Consulier Elects to Delist to Materially Cut Costs and Increase Shareholder Value
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Thu, 29 Oct 2009 16:16:04 GMT |
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Consulier Engineering, Inc.
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RIVIERA BEACH, Fla. - (Business Wire) Consulier Engineering, Inc. (the “Company”) (NASDAQ:CSLR), announced today that it has given formal notice to the Nasdaq Stock Market (“Nasdaq”) of the Company’s intention to voluntarily delist its common stock from the Nasdaq Capital Market. The Company also announced that it plans to deregister its common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company currently anticipates that it will file with the Securities and Exchange Commission (“SEC”) and Nasdaq a Form 25 relating to the deregistration of its common stock on or about October 28, 2009, with the delisting of its common stock taking effect no earlier than ten (10) days thereafter. As a result, the Company expects that the last day of trading of its common stock on the Nasdaq Capital Market will be on or about November 6, 2009. The decision to delist has been reached as part of the Company’s ongoing strategy of maximizing shareholder value as the direct accounting costs of maintaining a Nasdaq listing now outweigh the benefits. The Company has therefore concluded that a listing on Nasdaq does not justify the expense and administrative burden associated with maintaining such listing. In connection with its Nasdaq delisting, the Company will file a Form 15 with the SEC pursuant to which it will terminate the registration of its common stock and redeemable common stock purchase warrants under Section 12(g) of the Exchange Act. The Company expects that after the filing of Form 15 its common stock will continue to be traded on the pink sheets. The Company’s warrants are not traded. About Consulier Engineering, Inc. Consulier Engineering, Inc. and its subsidiaries are engaged in medical software activities, investment activities, and the distribution of Captain Cra-Z Soap™. For more information about Consulier, please visit its web site at www.consulier.com.
Consulier Engineering, Inc.
Alan Simon, 561-842-2492
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