Smart Move, Inc. Announces Plans to Voluntarily Delist Its Common Stock and Warrants From NYSE Alternext US (formerly AMEX)
January 15 2009 - 5:48PM
Marketwired
On January 15, 2009 Smart Move, Inc. (AMEX: MVE) notified the NYSE
Alternext US ("Alternext") that the Company's previously approved
plan to restore compliance with Alternext continued listed
financial standards Section 1003 (a)(iv) of the Alternext Company
Guide cannot be implemented within the time frame provided to
regain compliance. The Company had determined that it will not be
possible to complete a financing by the deadline for compliance for
the Company and at a level adequate to meet the capital provision
objectives of its plan. The Company intends to focus its immediate
efforts on maintaining cost effective operations and to fund
working capital requirements, while continuing our efforts to grow
sales and increase market penetration.
Having determined it will be unable to meet the benchmarks of
its plan to restore compliance with Alternext listing standards by
the Company's requested extended deadline of January 31, 2009, the
Company determined that voluntary delisting would be the
appropriate action. We have appreciated Alternext's willingness to
work with us in connection with our plan and commitment to work
with us to ensure an orderly transition.
Following the effectiveness of the delisting of the Company's
common stock and warrants from the Alternext, the Company cannot
make any assurances that there will be any market maker for the
Company's common stock and warrants or that the Company's common
stock and warrants will be traded on any market. We currently
anticipate that the Company's common stock and warrants may be
quoted in the National Daily Quotation Sheets, commonly referred to
as the "pink sheets," published by the National Quotation Bureau
LLC or traded over the counter on the Bulletin Board.
Forward-Looking Statements
This press release contains various "forward-looking statements"
within the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934, and Smart Move intends that such
forward-looking statements will be subject to the safe harbors
created thereby. The words "will," "may," "could," "expect,"
"anticipate," "believes," "intends," "should," "plans,"
"estimates," "approximate" and similar expressions identify these
forward-looking statements. These forward-looking statements
reflect Smart Move's current views with respect to future events
and financial performance, but involve known and unknown risks and
uncertainties, both general and specific to the matters discussed
in this press release. These risks and uncertainties may cause
Smart Move's actual results to be materially different from any
future results expressed or implied by such forward-looking
statements. Such risks and uncertainties include, among others, the
foregoing assumptions and those risks referenced under the headings
entitled "Factors That May Affect Future Results" or "Risk Factors"
contained in Smart Move's filings with the Securities and Exchange
Commission. The forward-looking statements contained in this press
release speak only as of the date hereof and Smart Move expressly
disclaims any obligation to provide public updates, revisions or
amendments to any forward-looking statements made herein to reflect
changes in Smart Move's expectations or future events.
Contact: Tad Gage Capital Insight Partners 312-466-7646
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