CRAGAR Announces Nasdaq Listing Status
15 October 1998
CRAGAR Announces Nasdaq Listing Status
PHOENIX, Oct. 15 -- CRAGAR Industries, Inc. today announced
that it received correspondence from Nasdaq after the close of the market on
October 14, 1998 indicating a decision by the Nasdaq Listing Qualifications
Panel to immediately delist the Company's Common Stock and Warrants from the
Nasdaq SmallCap Market. Nasdaq has notified the Company that the Common Stock
and Warrants will become eligible for trading on the OTC Bulletin Board.
This event followed a decision by the Nasdaq Listing Qualifications Panel
regarding the Company's appeal for an exemption from the recently adopted
requirements for continued listing on the Nasdaq SmallCap Market. The Company
was unable to obtain such an exemption because of its failure to meet the net
tangible asset/market capitalization/net income requirements.
The Company's Common Stock and Warrants continue to be listed on the
Boston Stock Exchange under the symbols "CWH" and "CWHW," respectively. There
can be no assurance the Company will continue to maintain compliance with the
requirements for continued listing on the Boston Stock Exchange with respect
to the Common Stock and Warrants.
CRAGAR Industries, Inc. is an international designer, producer, and seller
of custom wheels and wheel accessories for cars, trucks, vans, sport utility
vehicles, racing vehicles, and motorcycles.
For additional information, contact Michael L. Hartzmark, President and
CEO, 602-247-1300. Internet address: http://www.prnewswire.com/cnoc. To
obtain hard copies, call Fax-On-Demand at 800-758-5804.
This release includes statements, which may constitute forward-looking
statements, made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
include, among other items, statements regarding the Company's business
strategy, growth strategy, anticipated synergies and benefits resulting from
potential acquisitions and future acquisition plans, and anticipated trends in
the Company's business. Forward-looking statements are inherently subject to
risks and uncertainties, some of which cannot be predicted or quantified.
Future events and actual results could differ materially from those set forth
in, contemplated by, or underlying the forward-looking statements. Please
refer to the Risk Factors in the Company's filings with the Securities and
Exchange Commission which identify certain important factors that could cause
the actual results to differ materially from those contained in our
forward-looking statements. These factors include, but are not limited to,
the bankruptcy of the Company's primary customer, dependence on external
financing, product availability, market conditions, as well as general
economic conditions. In view of the significant uncertainties inherent in the
forward-looking statements discussed above, the inclusion of such information
should not be regarded as a representation by the Company or any other person
that the objectives and plans of the Company will be achieved.