Stonepath Group Receives Noncompliance Warning Letter From the AMEX
March 15 2007 - 5:14PM
PR Newswire (US)
SEATTLE, March 15 /PRNewswire-FirstCall/ -- Stonepath Group
(AMEX:STG), a global logistics services organization (the
"Company") reported that, on March 12, 2007, it received a "warning
letter" from the staff of the American Stock Exchange, LLC ("Amex"
or the "Exchange") indicating that the Company failed to fully
comply with certain Amex continued listing standards. Specifically,
the Amex Company Guide prohibits the issuance of additional shares
of a listed class of securities until the issuer has applied for
and received approval to list such shares on the Exchange. On
February 9, 2007, the Company issued 3,500,000 shares of the
Company's common stock to an accredited investor without first
applying for and receiving such approval. On March 12, the Company
submitted the required application to list such shares. The
Exchange has determined not to apply the continued listing
evaluation and follow-up procedures at this time. The Company will
be included in a list of issuers, posted daily on
http://www.amex.com/, that are not in compliance with Amex
continued listing standards. In addition, ".BC" (below compliance)
will be appended to the Company's symbol "STG" on the Consolidated
Tape Association's Consolidated Tape System and Consolidated Quote
System's Low Speed and High Speed tapes until the Company has
complied with all applicable listing standards. The indicator will
not change the Company's trading symbol, but will be disseminated
whenever the Company's symbol is transmitted with a quotation or
trade. About Stonepath Group Stonepath Group is a global,
third-party logistics organization providing a full range of
transportation and distribution solutions to multinational and
local businesses, including a diverse client mix of retail leaders,
automotive and technology concerns, government agencies, and
defense contractors. http://www.stonepath.com/ DATASOURCE:
Stonepath Group CONTACT: Rene Randall of Stonepath Group,
+1-604-683-5767 Web site: http://www.stonepath.com/
http://www.amex.com/
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