Baldwin Receives Letter from NYSE Amex Regarding Non-Compliance Resulting from CEO Transition
October 22 2010 - 9:15AM
Business Wire
Baldwin Technology Company, Inc. (NYSE Amex: BLD), a global
leader in process automation technology for the printing industry,
today reported that, in response to the Company’s notification to
the NYSE Amex (the “Exchange”) of the termination of the employment
of Karl S. Puehringer as president and chief executive officer and
Mr. Puehringer’s resignation as a director of the Company effective
September 30, 2010 and the election effective October 1, 2010 of
Mark T. Becker, previously an independent director and member of
the audit, compensation and nominating committees, as president and
chief executive officer, the Company has received a letter from the
Exchange notifying the Company that it is not in compliance with
certain continued listing standards as set forth in the NYSE Amex
Company Guide (the “Guide”).
The referenced standards are: Sections 802(a), 802(d)
803(B)(2)(a) and 805(a) of the Guide. Specifically, with Mark T.
Becker no longer qualified as an independent director and with Karl
S. Puehringer resigning from the Board, due to the small size of
its Board of Directors, the Company no longer has a majority of
independent directors on its board, the three classes of directors
of its board are not of approximately equal size, it has only two
of the requisite three independent members on its audit committee
and its compensation committee is not comprised solely of
independent directors. The Exchange has designated the letter as a
“Warning Letter.” The Company has been given until March 29, 2011
to regain compliance. The Board of Directors has already taken
steps to identify potential candidates to serve as an Independent
Director or Independent Directors on the Board of Directors of the
Company and intends to remedy the noted non-compliance within the
time frame allotted.
About Baldwin
Baldwin Technology Company, Inc. is a leading international
supplier of process automation equipment and related consumables
for the printing and publishing industries. Baldwin offers its
customers a broad range of market-leading technologies, products
and systems that enhance the quality of printed products and
improve the economic and environmental efficiency of printing
presses. Headquartered in Shelton, Connecticut, the Company has
operations strategically located in the major print markets and
distributes its products via a global sales and service
infrastructure. Baldwin’s technology and products include cleaning
systems, fluid management and ink control systems, web press
protection systems and drying systems and related consumables. For
more information, visit http://www.baldwintech.com
A profile for investors can be accessed at
www.hawkassociates.com/profile/bld.cfm. An online investor kit
including press releases, current price quotes, stock charts and
other valuable information for investors is available at
http://www.hawkassociates.com. To receive free e-mail notification
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www.hawkassociates.com/about/alert/.
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