Insteel Industries Announces Shares to be Traded on Pink Sheets
February 17 2004 - 3:21PM
PR Newswire (US)
Insteel Industries Announces Shares to be Traded on Pink Sheets
MOUNT AIRY, N.C., Feb. 17 /PRNewswire-FirstCall/ -- Insteel
Industries, Inc. (BULLETIN BOARD: IIINE) today announced that
trading in its common stock on the OTC bulletin board ("OTCBB")
would be terminated beginning on February 18, 2004. OTCBB
regulations require the removal of securities of issuers that are
not in compliance with the OTCBB's filing requirements. Under OTCBB
regulations, issuers must be current (subject to a 30-day grace
period) in their periodic filings with the Securities and Exchange
Commission ("SEC"). As previously reported in its Form 12b-25
filing with the SEC dated December 29, 2003, the Company is
currently engaged in negotiations with its existing lenders
regarding a restructuring of its credit facility as well as with
prospective providers of capital regarding a partial or complete
refinancing. The Company believes that the outcome of such
negotiations must be finalized prior to filing its Form 10-K
because the terms and structure of such a restructuring or
refinancing are expected to materially impact certain disclosures
in its Form 10-K, as well as the audited financial statements
contained therein. During the interim period, the Company expects
that its common stock will trade on the Pink Sheets (
http://www.pinksheets.com/ ) as soon as practicable. Shortly after
the filing of its Form 10-K, the Company expects that its common
stock would resume trading on the OTCBB. Insteel Industries is
oneof the nation's leading manufacturers of wire products. The
Company manufactures and markets concrete reinforcing products,
tire bead wire and industrial wire for a broad range of
construction and industrial applications. DATASOURCE: Insteel
Industries, Inc. CONTACT: Michael C. Gazmarian, Chief Financial
Officer and Treasurer of Insteel Industries, Inc., +1-336-786-2141,
Ext. 3020 Web site: http://www.insteel.com/
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