Orleans Homebuilders Announces Notice from the NYSE Amex LLC
March 11 2010 - 3:30PM
PR Newswire (US)
BENSALEM, Pa., March 11 /PRNewswire-FirstCall/ -- Orleans
Homebuilders, Inc. (the "Company") announced that on March 5, 2010
the Company received a written notice from NYSE Amex LLC (the
"Exchange") stating that the Exchange intends to suspend trading in
the Company's common stock, apply to the Securities and Exchange
Commission (the "SEC") to delist the common stock and to truncate
the procedures regarding continued listing evaluation and follow-up
as specified in Section 1009 of the NYSE Amex LLC Company Guide
(the "Company Guide"). In particular, the written notice from the
Exchange stated that (i) as a result of the Company filing of a
voluntary petition under Chapter 11 of the United States Bankruptcy
Code on behalf of itself and a majority of its operating
subsidiaries on March 1, 2010, the Staff has determined that the
Company is financially impaired and, as such, is not in compliance
with Section 1003(a)(iv) of the Company Guide in that is has
sustained losses which are so substantial in relation to its
overall operations or its existing financial resources, and its
financial condition has become so impaired that it appears
questionable, in the opinion of the Exchange, as to whether the
Company will be able to continue its operations and meet is
obligations as they mature; and (ii) the Company is not in
compliance with Section 134 and Section 1101 of the Company Guide
because the Company failed to timely file its Annual Report on Form
10-K for the fiscal year ended June 30, 2009 and its Quarterly
Reports on Form 10-Q for the periods ended September 30, 2009 and
December 31, 2009. The Exchange also indicated that, based upon the
foregoing, the Staff has concluded that it appears that it is
appropriate to initiate immediate delisting proceedings at this
time. The Company does not intend to appeal the Exchange's
determination to delist the Company's common stock and to apply to
the SEC to delist the Company's common stock. The written notice
from the Exchange states that if the Company does not appeal the
Staff Determination by March 12, 2010, the delisting determination
will become final, the Exchange will suspend trading in the
Company's common stock and will submit an application to the SEC to
strike the Company's common stock from listing and regulation on
the Exchange in accordance with Section 12 of the Securities
Exchange Act of 1934, as amended, and rules promulgated thereunder.
After the Company's common stock is delisted, the Company cannot
predict whether any trading market, including any over-the-counter
trading market, for the Company's common stock will develop or be
sustained. About Orleans Homebuilders, Inc. Orleans Homebuilders,
Inc. develops, builds and markets high-quality single-family homes,
townhouses and condominiums. From its headquarters in suburban
Philadelphia, the Company serves a broad customer base including
first-time, move-up, luxury, empty-nester and active adult
homebuyers. The Company currently operates in the following 11
distinct markets: Southeastern Pennsylvania; Central and Southern
New Jersey; Orange County, New York; Charlotte, Raleigh and
Greensboro, North Carolina; Richmond and Tidewater, Virginia;
Chicago, Illinois; and Orlando, Florida. The Company's Charlotte,
North Carolina operations also include adjacent counties in South
Carolina. Orleans Homebuilders employs approximately 300 people.
Forward-Looking Statements Certain information included herein and
in other Company statements, reports and SEC filings is or may be
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995, including, but not limited to,
statements regarding the continued listing of the Company's common
stock on the NYSE Amex Exchange; the Company's intention to not
appeal the delisting determination; and actions the NYSE Amex
Exchange may take with respect to the listing of the Company's
common stock. Such forward-looking information involves important
risks and uncertainties that could significantly affect actual
results and cause them to differ materially from expectations
expressed herein and in other Company statements, reports and SEC
filings. These risks and uncertainties include the likelihood that
there will likely be little or no assets or value available for
distribution to the Company's common stockholders as a result of
the Company's bankruptcy; the Company's ability to secure adequate
financing in bankruptcy and to operate under terms of any such
financing; the ability of the Company to continue normal business
operations during the Chapter 11 proceedings, including obtaining
and maintaining acceptable terms with vendors and service providers
and continuing to attract buyers of its homes; the potential
adverse impact of the Chapter 11 proceedings; the ability of the
Company to attract, motivate and/or retain key executives and
employees; local, regional and national economic conditions; the
effects of governmental regulation; the competitive environment in
which the Company operates; fluctuations in interest rates; changes
in home prices; the availability of capital; our ability to engage
in a financing or strategic transaction; the availability and cost
of labor and materials; our dependence on certain key employees;
and weather conditions. Additional information concerning factors
the Company believes could cause its actual results to differ
materially from expected results is contained in Item 1A of the
Company's Annual Report on Form 10-K/A for the fiscal year ended
June 30, 2008 filed with the SEC and subsequently filed Quarterly
Reports on Form 10-Q, as well as the Current Reports on Form 8-K
and press releases filed with the Securities and Exchange
Commission on August 14, 2009, October 6, 2009, November 5, 2009,
December 9, 2009, December 23, 2009, February 1, 2010, February 19,
2010 and March 3, 2010. DATASOURCE: Orleans Homebuilders, Inc.
CONTACT: Dan Hilley, The Abernathy MacGregor Group,
Inc.,+1-213-630-6550, 1-888-477-4319, dch@abmac.com Web Site:
http://www.orleanshomes.com/
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