Aviation Distributors Inc. Discloses Delisting from Nasdaq.IRVINE, Calif.--(BUSINESS WIRE)--Oct. 3, 1997--Aviation Distributors Inc. (Nasdaq:ADIN Adin (ā`dĭn), in the Bible, family that returned from Exile. ) Friday announced that on Oct. 1, 1997, officials at Nasdaq decided to delist the company from trading on the Nasdaq SmallCap Market. After management appeared before the Nasdaq Listing Qualifications Panel for a hearing on Sept. 18, 1997, the Panel denied the company's request for a 60- to 90-day temporary exception and continuation of the trading halt Trading Halt A pause in the trading of a particular security on one or more exchanges, usually in anticipation of a news announcement or to correct an order imbalance. During a trading halt, open orders may be cancelled and options may be exercised. . The Nasdaq Listing and Hearing Review Committee may, on its own motion, determine to review the Panel's decision within 45 days and, as such, may affirm, modify, reverse, dismiss or remand To send back. A higher court may remand a case to a lower court so that the lower court will take a certain action ordered by the higher court. A prisoner who is remanded into custody is sent back to prison subsequent to a Preliminary Hearing before a tribunal or magistrate the Panel's decision. Separately, the company may also request the Review Committee to review the decision. Although management and its advisers have responded appropriately and in a timely manner to Nasdaq and worked aggressively to satisfy 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. , Nasdaq officials indicated in their letter to the company that the decision was largely based on the withdrawal of required financial reports provided by the company's former auditors. The company continues to operate in the normal course of its business and believes that its operating results for 1997 will be consistent with its previous forecasts. The company is in the process of obtaining a new public accounting firm and will conduct an audit of its financial statements for the years ended Dec. 31, 1995, Dec. 31, 1996, and for the nine months ended Sept. 30, 1997. Upon completion of the subject audit, the company plans to reapply Re`ap`ply´ v. t. & i. 1. To apply again. reapply vi → volver a presentarse, hacer or presentar una nueva solicitud to Nasdaq for a listing on the SmallCap Market. Aviation Distributors (ADI) provides outsourcing services to major commercial airlines worldwide. ADI is one of the world's 10 largest aircraft part redistributors and inventory management service providers, with agents 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. , United Kingdom, Australia, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , Jordan, Indonesia and Chile, and headquarters in Irvine, Calif. CONTACT: Aviation Distributors Inc., Irvine Osamah Bakhit, 714/586-7558 or Coffin Communications Group, Sherman Oaks, Calif. Steven B. Johnson, 818/789-0100 |
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