Commodore Applied Technologies, Inc. to Delist From OTC Bulletin Board (OTCBB)
June 22 2009 - 1:12PM
Marketwired
Commodore Applied Technologies, Inc. (OTCBB: CXIA) today announced
that the Board of Directors voted on June 9, 2009 to delist the
Company's common stock, par value $0.001 per share ("Common
Stock"), from trading on the OTCBB and to terminate the
registration of its Common Stock under the Securities Act of 1934,
as amended ("Exchange Act"). The Company has notified the OTCBB of
its intention to delist our Common Stock from trading.
The Board's decision to delist the Company's Common Stock is
part of a larger plan aimed at reducing costs. Commodore's Chairman
and CEO Dr. Shelby Brewer said, "Given the current trading volume
for Commodore's stock, the Board felt that the expenses related to
compliance and reporting requirements for OTCBB listing could be
re-directed to better use growing our business and improving value
for shareholders. This is just one of a number of cost reduction
measures aimed at improving Commodore's performance. The Board will
consider re-listing the common stock when Company performance and
market conditions justify the expense associated with being
listed."
In addition to delisting the Company's Common Stock, Management
and the Board are exploring other cost cutting measures, including
consolidation of facilities and reducing general and administrative
expenses, designed to save the Company in excess of $500,000 over
the next year.
This Press Release contains forward-looking statements that are
based on our current expectations, beliefs and assumptions about
the industry and markets in which Commodore Applied Technologies,
Inc. and its subsidiaries operate. Such forward-looking statements
involve known and unknown risks, uncertainties, and other factors
that may cause Commodore's actual results to be materially
different from any future results expressed or implied by these
statements. Actual results may differ materially from what is
expressed in these statements, and no assurance can be given that
Commodore can successfully implement its core business strategy and
improve future earnings.
The factors that may cause Commodore's actual results to differ
from its forward-looking statements include: Commodore's current
critical need for additional cash to sustain existing operations
and meet ongoing existing obligations and capital requirements;
Commodore's ability to implement its commercial waste processing
operations, including obtaining commercial waste processing
contracts and processing waste under such contracts in a timely and
cost-effective manner; the timing and award of contracts by the
U.S. Department of Energy for the clean-up of waste sites
administered by it; the acceptance and implementation of
Commodore's waste treatment technologies in the government and
commercial sectors; and other large technical support services
projects. All forward-looking statements are also expressly
qualified in their entirety by the cautionary statements included
in Commodore's SEC filings, including its quarterly reports on Form
10-Q and its annual report on Form 10-K.
Contact: Jeff Lliteras (208) 921-6440
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