DALLAS, Nov. 21, 2011 /PRNewswire/ -- Reddy Ice Holdings,
Inc. (NYSE: FRZ) ("Reddy Ice" or the
"Company") today announced receipt of notice that the New York
Stock Exchange ("NYSE") accepted the Company's plan for continued
listing.
As a result, the Company's stock will continue to be listed on
the NYSE, subject to quarterly reviews by the NYSE's Listing and
Compliance Committee to ensure the Company's progress toward its
plan to restore compliance with continued listing standards.
On September 27, 2011, the
Company announced that it was below continued listing criteria
because its average global market capitalization over a consecutive
30 trading-day period and total stockholders' equity were each less
than $50 million.
Despite the NYSE's acceptance of the Company's plan for
continued listing, the Company remains at risk of non-compliance
with other applicable NYSE continued listing requirements,
including the NYSE's $1.00 average
share price requirement. If the Company fails to comply with
the average share price requirement, the Company will be required
to achieve a $1.00 share price and a
$1.00 average share price over a 30
day period within six months of the notification letter from the
NYSE.
In addition, the Company is required to comply with the NYSE's
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.
About the Company
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.