Alterra Announces AMEX Delisting.Business Editors MILWAUKEE--(BUSINESS WIRE)--Feb. 28, 2003 Alterra Healthcare Corporation (AMEX AMEX See: American Stock Exchange :ALI) ("Alterra" or the "Company") announced today that it received a notification on February 21, 2003 from the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. ("AMEX" or the "Exchange") regarding AMEX's intention to file an application with the Securities and Exchange Commission to strike the Company's common stock from listing and registration on the AMEX. The AMEX notification states that the Company has fallen below the continued listing guidelines set forth in Section 1003(a)(i) of the AMEX Company Guide with shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of less than $2,000,000 and losses from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the and/or net losses in two of its three most recent fiscal years and in Section 1003(a)(ii) with shareholders' equity of less than $4,000,000 and losses from continuing operations and/or net losses in three out of its four most recent fiscal years. In addition, the AMEX notification stated that it appears that the Company is not in compliance with Section 1003(a)(iv) of the AMEX Company Guide in that its operating results are unsatisfactory and its financial condition may be impaired, raising questions about whether it will be able to continue operations or meet its obligations as they mature. Finally, the AMEX notification states that the Company does not meet certain other continued listing guidelines, and it expresses concern regarding the low selling price per share of the Company's common stock for a substantial period of time. The Company has determined not to appeal the AMEX determination to seek 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. given the Company's pending Chapter 11 proceeding and its ongoing efforts to develop a plan of reorganization to, among other things, restructure its junior capital structure. About Alterra Alterra offers supportive and selected healthcare services to our nation's frail elderly frail elderly, n.pl older persons (usually over the age of 75 years) who are afflicted with physical or mental disabilities that may interfere with the ability to independently perform activities of daily living. and is the nation's largest operator of freestanding Alzheimer's/memory care residences. Alterra currently operates in 24 states. Forward-Looking Statements Certain of the information contained herein should be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 that reflect the Company's current views with respect to certain current and future events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's operations and business environments which may cause the actual results of the Company to be materially different from any future results expressed or implied in such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the Company to continue as a going concern; the ability of the Company to continue to comply with the terms of its debtor-in-possession financing Debtor-in-possession financing New debt obtained by a firm during the Chapter 11 bankruptcy process, Federal Bankruptcy Rule 4001 (c)(1). This financing is unique because it is secured, that is, it has priority over existing debt, equity and other claims. ; the Company's ability to obtain court approval with respect to motions in the Chapter 11 proceeding prosecuted by the Company; the ability of the Company to develop, prosecute, confirm and consummate a plan of reorganization with respect to the Chapter 11 proceedings Chapter 11 Proceedings Provisions of the Bankruptcy Reform Act under which the debtor firm is reorganized by a court because the estimated value of the reorganized firm exceeds the expected proceeds from its liquidation. ; the Company's ability to secure equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. upon the confirmation of a plan of reorganization in amounts necessary to effectively recapitalize re·cap·i·tal·ize tr.v. re·cap·i·tal·ized, re·cap·i·tal·iz·ing, re·cap·i·tal·iz·es To change the capital structure of (a corporation). re·cap the Company; risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for the Company to propose and confirm a plan of reorganization, for the appointment of a Chapter 11 trustee or to convert the case to a Chapter 7 case; the ability of the Company to obtain and maintain normal terms with vendors and service providers; the ability of the Company to obtain and maintain contracts that are critical to its operations; the potential adverse impact of the Chapter 11 proceedings on the Company's liquidity or results of operations; the ability of the Company to fund and execute its business plan; the ability of the Company to attract, retain and motive key executives and associates; the ability of the Company to attract residents to its facilities and retain such residents; general economic conditions; government legislation and regulation; and other risks and uncertainties as may be set forth from time to time in the Company's reports filed with the Securities and Exchange Commission. |
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