Raytech Corporation Reports It Has Received Early Warning of Delisting from New York Stock Exchange
24 Juni 2005 - 10:13PM
Business Wire
Raytech Corporation (NYSE: RAY) ("Raytech") today announced that it
has received notice from the New York Stock Exchange ("NYSE") of
revised standards for continued listing on the NYSE that will
become applicable to Raytech on July 29, 2005. The NYSE further
stated that a review of the financial condition of Raytech shows
that it is currently "below criteria" under the revised standards
for continued listing because its total market capitalization is
less than $75 million over a 30-trading-day period and its
stockholders' equity is less than $75 million. Raytech does not
believe that it can take steps which will permit it to satisfy the
financial criteria of the NYSE. Therefore, Raytech believes that it
is likely that the NYSE will take steps to delist Raytech after
July 29, 2005. Raytech will evaluate its alternatives and respond
to any official NYSE notification promptly after it is received.
Raytech Corporation is a worldwide manufacturer of wet and dry
clutch, power transmission and brake systems as well as specialty
engineered polymer matrix composite products and related services
for vehicular applications, including automotive OEM, heavy duty
on-and-off highway vehicles and aftermarket vehicular power
transmission systems. Through two technology and research centers
and five manufacturing operations worldwide, Raytech develops and
delivers energy absorption, power transmission and
custom-engineered components focusing on niche applications where
its expertise and technological excellence provide a competitive
edge. Raytech Corporation, headquartered in Shelton, Connecticut,
operates manufacturing facilities in the United States, Germany and
China as well as technology and research centers in Indiana and
Germany. The Company's operations are strategically situated in
close proximity to major customers and within easy reach of
geographical areas with demonstrated growth potential. Raytech
common stock is listed on the New York Stock Exchange and trades
under the symbol "RAY." Company information may be accessed on our
Internet website http://www.raytech.com.
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