Reunion Industries Announces Receipt of Notice From the American Stock Exchange.PITTSBURGH -- Reunion Industries, Inc. (AMEX AMEX See: American Stock Exchange :RUN) announces that, on June 20, 2006, it received a letter ("Notice Letter") from the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. ("AMEX") giving notice that the Company does not meet certain listing standards of AMEX, as set forth in Part 10 of the AMEX Company Guide. Specifically, the Company is not in compliance with (a) Section 1003(a)(i) of the Company Guide with shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of less than $2,000,000 and losses from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the and/or net losses in two of its three most recent fiscal years and (b) Section 1003(a)(iv) of the Company Guide based on the amount of its losses and the impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of its financial condition. The Notice Letter states that, in order to maintain its AMEX listing, the Company must submit a plan by July 20, 2006 (the "Plan") advising AMEX of action the Company has taken, or will take, that will bring it into compliance with Sections 1003(a)(i) and 1003(a)(iv) of the Company Guide by December 31, 2006, including specific milestones, quarterly financial projections and details related to any strategic initiatives the Company plans to complete. The Company is in the process of preparing the Plan and intends to submit it by the deadline of July 20, 2006. AMEX will then review the Plan to determine whether or not the Company will be able to continue its listing. The Company feels confident that it will be able to demonstrate in such Plan that it will be in compliance with the AMEX listing standards at the end of this year. Reunion manufactures and markets a broad range of metal products and parts, including seamless steel pressure vessels Pressure vessel A cylindrical or spherical metal container capable of withstanding pressures exerted by the material enclosed. Pressure vessels are important because many liquids and gases must be stored under high pressure. , fluid power cylinders and metal bar grating. Reunion Industries is headquartered at 11 Stanwix Street, Suite 1400, Pittsburgh, PA, 15222. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined by Section 21E of the Securities Act of 1934, as amended, concerning the Company's backlog and future markets. These forward looking statements are subject to a number of factors which could cause actual results to differ materially from these expectations, some of which are beyond the control of the Company. Additional information on potential factors and risks that could affect the Company's future operations is contained in the Company's reports and filings with the Securities and Exchange Commission. |
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