Engex, Inc. Receives NYSE Amex Notification of Listing Continuation
29 Octubre 2009 - 2:07PM
PR Newswire (US)
NEW YORK, Oct. 29 /PRNewswire-FirstCall/ -- Engex, Inc. (AMEX:EGX)
(the "Company") announced on August 7, 2009 that it had received
notice from the NYSE Amex Staff indicating that the Company was
below certain of the Exchange's continued listing standards.
Specifically, the Company was not in compliance with Section
1003(a)(ii) of the Company Guide with stockholders' equity (as in
net assets) of less than $4,000,000 and net losses in three of its
four most recent fiscal years, Section 1003(a)(iii) of the Company
Guide with stockholders' equity (as in net assets) of less than
$6,000,000 and net losses in its five most recent fiscal years and
Section 1003(b)(v)(A) of the Company Guide in that its total market
value of publicly held shares and net assets are each less than
$5,000,000 for more than 60 consecutive days. The Company was
afforded the opportunity to submit a plan of compliance to the
Exchange. On September 14, October 2, and October 9, 2009, the
Company presented its plan to the Exchange. On October 23, 2009,
the Exchange notified the Company that it accepted the Company's
plan to regain compliance with Section 1003(b)(v)(A) of the Company
Guide by February 8, 2010 and Sections 1003(a)(ii) and 1003
(a)(iii) of the Company Guide by February 7, 2011. The Company will
be subject to periodic review by Exchange Staff during the periods
covered by the plan. Failure to make progress consistent with the
plan or to regain compliance with the continued listing standards
by the end of the periods covering the plan could result in the
Company being delisted from the NYSE AMEX LLC. Engex, Inc. is a
closed end mutual fund registered under the Investment Company Act
of 1940, as a nondiversified, closed-end investment company. On
behalf of the Board of Directors Michael Siciliano Treasurer,
Engex, Inc. Some statements contained in this news release are
forward-looking statements within the safe harbor of the Private
Securities Litigation Reform Act of 1995. These statements
generally are identified by words such as the Company "believes",
"expects", and similar language, or convey estimates and statements
that describe the Company's future plans, objectives or goals, and
include the Company's ability to submit a plan to the Amex, the
Amex's acceptance of the plan, the continued listing of the
Company's shares on the Amex, the Company's ability to increase its
stockholders' equity, continue operations, and meet its
obligations. Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Further
information regarding risks and uncertainties which may cause
results to differ materially from those projected in
forward-looking statements, are included in filings by the Company
with securities regulatory authorities. Readers are cautioned not
to place undue reliance on forward-looking statements, which speak
only as of the date thereof. The Company does not undertake to
update any forward-looking statements that may be made from time to
time except in accordance with applicable securities laws.
DATASOURCE: Engex, Inc. CONTACT: Mr. Michael Siciliano, Engex,
Inc., +1-212-495-4524
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