BLUE BELL, Pa., July 27 /PRNewswire-FirstCall/ -- C&D
Technologies, Inc. (NYSE: CHP), a leading North American producer
and marketer of electrical power storage and conversion systems
used in telecommunications, uninterrupted power supply (UPS)
systems, utility and other high reliability applications, announced
today that the New York Stock Exchange (the "NYSE") has notified
the Company that it has accepted the Company's proposed plan for
continued listing on the NYSE.
As a result of the acceptance, the Company's common stock will
continue to be listed on the NYSE pending quarterly reviews by the
NYSE's Listing and Compliance Committee to ensure progress against
the plan. The Company previously announced that the NYSE
notified it that the Company was considered "below criteria"
because its total average market capitalization over a consecutive
30-day trading period and its shareholders' equity were each less
than $50 million, and its average
closing price over thirty consecutive trading days was less than
$1.00 per common share.
About C&D Technologies:
C&D Technologies, Inc. provides solutions and services for
the switchgear and control (utility), telecommunications, and
uninterruptible power supply (UPS), as well as emerging markets
such as solar power. C&D Technologies engineers, manufactures,
sells and services fully integrated reserve power systems for
regulating and monitoring power flow and providing backup power in
the event of primary power loss until the primary source can be
restored. C&D Technologies is headquartered in Blue Bell, PA. For more information about
C&D Technologies, visit http://www.cdtechno.com.
Forward-looking Statements:
This press release may contain forward-looking statements
(within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934), which are
based on management's current expectations and are subject to
uncertainties and changes in circumstances. Words and expressions
reflecting something other than historical fact are intended to
identify forward-looking statements, but are not the exclusive
means of identifying such statements. Factors that appear with the
forward- looking statements, or in the Company's Securities and
Exchange Commission filings (including without limitation the
Company's annual report on Form 10-K for the fiscal year ended
January 31, 2010, or the quarterly
and current reports filed on Form 10-Q and Form 8-K thereafter),
could cause the Company's actual results to differ materially from
those expressed in any forward-looking statements made herein,
including but not limited to the Company's ability to satisfy the
NYSE's continued listing standards, commencement by the NYSE of
suspension and delisting procedures for failure to implement
successfully a plan to correct non-compliance with NYSE continued
listing standards, the Company's ability to achieve and maintain a
total average market capitalization over a consecutive 30-day
trading period and shareholders' equity of more than $50 million, the Company's ability to achieve and
maintain an average share price above $1.00 per share of its common stock over thirty
consecutive trading days, and the NYSE's right to take more
immediate listing action in the event that the Company's stock
trades at levels that are viewed as abnormally low on a sustained
basis or based on other factors.
SOURCE C&D Technologies, Inc.