American Community Newspapers Receives American Stock Exchange Notice
August 22 2008 - 3:38PM
PR Newswire (US)
DALLAS, Aug. 22 /PRNewswire-FirstCall/ -- American Community
Newspapers Inc. (AMEX:ANE) ("ACN") today announced the Company has
received notification from the American Stock Exchange ("Amex"),
dated August 21, 2008, that as a result of the Company's failure to
timely file with the Securities and Exchange Commission the
Company's Quarterly report on Form 10-Q for the second quarter
ended June 29, 2008, the Company is not in compliance with Amex's
continued listing standards as provided in Sections 134 and 1101 of
the Amex Company Guide. In order to maintain its Amex listing, the
Company must submit a plan to Amex by September 4, 2008 advising
Amex of the action the Company has taken, or will take, to bring
the Company into compliance by no later than November 19, 2008. If
the plan is accepted by Amex, the Company will remain listed and be
subject to periodic review to determine whether it is making
progress consistent with the plan. If the Company does not submit a
plan to Amex, or submits a plan that is not accepted, it will be
subject to delisting proceedings. Furthermore, if the plan is
accepted but the Company is not in compliance with the continued
listing standards by November 19, 2008, or does not make progress
consistent with the plan during this period, the Amex staff will
initiate delisting proceeding as appropriate. The Company may
appeal a staff determination to initiate delisting proceedings. As
announced on August 21, 2008, until uncertainties related to
impairment of the value of ACN's intangible assets, including
goodwill have been resolved, ACN is unable to complete the
preparation of its interim financial statements to be included in
its quarterly report on Form 10-Q for the fiscal quarter ended June
29, 2008. ACN plans to file its quarterly report promptly after it
becomes possible to measure and recognize the impact of such
uncertainties on its financial statements. About American Community
Newspapers Inc. ACN is a community newspaper publisher in the
United States, operating within four major U.S. markets:
Minneapolis - St. Paul, Dallas, Northern Virginia (suburban
Washington, D.C.) and Columbus, Ohio. These markets are some of the
most affluent, high growth markets in the United States, with ACN
strategically positioned in many of the wealthiest counties within
each market. ACN's goal is to be the preeminent provider of local
content and advertising in any market its serves. In these markets,
ACN publishes three daily and 83 weekly newspapers, each serving a
specific community, and 14 niche publications, with a combined
circulation of approximately 1.4 million households. In addition,
ACN's locally focused Web sites have average monthly page views and
visitors of approximately 6.1 million and 1.2 million,
respectively, extending the reach and frequency of its products
beyond their geographic print distribution area. Forward-Looking
Statements This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act,
with respect to ACN's future financial or business performance,
strategies and expectations. Forward-looking statements are
typically identified by words or phrases such as "trend,"
"potential," "opportunity," "pipeline," "believe," "comfortable,"
"expect," "anticipate," "current," "intention," "estimate,"
"position," "assume," "outlook," "continue," "remain," "maintain,"
"sustain," " seek, " "achieve," and similar expressions, or future
or conditional verbs such as "will," "would," "should," "could,"
"may" and similar expressions. DATASOURCE: American Community
Newspapers Inc. CONTACT: Joe Lobello (Media), , or Corey Kinger
(Investors), , both of Brainerd Communicators, +1-212-986-6667, for
American Community Newspapers Inc.
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