American Banknote Corporation Announces Trading in Shares to be Suspended.NEW YORK--(BUSINESS WIRE)--July 20, 1999-- American Banknote Corporation (NYSE NYSE See: New York Stock Exchange :ABN ABN Advance beneficiary notice, see there ) announced that it has been notified by the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. that trading in the Company's stock will be suspended prior to the opening on Tuesday, August 3, 1999 or such earlier date as: i) ABN commences trading in another securities marketplace; ii) information is received that ABN does not meet the 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. of the other securities marketplace; or iii) ABN makes a material adverse news announcement. Following suspension, application will be made by the NYSE to the Securities and Exchange Commission to delist delist To drop a security from trading on an organized exchange. Delisting may occur for a number of reasons including failure to meet an exchange's standards or placement of a new listing on another exchange. Compare list. the issue. The NYSE has taken these actions in light of the Company's failure to meet certain listing standards. As previously announced, the Company's advisor, The Blackstone Group Blackstone Group L.P. (NYSE: BX) is a prominent private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman. The company is based in New York City, in River House on Park Avenue at Fifty-first Street, with offices in Atlanta, , is continuing discussions with an informal committee of Subordinated Note holders, who hold more than 85% of the Notes, on the terms of a consensual restructuring converting all or a substantial portion of that debt to equity. However, there can be no assurance that the Company will be able to reach any agreement with the holders of these Notes. American Banknote Corporation is a leading global full-service provider of secure transaction solutions in carefully selected markets along three major product groups: Transaction Cards & Systems, Printing Services & Document Management, and Security Printing Solutions. A combined strategy of operating along product lines and constant expansion of transaction activities worldwide reflects the rapidly changing field of electronic commerce. Statements regarding a future restructuring or about future results made in this release may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. These statements are based on current expectations and the current economic environment. The Company cautions that these statements are not guarantees of future performance. They involve a number of risks and uncertainties that are difficult to predict. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-look statements are specified in the Company=s filings under the Securities Exchange Act of 1934, as amended, on file with the Securities and Exchange Commission. |
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