Peace Arch® Entertainment Receives Delisting Notice from NYSE Amex
21 September 2009 - 4:00PM
Business Wire
On September 17, 2009, Peace Arch® Entertainment Group Inc.
(AMEX:PAE) (TSX:PAE.TO) (the “Company”) received notice from the
NYSE Amex LLC (“Amex” or the “Exchange”) of the Exchange’s intent
to delist the Company’s common shares. The Company continues to
review its options but has decided not to appeal Amex’s
determination to seek delisting. If the Company does not appeal the
determination, the effective date of delisting will be September
30, 2009.
The Amex notification states the following bases for the Amex
delisting determination. First, the Exchange states that the
Company is not in compliance with Sections 134 and 1101 of the
Exchange’s Company Guide (the “Guide”) because it has not filed its
Annual Report on Form 20-F for the year ended August 31, 2008 with
the Securities and Exchange Commission. Further, the Exchange
states that the Company did not complete a reverse stock split that
the Exchange deemed appropriate pursuant to Section 1003(f)(v) of
the Guide to address the Company’s low selling price. Given the
continued low selling of the Company’s common shares, Amex stated
that the Company’s common shares are not suitable for auction
market trading. The Exchange also stated that the Company’s reduced
market capitalization constitutes an additional deficiency.
The Company’s business operations will continue in the normal
course and will not be affected by the status of its Amex listing.
The Company is proceeding with its efforts to complete its Form
20-F for the year ended August 31, 2008, but there can be no
assurance as to whether or when such a filing will occur. Upon
delisting from Amex, the Company believes its common shares will be
eligible to be traded on the Pink Sheets.
About Peace Arch Entertainment Group Inc.
Peace Arch Entertainment produces and acquires feature films and
television content for distribution to worldwide markets. The
Company’s award winning drama “The Tudors” airs on Showtime in the
United States and the CBC in Canada, and its lifestyle series “Last
10 Pounds Boot Camp” and “Bulging Brides” both air on The Fine
Living Network in the U.S. and Slice in Canada. Peace Arch’s recent
feature film releases include “The Mysteries of Pittsburgh”
starring Jon Foster, Peter Sarsgaard, Sienna Miller, Mena Suvari
and Nick Nolte and “JCVD” starring Jean Claude Van Damme. For
additional information, please visit www.peacearch.com.
Forward-Looking Statements
This press release includes statements that may constitute
forward-looking statements, usually containing the words “believe,”
“estimate,” “project,” “expect,” or similar expressions. These
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements inherently involve risks and uncertainties that could
cause actual results to differ materially from the forward-looking
statements. By making these forward-looking statements, the Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release.
Peace Arch (AMEX:PAE)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Peace Arch (AMEX:PAE)
Historical Stock Chart
Von Jun 2023 bis Jun 2024
Echtzeit-Nachrichten über Peace Arch Ent Grp (Amerikanische Börse): 0 Nachrichtenartikel
Weitere Peace Arch Entertainment Group Inc. News-Artikel