PEMBROKE PINES, Fla.,
Nov. 23, 2010 /PRNewswire-FirstCall/
-- Decorator Industries, Inc. (Amex: DII), a leading supplier of
interior furnishings for the hospitality, manufactured housing
("MH") and recreational vehicle ("RV") industries, announced that
NYSE/AMEX has notified the Company that it may halt trading in the
Company's common stock as a result of the Company's failure to file
financial information as of and for its third fiscal quarter ended
October 2, 2010.
The Company delayed the filing because it was in discussions
with its lender, Wells Fargo Bank, N.A., regarding the Company's
credit agreement and outstanding indebtedness. Today the Company
has reached an agreement in principle with Wells Fargo.
The Company also announced that, as a cost-saving matter, it
intends to delist its common stock from AMEX and deregister its
common stock under the Securities Exchange Act of 1934.
STATEMENTS CONTAINED IN THIS RELEASE THAT ARE NOT HISTORICAL
FACTS ARE FORWARD-LOOKING STATEMENTS THAT COULD DIFFER MATERIALLY
FROM ACTUAL RESULTS. PRIMARY FACTORS THAT COULD CAUSE ACTUAL
RESULTS TO MATERIALLY DIFFER FROM THOSE IN THE FORWARD-LOOKING
STATEMENTS ARE THE COMPANY'S ABILITY TO SUCCESSFULLY RENEGOTIATE OR
REPLACE ITS LINE-OF-CREDIT, THE COMPANY'S ABILITY TO DELIST AND
DEREGISTER ITS COMMON STOCK AND OTHER FACTORS.
DECORATOR INDUSTRIES, INC., FOUNDED IN 1953, DESIGNS
MANUFACTURES AND SELLS INTERIOR FURNISHING PRODUCTS, PRINCIPALLY
DRAPERIES, CURTAINS, SHADES, BLINDS, VALANCE BOARDS,
BEDSPREADS, COMFORTERS, PILLOWS, CUSHIONS AND TRAILER
TENTS. DECORATOR IS A LEADING SUPPLIER TO THE MANUFACTURED
HOUSING AND RECREATIONAL VEHICLE MARKETS AND IS A GROWING SUPPLIER
TO THE LODGING INDUSTRY.
SOURCE Decorator Industries, Inc.