Caribbean Cigar 1-for-8 Reverse Split Temporarily Postponed; Company Also Reports Stay of Delisting Granted by Nasdaq.MIAMI--(BUSINESS WIRE)--Aug. 12, 1998--Caribbean Cigar Co. (Nasdaq:CIGR) Wednesday reported that its previously announced 1-for-8 reverse split of its common stock originally set to become effective on Aug. 14, 1998, has been temporarily postponed. The company plans to set a new effective date for the reverse split in a short period of time. The company also reported that it has formally filed a request with 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. for a hearing before a Nasdaq Qualifications Panel regarding Nasdaq's determination to delist the company's securities from trading on the Nasdaq SmallCap Market. As a result, the company has been granted a stay of the delisting pending the completion of such hearing. The company anticipates that a hearing before a Nasdaq Qualifications Panel will not occur, at the earliest, until the latter part of September. Caribbean Cigar Co. manufactures and distributes Signature Collection (SC)(tm), Calle Ocho(r), Free Cuba(tm), Celestino Vega(r), Rum Runner Rum Runner may refer to:
n. pl. am·a·ret·tos An Italian liqueur flavored with almond. [Italian, diminutive of amaro, bitter, from Latin am . The company is based in Miami and has production facilities in the Dominican Republic Dominican Republic (dəmĭn`ĭkən), republic (2005 est. pop. 8,950,000), 18,700 sq mi (48,442 sq km), West Indies, on the eastern two thirds of the island of Hispaniola. The capital and largest city is Santo Domingo. . Statements about the company's future expectations and all other statements in the press release other than historical facts are "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. The company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the company's actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements.
CONTACT: B. Alan Associates Inc., Boca Raton, Fla.
Barry A. Rothman, 561/483-7743
or
Caribbean Cigar Co., Miami
J.D. Jenkins, 305/267-3911
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