OMNOVA Solutions Statement on NYSE Notification
October 28 2008 - 8:45AM
PR Newswire (US)
FAIRLAWN, Ohio, Oct. 28 /PRNewswire-FirstCall/ -- OMNOVA Solutions
Inc. (NYSE:OMN), today announced that on October 27, 2008, it was
notified by the New York Stock Exchange (the "NYSE") that it has 18
months to achieve compliance with the NYSE's continued listing
standards for total market capitalization and shareholders' equity.
The Company is currently considered below criteria for the
continued listing standards because, as of October 24, 2008, its 30
trading-day average market capitalization was $72.4 million, less
than the $75 million requirement, and its most recently reported
shareholders' equity was $60.4 million, also less than the $75
million requirement. Under NYSE rules, the Company has 45 days from
the receipt of the notice to submit a plan to the NYSE to
demonstrate its ability to achieve compliance with the continued
listing standards within 18 months. The Company intends to submit
such a plan. During this time the Company's common stock will
continue to be listed on the NYSE, subject to the Company's
compliance with other NYSE continued listing requirements. OMNOVA
Solutions Inc. is a technology-based company with proforma 2007
sales of $836 million and a current workforce of approximately
2,730 employees worldwide. OMNOVA is an innovator of emulsion
polymers, specialty chemicals, and decorative and functional
surfaces for a variety of commercial, industrial and residential
end-uses. Visit OMNOVA Solutions on the internet at
http://www.omnova.com/ . This news release may contain
forward-looking statements concerning trends, expectations,
estimates, forecasts and projections relating to the Company and
its business, industries, markets, products, results of operations,
financial condition, accounting policies and management judgments,
among other things. These statements are intended to qualify for
the protections afforded forward-looking statements under the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may generally be identified by the use of
forward-looking terms such as "may," "should," "projects,"
"forecasts," "seeks," "believes," "expects," "anticipates,"
"estimates," "intends," "plans," "targets," "optimistic", "likely,"
"will," "would," "could," or similar terms. There are many risks,
uncertainties and factors that could cause actual results or
outcomes to differ materially from those expressed in or implied by
the Company's forward-looking statements. Some of these risks,
uncertainties and factors include, but are not limited to, the
following: general economic trends affecting the Company's end-use
markets; prices and availability of raw materials including
styrene, butadiene, vinyl acetate monomer, polyvinyl chloride,
acrylics and textiles; ability to increase pricing to offset raw
material cost increases; product substitution and/or demand
destruction due to product technology, performance or cost
disadvantages; customer and/or competitor consolidation; ability to
successfully develop and commercialize new products; customer
ability to compete against increased foreign competition; ability
to successfully implement productivity enhancement and cost
reduction initiatives; operational issues at the Company's
facilities; the Company's strategic alliance, joint venture and
acquisition activities; acts of war or terrorism, natural disasters
or other acts of God; changes in governmental and regulatory
policies; compliance with extensive environmental, health and
safety laws and regulations; rapid inflation in health care costs
and assumptions used in determining health care cost estimates;
risks associated with foreign operations including political unrest
and fluctuations in exchange rates of foreign currencies; prolonged
work stoppage resulting from labor disputes with unionized
workforce; assumptions used in determining pension plan expense and
funding, such as return on assets and discount rates and changes in
pension funding regulations; litigation against the Company
including adverse litigation judgment or settlement and absence of
or inadequacy of insurance coverage for such litigation, judgments
or settlements; availability of financing to fund operations at
anticipated rates and terms; substantial debt and leverage and the
ability to service that debt including increases in applicable
short or long-term borrowing rates. The Company disclaims any
obligation, other than imposed by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. DATASOURCE: OMNOVA Solutions Inc.
CONTACT: Sandi Noah, Communications, +1-330-869-4292, or Michael
Hicks, Investor Relations, +1-330-869-4411, both of OMNOVA
Solutions Inc. Web site: http://www.omnova.com/
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