American Shipping Company ASA : Approved to trade on the OTCQX Market in the U.S.
November 02 2017 - 7:00AM
American Shipping Company ASA ("AMSC" or the
"Company"), one of the largest owners of vessels operating in the
U.S. Jones Act market, announced today that the Company's ordinary
shares have been approved to trade on the OTCQX Best Market.
Effective today, 2 November 2017, AMSC's ordinary shares are
available for trading in the United States on OTCQX under the
symbol "ASCJF".
The OTCQX International Tier of
the OTCQX Best Market is designed for established, investor-focused
international companies that have met high financial standards,
follow best practice corporate governance, are current in their
home country financial reporting and have been sponsored by a
professional third-party advisor. The OTCQX market is considered by
the SEC as an "established public market" for the purpose of
determining the public market price of a security. Trading on OTCQX
indicates that a company is committed to providing a transparent
market for its investors and maintaining high financial and
operating standards.
American Shipping Company ASA's
Chief Executive Officer Pål Magnussen said in a comment: "AMSC is a
leading pure play Jones Act tanker owner with modern assets
contracted on long-term leases. As U.S. crude oil production
continues to increase, we are seeing renewed interest in the Jones
Act tanker market, an important component in U.S. oil majors'
transportation logistics. We are pleased to create a new
channel for increasing transparency and awareness of AMSC and the
Jones Act tanker market through our OTCQX quotation. The
quotation will also facilitate trading in our stock in U.S. dollars
to make it easier for U.S. investors to invest in our company.
"
U.S. investors can find current
financial disclosures and Real-Time Level 2 quotes for American
Shipping on www.otcmarkets.com/stock/ASCJF/quote
About American Shipping Company
Established in 2005 and listed on the OSE, AMSC is
a ship owning company with nine modern handy size product tankers
and one modern handy size shuttle tanker on long term bareboat
charter with Overseas Shipholding Group (OSG). OSG charters the
vessels out on time charters to major oil companies in the U.S.
coastwise Jones Act trade. AMSC has a significant contract backlog
as well as a profit sharing agreement with OSG which offers
visibility with respect to future earnings and potential dividend
capacity. The Company has an ambition to pay attractive dividends
to its shareholders. Further information is available at
www.americanshippingco.com.
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: American Shipping Company ASA via
Globenewswire
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