DALLAS, Nov. 29, 2011 /PRNewswire/ -- Reddy Ice Holdings,
Inc. (NYSE:FRZ) ("Reddy Ice" or the
"Company") announced today that the Company has 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 average closing price has been less than $1.00 over a consecutive 30 trading-day
period.
In accordance with NYSE procedures, Reddy Ice has six months from the receipt of the
notice on November 28, 2011 to bring
its share price and average share price above $1.00. If, at the expiration of the six
month period, the Company fails to achieve both a $1.00 share price and average share price over
the preceding 30 trading days, 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
remedy its non-compliance.
The Company previously announced on September 27, 2011 that it had been notified by
the NYSE regarding the Company's non-compliance with the NYSE's
$50 million minimum market
capitalization requirements. On November 21, 2011, the Company announced that its
plan to restore compliance with continued listing standards had
been accepted by the NYSE.
The Company's common stock remains listed on the NYSE under the
symbol "FRZ," but has been 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
November 28, 2011, Reddy Ice's common stock had a closing price of
$0.69 per share, equating to a market
capitalization of approximately $16.1 million, and a 30 trading-day average
closing price of $0.93 per share.
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
|
|
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.