CHARLOTTE, N.C., Oct. 19, 2011 /PRNewswire/ -- Horizon Lines, Inc.
(NYSE: HRZ), the nation's leading domestic ocean shipping company,
today announced that its common stock will begin trading on the
OTCQB Marketplace, effective October 20,
2011.
OTC Markets Group Inc. operates the world's largest electronic
marketplace for broker-dealers to trade unlisted stocks, including
the OTCQB Marketplace. Investors will be able to view the
Real Time Level II stock quote, which provides detailed quote
information by market maker, for Horizon Lines at
http://www.otcmarkets.com under the ticker symbol HRZL.
The transition to the OTCQB Marketplace comes after the New York
Stock Exchange (NYSE) announced that trading of the common stock of
Horizon Lines will be suspended prior to the market opening on
October 20, 2011. The stock is
being suspended because it did not maintain an average market
capitalization of at least $15
million over a consecutive 30-trading-day period, as
required by NYSE continued listing standards.
Horizon Lines is appealing the NYSE's determination. The
company has been advised by the NYSE that additional action to
pursue delisting of the stock will not be undertaken until the
appeal is completed. In the meantime, the company's stock
will trade on the OTCQB Marketplace under the new HRZL stock
symbol.
The transition to the OTCQB Marketplace does not change the
company's obligation to file periodic and other reports with the
Securities and Exchange Commission under applicable federal
securities laws. In addition, the transition of the company's
stock to the OTCQB Marketplace will have no effect on the shares
themselves. Horizon Lines' shareholders remain owners of the
common stock and will be able to trade the stock on the OTCQB
Marketplace as of October 20,
2011.
"Our stock's change in trading venue does not have any impact on
our ability to provide excellent service to our customers," said
Stephen H. Fraser, President and
Chief Executive Officer. "We continue to move forward with a new
financial structure resulting from our recent successful
refinancing that provides adequate liquidity to fund continuing
operations and affords us the opportunity to grow our business and
reduce debt over time."
About Horizon Lines
Horizon Lines, Inc. is the nation's leading domestic ocean
shipping and integrated logistics company. The company owns or
leases a fleet of 20 U.S.-flag containerships and operates five
port terminals linking the continental United States with Alaska, Hawaii, Guam,
Micronesia and Puerto Rico. The company provides express
trans-Pacific service between the U.S. West Coast and the ports of
Ningbo and Shanghai in China, manages a domestic and overseas service
partner network and provides integrated, reliable and cost
competitive logistics solutions. Horizon Lines, Inc., is based in
Charlotte, NC.
Forward Looking Statements
The information contained in this press release should be read
in conjunction with our filings made with the Securities and
Exchange Commission. This press release contains
"forward-looking statements" within the meaning of the federal
securities laws. Forward-looking statements are those that do
not relate solely to historical fact. They include, but are
not limited to, any statement that may predict, forecast, indicate
or imply future results, performance, achievements or events. Words
such as, but not limited to, "will," "intend," "expect," "would,"
"could," "must," "may," and similar expressions or phrases identify
forward-looking statements.
Factors that may cause expected results or anticipated events or
circumstances discussed in this press release to not occur or to
differ from expected results include: our ability to maintain
adequate liquidity to operate our business; our ability to
refinance, repay, or extend our indebtedness when it becomes due;
volatility in fuel prices; the cyclical nature of international
shipping industry and resulting volatile changes in freight rates;
decreases in shipping volumes; failure to comply with the terms of
our probation imposed by the court in connection with our plea
relating to antitrust matters; any new adverse developments
relating to antitrust matters in any of our trades; failure to
resolve or successfully defend pending and future civil antitrust
claims; government investigations related to environmental
regulations including recordkeeping and reporting requirements for
vessel generated pollution and any other government investigations
and legal proceedings; suspension or debarment by the federal
government; compliance with safety and environmental protection and
other governmental requirements; increased inspection procedures
and tighter import and export controls; repeal or substantial
amendment of the coastwise laws of the
United States, also known as the Jones Act; our ability to
remain Jones Act compliant because of changes in ownership;
catastrophic losses and other liabilities; the arrest of our
vessels by maritime claimants; severe weather and natural
disasters; the aging of our vessels and unexpected
substantial dry-docking or repair costs for our vessels; the
transfer of the listing of the company's common stock from the NYSE
to the OTCQB Marketplace; and the decreased liquidity for the
company's common stock.
All forward-looking statements involve risk and uncertainties.
In light of these risks and uncertainties, expected results or
other anticipated events or circumstances discussed in this press
release might not occur. The forward-looking statements included in
the press release are made only as of the date they are made and
the company undertakes no obligation to update any such statements,
except as otherwise required by applicable law. See the section
entitled "Risk Factors" in our Form 10-K filed with the SEC on
March 28, 2011, for a more complete
discussion of these risks and uncertainties and for other risks and
uncertainties. Those factors and the other risk factors described
therein are not necessarily all of the important factors that could
cause actual results or developments to differ materially from
those expressed in any of our forward-looking statements. Other
unknown or unpredictable factors also could harm our results.
Consequently, there can be no assurance that actual results or
developments anticipated by us will be realized or, even if
substantially realized, that they will have the expected
consequences.
SOURCE Horizon Lines, Inc.