Tel-Instrument Electronics Corp. Disappointed With NYSE American Decision, Will Trade on the OTC Markets
March 11 2019 - 8:30AM
Business Wire
Tel-Instrument Electronics Corp. (“Tel” or the “Company”), a
leading designer and manufacturer of avionics test and measurement
solutions, was advised that the NYSE American denied the Company’s
appeal to remain listed on the NYSE American, and that trading on
NYSE American in the Company’s common stock - trading symbol “TIK”
- has been suspended immediately. The Company’s common stock will
continue to trade on the OTC Markets
under the same trading symbol.
Jeff O’Hara, Tel’s President and CEO stated, “We are
disappointed with the NYSE’s decision to delist the Company and not
provide an additional extension to meet their minimum net worth
requirement. We provided compelling evidence that we should regain
compliance within the next nine to twelve months as a result of
strong growth in revenues and profitability. We were not willing to
raise additional equity capital, and dilute our current
shareholders, to meet an arbitrary deadline. The Company is
exploring alternatives for the quotation of its common stock to
ensure the best possible trading platform for our
shareholders.”
About Tel-Instrument Electronics
Corp
Tel-Instrument is a leading designer and manufacturer of
avionics test and measurement solutions for the global commercial
air transport, general aviation, and government/military aerospace
and defense markets. Tel-Instrument provides instruments to test,
measure, calibrate, and repair a wide range of airborne navigation
and communication equipment. For further information please visit
our website at www.telinstrument.com.
This press release includes statements that are not historical
in nature and may be characterized as “forward-looking statements,”
including those related to future financial and operating results,
benefits, and synergies of the combined companies, statements
concerning the Company’s outlook, pricing trends, and forces within
the industry, the completion dates of capital projects, expected
sales growth, cost reduction strategies, and their results,
long-term goals of the Company and other statements of
expectations, beliefs, future plans and strategies, anticipated
events or trends, and similar expressions concerning matters that
are not historical facts. All predictions as to future results
contain a measure of uncertainty and, accordingly, actual results
could differ materially. Among the factors which could cause a
difference are: changes in the general economy; changes in demand
for the Company’s products or in the cost and availability of its
raw materials; the actions of its competitors; the success of our
customers; technological change; changes in employee relations;
government regulations; litigation, including its inherent
uncertainty; difficulties in plant operations and materials;
transportation, environmental matters; and other unforeseen
circumstances. A number of these factors are discussed in the
Company’s previous filings with the Securities and Exchange
Commission. The Company disclaims any intention or obligation to
update any forward-looking statements as a result of developments
occurring after the date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20190311005406/en/
Tel-Instrument Electronics Corp.Joseph P. Macaluso,
201-933-1600
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