Riviera Tool Receives Notification Letter from American Stock Exchange
14 Fevereiro 2006 - 8:00PM
PR Newswire (US)
GRAND RAPIDS, Mich., Feb. 14 /PRNewswire-FirstCall/ -- Riviera Tool
Co. (AMEX:RTC) today reported it has received notification from the
American Stock Exchange (Amex) that the company does not meet
certain of the continued listing standards as set forth in the Amex
Company Guide. The Grand Rapids, Mich. designer and manufacturer of
stamping die systems said Amex cited Section 1003(a)(ii) of the
Company Guide in the letter, indicating concern regarding Riviera
Tool's shareholders' equity of less than $4.0 million and losses
from continuing operations and/or net losses in three out of its
four most recent fiscal years. As of November 30, the company
reported shareholders' equity of $3.54 million. In order to
maintain its listing, the company intends to submit a plan to Amex
within the 30 days that will outline Rivera Tool's strategy to
bring itself back into compliance. If accepted by Amex, the company
may be able to continue its listing during an 18-month period,
during which time it will be subject to periodic review to
determine progress consistent with the plan. "We are exploring all
of our options in order to maintain our listing on Amex, and we
intend to resolve this issue as quickly as possible," said Kenneth
K. Rieth, president and chief executive officer of Riviera Tool.
"Our business improved in the months of December and January when
we received approximately $4.4 million of new contracts, and we
expect these results will help us return to compliance." About
Riviera Tool Riviera Tool Co. (http://www.rivieratool.com/ )
designs, develops and manufactures large-scale, custom metal
stamping die systems used in the high- speed production of sheet
metal parts and assemblies for the global automotive industry. A
majority of Riviera's sales are to BMW, Nissan, DaimlerChrysler,
General Motors Corp., Ford Motor Co. and their Tier One suppliers.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this news release
include certain predictions and projections that may be considered
forward-looking statements under securities laws. These statements
involve a number of important risks and uncertainties that could
cause actual results to differ materially, including but not
limited to economic, competitive, governmental and technological.
First Call Analyst: FCMN Contact: DATASOURCE: Riviera Tool Co.
CONTACT: Kenneth K. Rieth, CEO, or Peter C. Canepa, CFO, of Riviera
Tool Company, +1-616-698-2100 Web site: http://www.rivieratool.com/
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