Business News
Paragon Technologies Voluntarily Delists and Deregisters Stock
Monday 04. May 2009 - Paragon Technologies, Inc. (NYSE Amex: PTG), a leading supplier of "smart" material handling systems and "software-driven" warehouse and distribution center solutions, today announced that it has filed with the NYSE Amex and the Securities and Exchange Commission (the "SEC") a Form 25 relating to the delisting and deregistration of its common stock. Accordingly, the Company anticipates that trading of its common stock on the NYSE Amex may be suspended on April 30, 2009 and that its common stock will be delisted from the NYSE Amex on or about May 11, 2009, and on or about that date, the Company will file with the SEC a Form 15, Notice of Termination and Suspension of Duty to File, to terminate its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
When the Form 15 has been filed, the Company’s obligations to file certain reports with the SEC, including Forms 10-K, 10-Q and 8-K, will immediately be suspended. The Company expects that the deregistration of its common stock will become effective 90 days after the date the Form 15 is filed with the SEC. The Company is eligible to deregister its common stock because it has fewer than 300 stockholders of record.
Following the delisting and deregistration of the Company’s common stock, it is expected that trading of the Company’s common stock by continuing stockholders may be effected through privately negotiated transactions or, if the Company qualifies, in the Pink Sheets (a centralized quotation service that collects and publishes market maker quotes for securities). The Company has engaged a market maker who has applied for the quotation of the Company’s common stock in the Pink Sheets. The Company has been working with the market maker to have the quotation in the Pink Sheets effective as soon as reasonably possible.
If the Company’s common stock is listed and traded in the Pink Sheets, the Company intends to try to comply with rules permitting its common stock to be continuously quoted and traded in the Pink Sheets. However, there is no assurance that either the Company or a market maker will comply with such rules.