Williams Controls Announces Nasdaq Ruling
Williams Controls Announces Nasdaq Ruling
PORTLAND, Ore., July 5 Williams Controls, Inc. (OTC Bulletin Board: WMCO) announced that it has received a ruling on its delisting appeal to the Nasdaq Stock Market, stating that the company's common stock will no longer be listed on the Nasdaq National Market effective July 2, 2001. The Company's common stock is now trading on the Over The Counter Bulletin Board under the same stock symbol. In late April, the company received notice from Nasdaq that it had failed to comply with certain requirements for continued listing on the National Market and would be potentially delisted, to which the company responded with its appeals before the Nasdaq Listing Qualifications Panel. This delisting was a result of the company's inability to meet the net tangible assets requirement for continued listing on either the National Market or the Small Cap Market. Williams Controls President and CEO Thomas K. Ziegler stated, "We would obviously have preferred to continue our listing on the Nasdaq National Market or to be on the Small Cap Market, and followed the appeal process as far as we could. We continue to operate our core businesses while we remain committed to our previously announced sale plans of some or all of our operating subsidiaries in an expeditious manner." Williams Controls is a designer, manufacturer and integrator of sensors, controls and communications systems for the transportation and communications industries. For more information, you can find Williams Controls on the Internet at http://www.wmco.com . The statements included in this news release concerning predictions of economic performance and management's plans and objectives constitute forward- looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1934, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in the Securities and Exchange Commission filings of the company, economic downturns affecting the operations of the company or any of its business operations, the continued availability of financing to fund the company's operations, and the ability of the company or its investment banker to successfully identify and reach an agreement on the sale of the company or its operating units. The forward-looking statements contained in this press release speak only as of the date hereof and the company disclaims any intent or obligation to update these forward-looking statements.