Vita Food Products Announces Intent to Voluntarily Delist and Deregister Common Stock
November 05 2007 - 9:45AM
PR Newswire (US)
CHICAGO, Nov. 5 /PRNewswire-FirstCall/ -- Vita Food Products, Inc.
(AMEX:VSF) announced today that it intends to voluntarily delist
its common stock from the American Stock Exchange (the "Amex") on
or about November 26, 2007. Simultaneously with delisting, the
Company will file a Form 15 with the Securities and Exchange
Commission (the "SEC") to voluntarily deregister its common stock
under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), and to suspend its obligation to file reports
under Section 15(d) of the Exchange Act. Vita is eligible to
deregister by filing a Form 15 because it has fewer than 300
holders of record of its common stock. Upon the filing of the Form
15, Vita's obligation to file certain reports with the SEC,
including Forms 10-K, 10-Q and 8-K, will immediately be suspended.
Vita expects that the deregistration of its common stock will
become effective 90 days after the date of filing of the Form 15
with the SEC. The Company expects, but cannot guaranty, that its
common stock will be quoted on the Pink Sheets after it delists
from the Amex. There can also be no assurance that any brokerage
firms will continue to make a market in the common stock after the
delisting. The Pink Sheets is a provider of pricing and financial
information for the over-the-counter securities markets. It is a
centralized quotation service that collects and publishes market
maker quotes in real time primarily through its website,
http://www.pinksheets.com/, which provides stock and bond price
quotes, financial news, and information about securities. Cliff
Bolen, the Company's President and CEO, stated "our Board of
Directors, after consulting with our management, determined to
delist and deregister the Company's common stock after carefully
considering the advantages and disadvantages of continuing
registration and listing. The costs and administrative burdens
associated with being a public company have significantly
increased, particularly in light of the adoption of the
Sarbanes-Oxley Act and the adoption of new rules by the SEC and the
Amex. Our Board has determined that the rising costs of compliance,
as well as the substantial demands on management time and resources
compelled by the compliance requirements, outweigh the benefits the
Company receives from maintaining its registered and listed status.
The Board believes that deregistering will result in significant
reductions in our accounting, legal and administrative expenses,
avoid even higher future expenses and enable our management to
focus all of its time and resources on operating the Company and
enhancing shareholder value." The Vita Seafood division is a U.S.
leader in the herring and retail packaged salmon markets, and is
engaged in several other food segments, including cream cheese,
cocktail sauce, tartar sauce and horseradish. More than 95% of Vita
Seafood's sales are in kosher foods. Vita Specialty Foods, Inc.,
the Company's wholly owned subsidiary, markets and sells honey,
salad dressings, barbecue sauces and other meat enhancements and
salsas. For more information visit http://www.vitafoodproducts.com/
The common stock of Vita Food Products, Inc. is currently traded on
the American Stock Exchange under the ticker symbol VSF. This
release contains forward-looking statements about the Company's
future growth and profitability. Any such statements are subject to
risks and uncertainties, including changes in economic and market
conditions, industry competition, raw material prices, the success
of new product introductions, management of growth and other risks
noted in the Company's filings with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on
forward-looking statements, which reflect management's analysis
only as of the date hereof. DATASOURCE: Vita Food Products, Inc.
CONTACT: Clifford Bolen, President and Chief Executive Officer of
Vita Food Products, Inc., +1-312-738-4500,
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