Chromcraft Revington, Inc. Provides Update on Previously Announced Voluntary Delisting From NYSE MKT
Chromcraft Revington, Inc. (the “Company”) (NYSE MKT: CRC) announced
today that, in connection with its previously announced voluntary
delisting from the NYSE MKT, it expects its common stock to begin
trading under the ticker symbol CRCV on the OTC Pink Marketplace,
operated by the OTC Markets Group, commencing Tuesday, April 30, 2013.
As of that date, investors and other interested parties will be able to
view the Real Time Level II stock quotes for CRCV at http://www.otcmarkets.com/stock/CRCV/quote.
Although the Company expects to be quoted on the OTC Pink Marketplace,
the Company can provide no assurance that any trading market for the
Company’s securities will exist on the OTC Pink Marketplace. The last
day of trading of the Company’s common stock on the NYSE MKT will be
April 29, 2013.
The Company also intends to file a Form 15 with the Securities and
Exchange Commission (“SEC”) on April 29, 2013. The Form 15 will be filed
in order to terminate the registration of the common stock under Section
12 of the Securities Exchange Act of 1934 (the “Exchange Act”) and the
Company expects the deregistration to become effective 90 days after the
filing if there are no objections from the SEC. The Company’s SEC
reporting obligations under Sections 13 and 15(d) of the Exchange Act,
including its obligations to file annual reports on Form 10-K, quarterly
reports on Form 10-Q and current reports on Form 8-K, will be
immediately suspended upon filing of the Form 15 unless the SEC denies
the effectiveness of the Form 15, in which case the Company would be
required to file all such reports within 60 days of such denial. The
Company has previously announced that it expects to file its Annual
Report on Form 10-K for the year ended December 31, 2012 on or before
May 31, 2013.
The Company will continue to be audited by an independent accounting
firm and prepare and publish quarterly and annual financial results in
its earnings releases which is to be broadly disseminated and available
on our internet website at www.chromcraft-revington.com
on the “Investor Info” page. The Company also intends to post such
information within the OTC Markets website.
About OTC Markets Group Inc.:
OTC Markets Group Inc. (“OTCM”) operates open, transparent and connected
financial marketplaces for investors to easily trade almost 10,000
equity and debt securities through the broker of their choice. OTCM
organized these securities into tiered marketplaces to inform investors
of opportunities and risks. OTCM’s data-driven platform enables
efficient trading through any broker at the best possible price and
empowers a broad range of companies to improve the quality and
availability of information for their investors.
About Chromcraft Revington, Inc.:
Chromcraft Revington® businesses design, manufacture and import
residential and commercial furniture marketed primarily in the U.S. The
Company wholesales its residential furniture products under Chromcraft®,
Cochrane®, Peters-Revington®, and CR Kids & Beyond® primary brands. It
sells commercial furniture under the Chromcraft® and Executive Office
Concepts® brands. The Company sources furniture from overseas suppliers,
with domestic contract specialty facilities, and operates a U.S.
manufacturing facility for its commercial furniture and motion based
casual dining furniture in Mississippi and a manufacturing facility for
office suites and other commercial furniture lines in California.
Certain information and statements contained in this news release are
forward-looking statements. These forward-looking statements can be
generally identified as such because they include future tense or dates,
are not historical or current facts, or include words such as “believe,”
“may,” “expect,” “intend,” “plan,” “anticipate,” or words of similar
import. Forward-looking statements express management’s current
expectations or forecasts of future events or outcomes, but are not
guarantees of performance or outcomes and are subject to certain risks
and uncertainties that could cause actual results or outcomes to differ
materially from those in such statements.
Among such risks and uncertainties that could cause actual results or
outcomes to differ materially from those identified in the
forward-looking statements are the impact of the current economic
difficulties in the United States and elsewhere; import and domestic
competition in the furniture industry; our ability to execute our
business strategies; our ability to grow sales and reduce expenses to
eliminate our operating losses; the recent slowdown in the U.S. office
furniture market will continue; pressure to reduce deficit spending at
various governmental entities that directly or indirectly purchase our
products; our ability to sell the right product mix; our inability to
raise prices in response to increasing costs; continued credit
availability under our current credit facility and our ability to fully
utilize the credit facility; our ability to negotiate and enter into a
definitive agreement with RMMJ LLC on favorable terms concerning the
previously announced possible sale of the Company and consummate such
transaction; our ability to raise additional financing, if needed; our
ability to anticipate or respond to changes in the tastes or needs of
our end users in a timely manner; supply disruptions with products
manufactured in China, Vietnam and other Asian countries; market
interest rates; consumer confidence levels; cyclical nature of the
furniture industry; consumer and business spending; changes in
relationships with customers; customer acceptance of existing and new
products; new home and existing home sales; financial viability of our
customers and their ability to continue or increase product orders; loss
of key management; other factors that generally affect business; and
certain risks set forth in the Company’s annual report on Form 10-K for
the year ended December 31, 2011.
The Company does not undertake any obligation to update or revise
publicly any forward-looking statements to reflect information, events
or circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events or circumstances.