American Water Star Receives Notice of Non-Compliance from AMEX
January 18 2006 - 6:13PM
Business Wire
American Water Star Inc. (AMEX: AMW), today announced that on Jan.
12, 2006, it received notice from the American Stock Exchange
(AMEX) staff indicating that the company no longer complies with
AMEX's continued listing standards as set forth in Section
1003(a)(iv) of the Company Guide, and that its securities are,
therefore, subject to being delisted from AMEX. AMW filed a notice
of its required plan of compliance in a Form 8-K on Nov. 29, 2005,
wherein the company was to file its Form 10-QSB for the period
ending Sept. 30, 2005, as well as address other concerns
(http://www.sec.gov/Archives/edgar/data/1041580/000108417805000039/
form8k.txt). As of the date of this release, the Form 10-QSB has
not been filed and the company is not current in its required
filings with the Securities and Exchange Commission (SEC) as a
reporting company. According to the notification, AMW has until
Jan. 18, 2006, to file an objection to the AMEX decision. While AMW
is entitled to file an objection to the decision, AMW has
determined that an AMEX listing is not in the company's best
interests at this time. With this development, pursuant to Section
12(d) of the Securities Exchange Act of 1934 ("Act") and Rule
12d2-2(d) thereunder, AMW intends to file an application with the
SEC to withdraw its common stock from listing and registration on
the AMEX. AMW plans to reregister with the SEC to be a 12(g)
reporting company and is working with its auditor and staff to file
the Form 10-QSB for the period ending Sept. 30, 2005. Upon the
filing of its Form 10-QSB, AMW will immediately seek listing on
either the Over the Counter Bulletin Board (OTCBB) or the Over the
Counter (OTC) market instead of spending its resources trying to
maintain listing qualifications. The company cannot provide any
assurances that its securities will be included for listing on
either the OTCBB or OTC. About American Water Star Inc. American
Water Star Inc. ("AMW") is a publicly traded company and is engaged
in the beverage bottling industry. Its product brands are licensed
and developed in-house, and bottled in strategic locations
throughout the United States. AMW's beverage products are sold by
the truckload, principally to distributors, who sell to retail
stores, corner grocery stores, convenience stores, schools and
other outlets. At AMW, we believe our great-tasting, new
zero-sugar, zero-calorie flavored water beverages have positioned
us to capture a large share of the market for healthy flavored
waters. Our product line consists of three branded beverages:
Geyser Sport; Geyser Fruit; and Geyser Fruta. Geyser Sport is a
sugar-free, calorie-free, carb-free fruit flavored beverage
fortified with vitamins and calcium, offered in eight different
fruit flavors. Geyser Fruit is a non-carbonated water with a low
sugar content, also offered in eight different flavors. Geyser
Fruta is targeted to the Hispanic market and includes authentic
Latin-flavored beverages. Forward-Looking Statements This press
release may contain statements that constitute "forward-looking
statements" as defined under U.S. federal securities laws.
Generally, the words "believe," "expect," "intend," "estimate,"
"anticipate," "establish," "project" and similar expressions
identify forward-looking statements, which generally are not
historical in nature. Forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from our historical experience and our present
expectations or projections. These risks include, but are not
limited to, delisting of our securities from AMEX; our ability to
secure a listing on the Over the Counter Bulletin Board; our
ability to meet our working capital needs to continue operations;
management's ability to seek additional funding or potential merger
and acquisition candidates; any additional work that may be
required for our financial statement preparation of our 2005 third
quarter report; the actual amount of annual sales of AMW water;
changes in economic conditions; changes in the non-alcoholic
beverages business environment, including actions of competitors
and changes in consumer preferences; our ability to capture market
share; the effectiveness of our advertising and marketing programs;
fluctuations in the cost and availability of raw materials or
necessary services; our ability to avoid production output
disruptions; our ability to achieve earnings goals; regulatory and
legal changes; our ability to penetrate developing and emerging
markets; litigation uncertainties; and other risks discussed in our
filings with the SEC, including our Annual Report on Form 10-KSB,
Quarterly Reports on Form 10-QSB, and Current Reports on Form 8-K,
which reports are available from the SEC. You should not place
undue reliance on forward-looking statements, which speak only as
of the date they are made. We undertake no obligation to publicly
update or revise any forward-looking statements to reflect current
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
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