Coventry Industries Delisted from Nasdaq Small Cap to OTC Bulletin Board.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--May 10, 1999-- Coventry Industries Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:COVN) announced that effective on the close of business on May 7, 1999 that its common stock was delisted from the Nasdaq SmallCap Market and will begin trading this week 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. . The Company received notification on May 7, 1999 that it had lost its hearing before the Nasdaq Listing Qualification Panel. The Company has not yet decided whether to appeal the delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. . Robert Hausman, the Company's President, stated that he had spoken with the members of People First, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , the professional employee organization ("PEO") with which the Company has a pending acquisition agreement. These members have the right to terminate the exchange agreement due to the delisting but have informed the Company that they have not yet determined whether to complete the transaction or terminate the agreement. No timetable for a decision has been made. Mr. Hausman added that Coventry will diligently work to insure that the Company's common stock will be quoted again on Nasdaq. Certain of the statements contained in the press release may be deemed forward-looking statements in accordance with the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1996. Such statements and other matters addressed in the press release involve a number of risks and uncertainties. Among the factors that could cause actual plans to differ materially from these statements and other matters are the risks and factors detailed, from time to time, in the company's reports with the U.S. Securities and Exchange Commission. |
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