Hill International, Inc. Provides Update on NYSE Notice of Delisting
August 13 2018 - 7:35PM
Hill International, Inc. (HIL), the global leader in managing
construction risk, announced today that the Company received
notification from the New York Stock Exchange (NYSE) of its
determination to commence proceedings to delist the Company’s
common stock. Furthermore, the NYSE announced the suspension of the
Company’s common stock. The determination to commence the delisting
proceeding is a result of the Company requiring more time to become
current in filing its late annual and quarterly reports, including
its financial statements, with the Securities and Exchange
Commission (SEC).
While Hill has made significant progress and has
worked diligently with its independent accounting firm to complete
its late reports, the Company informed the NYSE that it would not
become current with its SEC periodic reporting by August 15, 2018.
The delay is due to the time and effort necessary to prepare,
finalize, and audit the Company’s financial statements. The Company
plans to become current with its SEC periodic reports in the third
quarter of 2018.
As a result of the suspension, Hill expects its
shares of common stock will begin trading on August 14, 2018 under
the symbol “HILI” on the OTC Pink, which is operated by OTC Markets
Group Inc.
Hill intends to file a Request for Review with
the NYSE regarding the commencement of the delisting proceedings.
The Company expects that the NYSE will hold a hearing on the Review
Request on or after 25 business days from the date of filing the
Review Request, and the Company expects to be current with its
filings on or before the NYSE’s hearing date.
“The Company’s potential delisting does not
reflect on the financial fundamentals of Hill, which remain strong
and continue to improve,” said Paul Evans, Hill International’s
Interim CEO. “We will complete our required filings and resolve our
potential delisting in the near future to the satisfaction of our
shareholders and our employees.”
Hill International, with approximately 3,000
professionals in more than 50 offices worldwide, provides program
management, project management, construction management and other
consulting services to clients in a variety of market sectors.
Engineering News-Record magazine recently ranked Hill as the
eighth-largest construction management firm in the United States.
For more information on Hill, please visit our website at
www.hillintl.com.
Forward Looking Statements
Certain statements contained herein may be
considered "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, and it is our
intent that any such statements be protected by the safe harbor
created thereby. Except for historical information, the matters set
forth herein including, but not limited to, any statements of
belief or intent, any statements concerning our plans, strategies
and objectives for future operations; and any statements regarding
our intent to file late periodic reports are forward-looking
statements. These forward-looking statements are based on our
current expectations, estimates and assumptions and are subject to
certain risks and uncertainties. Although we believe that the
expectations, estimates and assumptions reflected in our
forward-looking statements are reasonable, actual results could
differ materially from those projected or assumed in any of our
forward-looking statements. Important factors that could cause our
actual results to differ materially from estimates or projections
contained in our forward-looking statements are set forth in the
Risk Factors section and elsewhere in the reports we have filed
with the Securities and Exchange Commission, including that
unfavorable global economic conditions may adversely impact our
business, our backlog may not be fully realized as revenue, our
expenses may be higher than anticipated, and the review of the
Company's accounting, accounting policies and internal control over
financial reporting, and the preparation of and the audit or
review, as applicable, of filings may take longer than currently
anticipated or additional restatement adjustments may be
identified. We do not intend, and undertake no obligation, to
update any forward-looking statement.
Hill International, Inc. Elizabeth J. Zipf,
LEED AP BD+C Senior Vice President Hill International, Inc.
One Commerce Square 2005 Market Street, 17th Floor
Philadelphia, PA 19103 Tel: 215-309-7707
elizabethzipf@hillintl.com
Hill International, Inc. Marco A. Martinez SVP
& Interim Chief Financial Officer (215) 309-7951
marcomartinez@hillintl.com
InvestorCom John Glenn Grau President (203)
295-7841 jgrau@investor-com.com
(HIL-G)