NP Aerospace Sale and Dividend Cessation Cause Reinhold Industries Market Value to Fall Below Nasdaq National Market Threshold
January 25 2006 - 11:16AM
PR Newswire (US)
SANTA FE SPRINGS, Calif., Jan. 25 /PRNewswire-FirstCall/ --
Reinhold Industries, Inc. (NASDAQ:RNHDA) of Santa Fe Springs,
California, announced today that it has received a letter from the
Nasdaq Stock Market ("Nasdaq") informing Reinhold that it no longer
meets the standards for continued listing of Reinhold's common
shares on the Nasdaq National Market. Specifically, Nasdaq states
in the letter that Reinhold did not meet, for a period of 10
consecutive trading days in January 2006, the requirement of Nasdaq
Marketplace Rule 4450(b)(1)(A) that the market value of Reinhold's
listed common shares equal at least $50,000,000. Reinhold has until
February 21, 2006 to demonstrate compliance with the rule, or apply
to Nasdaq to transfer the listing of Reinhold's common shares to
the Nasdaq Capital Market. If Reinhold fails to demonstrate
compliance or to apply for transfer of the listing by that date,
its common shares may be delisted. Reinhold believes it meets the
requirements for listing of its common shares on the Nasdaq Capital
Market and intends to apply for the transfer of its listing to the
Nasdaq Capital Market. Reinhold's common shares will continue to
trade on the Nasdaq National Market while the Nasdaq staff reviews
an application for transfer. On November 21, 2005, Reinhold closed
the sale of its NP Aerospace subsidiary to the Carlyle Group and
announced the cessation of its regular dividend policy. On January
3, 2006, Reinhold paid a special dividend of $6.00 per share to all
shareholders of record on December 16, 2005. Reinhold Industries,
Inc. is a manufacturer of advanced custom composite components and
sheet molding compounds for a variety of applications in the United
States. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS To the
extent Reinhold makes certain "forward-looking statements" in this
press release, such as statements about future plans, goals and
other events which have not yet occurred, such statements are
intended to qualify for the safe harbors from liability provided by
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can generally be identified because they
include words such as Reinhold "believes," "anticipates," "expects"
or words of similar import. These forward-looking statements
involve risks and uncertainties and the actual results could differ
materially from those discussed in the forward-looking statements.
These risks and uncertainties include, without limitation, risks
associated with levels of U.S. and foreign military spending and
the financial condition of the airline industry. You should
consider these risks and factors and the impact they may have when
you evaluate these forward-looking statements. These statements are
based only on Reinhold's knowledge and expectations on the date of
this press release. Reinhold disclaims any duty to update these
statements or other information in this press release based on
future events or circumstances. First Call Analyst: FCMN Contact:
bmeinsen@reinhold-ind.com DATASOURCE: Reinhold Industries, Inc.
CONTACT: Wanda Morrison of Reinhold Industries, Inc.,
+1-562-944-3281
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