FAIRLAWN, Ohio, Nov. 28 OH-OMNOVA-NYSE-notice
FAIRLAWN, Ohio, Nov. 28 /PRNewswire-FirstCall/ -- OMNOVA Solutions Inc.
(NYSE: OMN), today announced that, as a result of the recent volatile market
activity affecting the Company's common stock, it was notified by the New York
Stock Exchange (the "NYSE") on November 25, 2008, that it has fallen below
compliance with the continued listing criteria related to 30-day average
minimum share price. The Company intends to notify the NYSE within 10
business days of its intent to cure the deficiency within the six month cure
period provided by NYSE rules, or by May 25, 2009. OMNOVA's common stock will
continue to be listed on the NYSE, subject to the Company's compliance with
other NYSE continued listing requirements.
OMNOVA Solutions Inc. is a technology-based company with proforma 2007
sales of $836 million and a current workforce of approximately 2,730 employees
worldwide. OMNOVA is an innovator of emulsion polymers, specialty chemicals,
and decorative and functional surfaces for a variety of commercial, industrial
and residential end-uses. Visit OMNOVA Solutions on the internet at
www.omnova.com.
This news release may contain forward-looking statements concerning
trends, expectations, estimates, forecasts and projections relating to the
Company and its business, industries, markets, products, results of
operations, financial condition, accounting policies and management judgments,
among other things. These statements are intended to qualify for the
protections afforded forward-looking statements under the Private Securities
Litigation Reform Act of 1995. Forward-looking statements may generally be
identified by the use of forward-looking terms such as "may," "should,"
"projects," "forecasts," "seeks," "believes," "expects," "anticipates,"
"estimates," "intends," "plans," "targets," "optimistic", "likely," "will,"
"would," "could," or similar terms. There are many risks, uncertainties and
factors that could cause actual results or outcomes to differ materially from
those expressed in or implied by the Company's forward-looking statements.
Some of these risks, uncertainties and factors include, but are not limited
to, the following: general economic trends affecting the Company's end-use
markets; prices and availability of raw materials including styrene,
butadiene, vinyl acetate monomer, polyvinyl chloride, acrylics and textiles;
ability to increase pricing to offset raw material cost increases; product
substitution and/or demand destruction due to product technology, performance
or cost disadvantages; customer and/or competitor consolidation; ability to
successfully develop and commercialize new products; customer ability to
compete against increased foreign competition; ability to successfully
implement productivity enhancement and cost reduction initiatives; operational
issues at the Company's facilities; the Company's strategic alliance, joint
venture and acquisition activities; acts of war or terrorism, natural
disasters or other acts of God; changes in governmental and regulatory
policies; compliance with extensive environmental, health and safety laws and
regulations; rapid inflation in health care costs and assumptions used in
determining health care cost estimates; risks associated with foreign
operations including political unrest and fluctuations in exchange rates of
foreign currencies; prolonged work stoppage resulting from labor disputes with
unionized workforce; assumptions used in determining pension plan expense and
funding, such as return on assets and discount rates and changes in pension
funding regulations; litigation against the Company including adverse
litigation judgment or settlement and absence of or inadequacy of insurance
coverage for such litigation, judgments or settlements; availability of
financing to fund operations and, if available, the rates and terms of such
financing; substantial debt and leverage and the ability to service that debt
including increases in applicable short or long-term borrowing rates; and
continuing to meet the listing requirements of the New York Stock Exchange.
The Company disclaims any obligation, other than imposed by law, to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE OMNOVA Solutions Inc.
