Lancer Announces AMEX Acceptance of Revised Compliance Plan
April 23 2004 - 5:00PM
PR Newswire (US)
Lancer Announces AMEX Acceptance of Revised Compliance Plan SAN
ANTONIO, April 23 /PRNewswire-FirstCall/ -- Lancer Corporation
announced today that the American Stock Exchange ("AMEX") has
accepted Lancer's revised plan to regain compliance with AMEX's
continued listing standards (the "Plan"). As announced on October
16, 2003, Lancer fell out of compliance with the AMEX continued
listing standards following Lancer's inability to file its
quarterly report for the second quarter of 2003 with the Securities
and Exchange Commission (the "SEC") on a timely basis, which
violated Section 1003(d) of the AMEX Company Guide. Since that
time, Lancer has been unable to file its quarterly report for the
third quarter of 2003 and its annual report for the fiscal year
2003 on Form 10-K, and does not expect to file its quarterly report
for the first quarter of 2004 on a timely basis. Lancer expects to
regain compliance with the AMEX listing standards by having all of
its periodic reports filed with the SEC on or near June 30, 2004.
Additionally, Lancer continues to work with AMEX to identify ways
in which Lancer's common stock could resume trading prior to June
30, 2004. By accepting the Plan, AMEX has provided Lancer with an
extension of time in order to regain compliance with the continued
listing standards and will allow Lancer to maintain its AMEX
listing through the Plan period, subject to periodic progress
reviews by the AMEX staff. If Lancer does not make progress
consistent with the Plan or regain compliance, the AMEX staff could
initiate delisting procedures. Lancer intends to make all efforts
to comply fully with the Plan, although the Plan is ultimately
contingent upon the completion of financial audits and reviews by
Lancer's new independent auditors. This press release contains
various forward-looking statements and information that 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. DATASOURCE: Lancer Corporation CONTACT: Scott Adams of
Lancer Corporation, +1-210-310-7065 Web site:
http://www.lancercorp.com/
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