Chief Consolidated Mining Company Notified by Nasdaq Staff Regarding its Listing on the SmallCap Market; Confirms Discussions on Recapitalization.Business Editors EUREKA Eureka (y  rē`kə), port city (1990 pop. 27,025), seat of Humboldt co., NW Calif., on Humboldt Bay; inc. 1856. , Utah--(BUSINESS WIRE)--Nov. 8, 2002 Chief Consolidated Mining Company (NasdaqSC: CFCM CFCM Conseil Français du Culte Musulman (French Council for the Muslim Religion) CFCM Certified Federal Contracts Manager CFCM Canadian Fellowship of Churches and Ministries CFCM Cease Fire Contact Maker ) today announced that it has received a Nasdaq Staff Determination, dated November 1, 2002, indicating that Chief fails to comply with the independent director and audit committee 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 Nasdaq SmallCap Market set forth in Marketplace Rules 4350(c) and 4350(d)(2), respectively, and that its securities are therefore subject to delisting as of the opening of business on November 12, 2002. In addition, the Company is in violation of Marketplace Rule 4310(c)(13) as it has failed to pay certain fees to Nasdaq. Chief's Common Stock will be eligible for trading on the Over-the-Counter Bulletin Board. 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. is a regulated quotation service that displays real-time quotes, last sale price, and volume information in over-the-counter equity securities. OTC Bulletin Board securities are traded by a community of market makers that enter quotes and trade reports through a highly sophisticated computer network. Investors work through a broker/dealer to trade OTC Bulletin Board securities. Information regarding the OTC Bulletin Board, including stock quotations, can be found on the internet at http://www.otcbb.com. Chief's ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors will remain "CFCM" on the OTC Bulletin Board. However, some internet quotation services add an "OB" to the end of the symbol and will use "CFCM.OB" for the purpose of providing stock quotes. Chief will consider reapplying for a Nasdaq listing if it meets the listing standards in the future, although no assurances in this regard can be given. As was previously reported, Chief has held several discussions with some of its significant stockholders in connection with a plan to 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. Richard R. Schreiber, acting President and Chief Executive Officer of Chief noted, "While there is no assurance of a satisfactory outcome, we are pleased with the progress of our discussions to date and we hope to recapitalize Chief, reduce our payables and continue to pursue potential joint venture partners for our mining properties in the near term." Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under 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: This news release report contains statements which are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. Refer to the Company's Form 10-KSB for the year ended December 31, 2001 filed with the Securities and Exchange Commission for further information about such risks and uncertainties. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion