Consolidated Freightways Corporation Receives Nasdaq Notification.Business Editors VANCOUVER, Wash.--(BUSINESS WIRE)--Aug. 22, 2002 Consolidated Freightways Corporation (Nasdaq:CFWYE) said today that it has been notified by 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. (Nasdaq) that, because of NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). Marketplace Rule 4310(c)(14) requiring timely filing of the company's Form 10-Q, and because of previously announced company delays in filing its second quarter Form 10-Q, the company's ticker symbol has today been changed from CFWY CFWY Consolidated Freightways to CFWYE. In addition, for the same reasons stated above, the company was notified through a letter from Nasdaq that its common stock is subject to Nasdaq de-listing. The company will request an appeal hearing, which will stay a de-listing. The company stated in a press release on August 19 that, because Chief Executive Officer John Brincko recently joined the company on May 28, 2002 and Chief Financial Officer Steve Sokol was appointed on July 1, 2002, the company has not had sufficient time to complete second quarter financial statements and the related management's discussion and analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of financial condition and results of operations. As previously reported, the company continues to work on the Form 10-Q and expects to file within approximately two weeks. The company said that its expected 10-Q filing will cure what is the only alleged deficiency and will allow the company's securities to remain listed on Nasdaq. Consolidated Freightways Corporation is comprised of national less-than-truckload carrier Consolidated Freightways, third-party logistics provider Redwood Systems, Canadian Freightways LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability , Grupo Consolidated Freightways, the company's subsidiary in Mexico, and CF AirFreight, an air freight forwarder Forwarder Acts as a travel agent for cargo. A forwarder specializes in arranging the transport and completing required shipping documentation. Some are affiliated with NVOCC services. In the United States they are licensed by the Federal Maritime Commission. . |
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