National R.V. Holdings, Inc. Files Form 15 to Voluntarily Deregister its Shares with the SEC
November 08 2007 - 4:34PM
PR Newswire (US)
PERRIS, Calif., Nov. 8 /PRNewswire-FirstCall/ -- National R.V.
Holdings, Inc. (OTC:NRVH) (BULLETIN BOARD: NRVH) (the "Company")
announced that it has filed today a Form 15 with the Securities and
Exchange Commission (the "SEC") to voluntarily deregister its
common stock under the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), and to suspend its obligation to file reports
under Section 13(a) of the Exchange Act. The Company is eligible to
deregister by filing a Form 15 because it has fewer than 300
holders of record of its common stock. With the filing of the Form
15, the Company's obligation to file certain reports with the SEC,
including Forms 10-K, 10-Q, and 8-K, has been immediately
suspended. The Company's obligation to file such reports will
terminate in 90 days, unless the SEC denies the Company's
certification on Form 15. The Company anticipates that
deregistration of its common stock will become effective on or
about February 6, 2008. The Company expects that its common stock
will no longer be traded on the OTC Bulletin Board as of today. It
is expected that the Company's common stock will be quoted on the
Pink Sheets under symbol NRVH. Dave Humphreys, Chief Executive
Officer, stated, "After assessing the advantages and disadvantages
of remaining a registered company, our board of directors
unanimously concluded that it is in the best interests of the
Company and its stockholders to deregister its shares. The
substantial out of pocket cost, as well as the significant demands
on management's time and focus, necessary to comply with SEC
reporting, including the additional costs that would be required in
order to comply with Section 404 of the Sarbanes-Oxley Act,
outweigh the benefits the Company receives from maintaining its
registered status. We believe that deregistering will allow us to
reduce current expenses, avoid substantial future costs, and free
our management team to focus more of its time and resources on
operating the Company." About National R.V. Holdings, Inc. National
R.V. Holdings, Inc., through its wholly-owned subsidiary, National
RV, Inc., is one of the nation's leading producers of motorized
recreational vehicles, often referred to as RVs or motorhomes. From
its Perris, California facility, NRV designs, manufactures and
markets Class A gas and diesel motorhomes under model names Surf
Side, Sea Breeze, Dolphin, Tropi-Cal, Pacifica and Tradewinds. NRV
began manufacturing RVs in 1964. Based upon retail registrations
for the year ended December 31, 2006, the Company, through its NRV
subsidiary, is the seventh largest domestic manufacturer of Class A
motorhomes. This release and other statements by the Company
contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 including
statements about the Company's future expectations, performance,
plans, prospects, as well as assumptions about future events,
including the expectation that the Form 15 will become effective
and the registration of the Company's common stock under the
Exchange Act will terminate. Investors are cautioned that
forward-looking statements are inherently uncertain. Actual
performance and results may differ materially from that projected
or suggested herein due to certain risks and uncertainties
including, without limitation, denial by the SEC of the Company's
certification on Form 15, the cyclical nature of the recreational
vehicle industry; continuation of losses; the ability of the
Company to address the effects caused by fiberglass material
supplied by a third party supplier; the ability of the Company's
new and redesigned product introductions to achieve market
acceptance; the ability of the Company to obtain long-term debt
financing; seasonality and potential fluctuations in the Company's
operating results; any material weaknesses in the Company's
internal control over financial reporting; any failure to implement
required new or improved internal controls; the Company's ability
to maintain quotation of its shares; the Company's dependence on
chassis suppliers; potential liabilities under dealer/lender
repurchase agreements; competition; government regulation; warranty
claims; product liability; and dependence on certain dealers and
concentration of dealers in certain regions. Certain risks and
uncertainties that could cause actual results to differ materially
from that projected or suggested are set forth in the Company's
Form 10-K and other filings with the Securities and Exchange
Commission (SEC) and the Company's public announcements, copies of
which are available from the SEC or from the Company upon request.
Contact: Thomas J Martini 800.322.6007 DATASOURCE: National R.V.
Holdings, Inc. CONTACT: Thomas J Martini of National R.V. Holdings,
Inc., 1-800-322-6007, Web site: http://www.nrvh.com/
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