ability to comply with its debt covenants
under its revolving credit facility, the Company's ability to
generate sufficient cash flow or raise additional capital to cover
its operating expenses, the inability of the Company to pay
dividends, the transfer of the trading of the Company's common
stock from the New York Stock Exchange to the OTCQX Marketplace,
the integration of the Bella Pictures® operations into the Company
and the continued development and operation of the Bella Pictures®
business, customer demand for the Company's products and services,
the development and operation of the Kiddie Kandids business, the
effective of litigation facing the Company, the economic recession
and resulting decrease in consumer spending, manufacturing
interruptions, dependence on certain suppliers, competition,
dependence on key personnel, fluctuations in operating results, a
significant increase in piracy of the Company's photographs,
widespread equipment failure, restrictions on the Company's
business imposed by agreements governing its debt, implementation
of marketing and operating strategies, outcome of litigation and
other claims, impact of declines in global equity markets to the
pension plan and the impact of foreign currency translation.
The risks described above do not include events that the Company
does not currently anticipate or that it currently deems
immaterial, which may also affect its results of operations and
financial condition. 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.
SOURCE CPI Corp.