DALLAS, Sept. 27, 2011 /PRNewswire/ -- Reddy Ice
Holdings, Inc. (NYSE: FRZ) ("Reddy
Ice" or the "Company") announced today that the Company had
been notified by NYSE Regulations, Inc. that it is not in
compliance with one of the continued listing standards of the New
York Stock Exchange (the "NYSE").
Reddy Ice is considered below the
continued listing criteria established by the NYSE because the
Company's total market capitalization has been less than
$50 million over a consecutive 30
trading-day period and its last reported shareholders' equity was
less than $50 million.
In accordance with NYSE procedures, Reddy Ice has 45 days from the receipt of the
notice to submit a plan to the NYSE demonstrating how it intends to
comply with the NYSE's continued listing standards within 18
months. Upon receipt of the Company's plan, the NYSE will
review and determine whether the Company has made a reasonable
demonstration of its ability to come into conformity with the
relevant standards within the 18 month period. The NYSE will
either accept the plan, at which time the Company will be subject
to ongoing monitoring for compliance with this plan, or the NYSE
will not accept the plan and the Company will be subject to
suspension and delisting proceedings. As required by the
NYSE's rules, the Company plans to notify the NYSE within 10 days
of receipt of the non-compliance notice of the Company's intent to
submit a plan to remedy its non-compliance.
The Company's common stock remains listed on the NYSE under the
symbol "FRZ," but will be assigned a ".BC" indicator by the NYSE to
signify that the Company is not currently in compliance with the
NYSE's continued listing standards. The Company is required
to maintain compliance with other applicable NYSE continued listing
requirements, including the minimum global market capitalization
standard, which requires the Company to maintain an average global
market capitalization of at least $15 million over a
consecutive 30 trading-day period. Failure to maintain
compliance with this requirement would result in the NYSE promptly
initiating suspension and delisting procedures. On
September 26, 2011, Reddy Ice's common stock had a closing price of
$1.63 per share, equating to a market
capitalization of approximately $38.1 million.
ABOUT REDDY ICE
Reddy Ice Holdings, Inc. is the largest manufacturer and
distributor of packaged ice in the United
States. With approximately 1,500 year-round employees,
the Company sells its products primarily under the widely known
Reddy Ice® brand to a variety of customers in 34 states and the
District of Columbia. The
Company provides a broad array of product offerings in the
marketplace through traditional direct store delivery, warehouse
programs and its proprietary technology, The Ice Factory®.
Reddy Ice serves most significant consumer packaged goods
channels of distribution, as well as restaurants, special
entertainment events, commercial users and the agricultural
sector.
This press release contains various "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are
based on management's belief as well as assumptions made by and
information currently available to management. Although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to have been correct. Such
statements contain certain risks, uncertainty and assumptions.
Should one or more of these risks materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those expected.
Contacts:
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Steven J. Janusek
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Executive Vice President &
CFO
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sjanusek@reddyice.com
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800-683-4423
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SOURCE Reddy Ice Holdings, Inc.