Press Releases: 2015
Automodular Announces Remedial Listing Review by Toronto Stock Exchange
AJAX: March 16, 2015:
Automodular Corporation (“Automodular” or the “Company”) (TSX:AM) announced today that the Toronto Stock Exchange (the “TSX”) has commenced a review of the Company’s eligibility for continued listing pursuant to Part VII of The Toronto Stock Exchange Company Manual. Specifically, TSX is reviewing the Company with respect to the listing requirement that it must be actively engaged in ongoing business. The Company is being reviewed under the Remedial Review Process and has been granted 120 days to comply with all requirements for continued listing. If the Company cannot demonstrate that it meets all TSX requirements set out in Part VII of The Toronto Stock Exchange Company Manual on or before July 16, 2015, the Company’s securities will be delisted 30 days from such date. The Company will be entitled to make submissions prior to the decision of the Continued Listing Committee in mid-July 2015.
As announced by the Company on March 5th, the Company has turned over the Oakville facilities to the respective landlords and has significantly reduced the Company’s staff. The Company has significant cash resources and intends to continue its efforts on the diversification front during the review period. We continue to reach out to our contacts and work with our Canadian-based investment banker to assist us in identifying opportunities to leverage our core skills. There can be no assurance that any transaction will be consummated.
Automodular will consider options for another listing for the Company’s shares in the event that the TSX proceeds with the de-listing.
For further information, contact:
President and CEO
(905) 619 4202
This press release contains forward-looking statements that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are market and general economic conditions and the risk factors detailed from time to time in the Company’s periodic reports filed with the Canadian securities regulatory authorities and on SEDAR at www.sedar.com. Readers are cautioned not to rely on forward-looking statements. Except as required under continuous disclosure obligations, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Automodular does not provide financial outlooks.