Apparel Technologies Common Stock to Trade On the OTC Bulletin Board Effective June 9, 1998.COMMERCE, Calif.--(BUSINESS WIRE)--June 9, 1998--Apparel Technologies, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:APTX APTX Aprataxin APTX Advanced Process and Technology Experiment (US Air Force) ) a leader in the development and application of digital printing technology for fabrics and other materials, announced today that the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. has delisted the Company's Common Stock, effective with the close of business on June 8, 1998. The Company's Common Stock will continue to trade on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. Market under the symbol "APTX" effective June 9, 1998, and its Common Stock Purchase Warrants will continue to trade under the symbol "APTXW". The decision to delist the Common Stock resulted from the denial by Nasdaq of a request by the Company for a temporary exemption from certain Nasdaq listing maintenance requirements, which require (i) that the Company maintain net tangible assets Net Tangible Assets Calculated as the total assets of a company, minus any intangible assets such as goodwill, patents and trademarks, less all liabilities and the par value of preferred stock. Also known as "net asset value" or "book value". of $2 million or a market capitalization of $35 million, and (ii) that the Company's Common Stock trade at a minimum bid price of $1.00. The Company intends to request the Nasdaq Listing and Hearing Review Council to review the denial of the company's request for a temporary exemption from the Nasdaq listing requirements. If the Company's appeal is unsuccessful it intends to reapply to Nasdaq for inclusion of its securities at such time as the Company is able to meet Nasdaq's initial listing requirements. Apparel Technologies, Inc. provides advanced proprietary technology for digital fabric printing, manufactures apparel for leading national retailers and designs and installs state-of-the-art retail fixtures. Except for historical matters contained herein, the matters discussed in this press release are forward-looking statements and are made pursuant to the safe harbor provisions 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 forward-looking statements reflect assumptions and involve risks and uncertainties which may affect Apparel Technologies, Inc.'s business and prospects and cause actual results to differ materially from these forward-looking statements. CONTACT: Kathryn Van Ness President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. (213) 725-4955 |
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