Acorn Products to Appeal Nasdaq Determination.Business Editors COLUMBUS, Ohio--(BUSINESS WIRE)--Oct. 16, 2002 Acorn Products, Inc. (Nasdaq:ACRN ACRN America's Career Resource Network ACRN Accounting Classification Reference Number ACRN Asthma Clinical Research Network (National Heart, Lung and Blood Institute) ACRN AIDS Certified Registered Nurse ) announced today that it had received a Nasdaq Staff Determination on October 11, 2002, indicating that the Company fails to comply with the minimum market value of publicly held shares requirement for continued listing as set forth in Marketplace Rule 4310, and that its common stock, therefore, is subject to delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. from The Nasdaq SmallCap Market. The Company intends to request a hearing before a Nasdaq Listing Qualifications Panel to appeal the Staff Determination. The Company believes that upon completion of its previously announced rights offering, the Company will regain compliance with all Nasdaq listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. . However, there can be no assurance the Panel will grant the Company's request for continued listing. Acorn Products, Inc., through its operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. UnionTools, Inc., is a leading manufacturer and marketer of non-powered lawn and garden tools in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Acorn's principal products include long handle tools (such as forks, hoes, rakes and shovels), snow tools, posthole diggers Noun 1. posthole digger - a shovel used to sink postholes post-hole digger shovel - a hand tool for lifting loose material; consists of a curved container or scoop and a handle , wheelbarrows, striking tools, cutting tools and watering products. Acorn sells its products under a variety of well-known brand names, including Razor-Back(TM), Union(TM), Yard 'n Garden(TM), Perfect Cut(TM) and, pursuant to a license agreement, Scotts(TM). In addition, Acorn manufactures private label products for a variety of retailers. Acorn's customers include mass merchants, home centers, buying groups and farm and industrial suppliers. Razor-Back(TM), Union(TM), Yard 'n Garden(TM) and Perfect Cut(TM) are registered trademarks of Acorn. Scotts(TM) is a registered trademark of The Scotts Company. The statements contained herein that are not purely historical are forward looking statements within the meaning of the Securities Exchange Act of 1934, including statements regarding Acorn's expectations regarding compliance with Nasdaq's listing requirements. All forward looking statements contained herein are based upon information available to Acorn as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , and Acorn assumes no obligation to update any such forward looking statements. Actual results could differ materially from Acorn's current expectations. Factors that could cause or contribute to such differences include, but are not limited to, the factors and risks discussed in Acorn's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2001, and the other reports filed from time to time by Acorn with the Securities and Exchange Commission. |
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