ProQuest Receives Further NYSE Listing Extension
January 19 2007 - 8:30AM
PR Newswire (US)
ANN ARBOR, Mich., Jan. 19 /PRNewswire-FirstCall/ -- ProQuest
Company (NYSE:PQE), a publisher of information and education
solutions, today reported that it has received a further extension
for continued listing and trading on the New York Stock Exchange
(NYSE) through Monday, April 2, 2007. The extension is to provide
ProQuest Company with additional time to meet the Annual Financial
Statement Requirement of the NYSE Listed Company Manual, and is
subject to ongoing review by the NYSE. ProQuest Company has not met
the Annual Financial Statement Requirement of the NYSE Listed
Company Manual as it has not filed its Annual Report on Form 10-K
for fiscal year 2005 (2005 10-K) with the SEC. In October 2006, the
Company was granted an additional trading period of up to three
months by the NYSE, through January 2, 2007, to allow the Company
to complete and file its 2005 10-K. In December 2006 the Company
notified the NYSE that it would not be able to meet the extended
deadline of January 2, 2007. The NYSE agreed to continue for a
limited trading period past that date, through January 18, 2007, in
order to obtain more information to fully assess the Company's
request for a further three-month extension through April 2, 2007.
The NYSE has indicated to the Company that it will move forward
with the initiation of suspension and delisting procedures in the
event that ProQuest Company has not filed its Annual Report on Form
10-K for 2005 by April 2, 2007. ProQuest Company continues to work
with its auditors to complete its accounting review and restate its
financials. The Company presently expects that it will file its
Annual Report on Form 10-K for fiscal 2005 in the first quarter of
2007. About ProQuest Company ProQuest Company (NYSE:PQE) is based
in Ann Arbor, Michigan, and is a publisher of information and
education solutions. We provide products and services to our
customers through two business segments: ProQuest Education and
ProQuest Information and Learning. Our Education segment, which
includes the Voyager Expanded Learning business, serves the K-12
market. It is a leading provider of K-12 curriculum products,
in-school core reading programs, reading and math intervention
programs, and professional development programs for school
districts throughout the United States. ProQuest Information and
Learning serves the higher education and public library markets,
and is a world leader in collecting, organizing, and publishing
high-quality research resources for researchers, faculty, and
students in libraries and schools. It is widely known for its
strengths in business and economics; general reference; genealogy;
humanities; social sciences; and scientific, technical and medical
(STM) content. Information and Learning develops products
comprising periodicals, newspapers, dissertations, out-of-print
books, and other scholarly information from more than 9,000
publishers worldwide. Forward-Looking Statements Some of the
statements contained herein constitute forward-looking statements.
These statements relate to future events, the results of our
pending restatement process, or our future financial performance
and involve known and unknown risks, uncertainties and other
factors that may cause our or our markets' actual results, levels
of activity, performance or achievements to be materially different
from any future results, levels of activity, performance or
achievements expressed or implied by such forward-looking
statements. These risks and other factors you should specifically
consider include, but are not limited to the Company's ability to
successfully conclude the review and restatement of its financial
results, the discovery of additional restatement items, the ability
to renegotiate the terms of its revolving credit agreement and
senior notes in connection with defaults under such debt due to any
potential restatement if further defaults occur, ability to support
its current debt level, the Company's ability to refinance its
outstanding debt and working capital needs, changes in customer
demands or industry standards, adverse economic conditions, loss of
key personnel, litigation, decreased library and educational
funding/budgets, the ability to consummate the ProQuest Information
and Learning segment transaction, including the risk that the buyer
might not obtain financing, demand for ProQuest's products and
services, success of ongoing product development, maintaining
acceptable margins, ability to control costs, the impact of
federal, state and local regulatory requirements on ProQuest's
business including K-12 and higher education, the impact of
competition and the uncertainty of economic conditions in general,
the ability to successfully attract and retain customers, sell
additional products to existing customers, and win new business due
to changes in technology, the ability to maintain a broad customer
base to avoid dependence on any one single customer, K-12
enrollment and demographic trends, the level of educational
funding, the level of education technology investments, the
Company's ability to obtain financing, global economic conditions,
financial market performance, and other risks listed under "Risk
Factors" in our regular filings with the Securities and Exchange
Commission. In some cases, you can identify forward- looking
statements by terminology such as "may," "should," "expects,"
"plans," "anticipates," "believes," "estimates," "predicts,"
"potential," "continue," "projects," "intends," "prospects,"
"priorities," or the negative of such terms or other comparable
terminology. These statements are only predictions. Actual events
or results may differ materially. The Company undertakes no
obligation to update any of these statements. DATASOURCE: ProQuest
Company CONTACT: Jennifer Chelune, Investor Relations Manager of
ProQuest Company, +1-734-997-4910, Web site:
http://www.proquestcompany.com/ Company News On-Call:
http://www.prnewswire.com/comp/108291.html
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