CARLSBAD, Calif., Feb. 16, 2011 /PRNewswire/ -- Phoenix Footwear
Group, Inc. (Amex: PXG), (the "Company") announced today that as
part of its restructuring and cost reduction strategy it has
submitted a written notice to the NYSE AMEX ("AMEX") of its
intention to file a Form 25 with the Securities and Exchange
Commission (the "SEC") in order to voluntarily delist its common
stock, par value $0.01 per share from
AMEX and deregister its common stock under Section 12(b) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act").
The Board of Directors of the Company approved the voluntary
delisting of the Company's common stock on October 5, 2010. The Company intends to file the
Form 25 "Notification of Removal from Listing" on or after
February 28, 2011. The Company
anticipates that the delisting will be effective 10 days after
filing the Form 25, "Notification of Removal from Listing." Upon
delisting from AMEX, the Company intends to have its common stock
quoted on the Pink OTC Markets.
On January 31, 2011, also as part
of its restructuring and cost reduction strategy, the Company
effected a 1-for-200 reverse stock split, immediately followed by a
200-for-1 forward stock split. These changes had the effect
of reducing the number of the Company's stockholders of record
below 300. As a result, following its delisting from AMEX the
Company also intends to file a Form 15 with the SEC. Upon filing of
the Form 15, the Company's obligation to file certain reports,
including Forms 10-K, 10-Q, and 8-K, with the SEC will be
suspended. The Company expects that the deregistration of its
common stock will become effective 90 days after filing of the Form
15 with the SEC. Although the Company will no longer file reports
with the SEC or be subject to AMEX rules for the foreseeable future
once the delisting and deregistration of the Common Stock is
effective, it intends to continue making information available to
stockholders and to observe corporate governance practice as may be
required to maintain quotations on the Pink OTC Markets.
About Phoenix Footwear Group, Inc.
Phoenix Footwear Group, Inc., headquartered in Carlsbad, California, specializes in quality
comfort women's and men's footwear with a design focus on fitting
features. Phoenix Footwear designs, develops, markets and sells
footwear in a wide range of These brands are primarily sold through
department stores, leading specialty and independent retail stores,
mail order catalogues and internet retailers and are carried by
approximately 650 customers in over 900 retail locations throughout
the U.S. Phoenix Footwear has been engaged in the manufacture or
importation and sale of quality footwear since 1882. sizes and
widths under the brands Trotters®, SoftWalk®, and H.S. Trask®.
These brands are primarily sold through department stores, leading
specialty and independent retail stores, mail order catalogues and
internet retailers and are carried by approximately 650 customers
in over 900 retail locations throughout the U.S. Phoenix Footwear
has been engaged in the manufacture or importation and sale of
quality footwear since 1882.
Forward-Looking Statements
This press release contains certain forward-looking statements.
These forward-looking statements include, but are not limited to,
statements preceded by, followed by or that include the words
"believes," "could," "expects," "anticipates," "estimates,"
"intends," "plans," "projects," "seeks," "exploring," or similar
expressions. Such statements are subject to certain risks and
uncertainties which could cause actual results to differ materially
from results presently anticipated or projected. Phoenix Footwear
cautions you not to place undue reliance on any such
forward-looking statements, which speak only as of the date made.
Readers are advised that Phoenix Footwear's actual results may
differ materially from any opinions or statements expressed with
respect to future periods in any current statements in this press
release or in our other filings with the Securities and Exchange
Commission, all of which are available at the SEC's website at
http://www.sec.gov. Many of these risks and uncertainties are
discussed in Phoenix Footwear's annual report on Form 10-K for the
year ended January 2, 2010, filed
with the SEC on March 31, 2010, and
in reports we have subsequently filed with the SEC.
SOURCE Phoenix Footwear Group, Inc.