DRI Corporation Announces Plans to Voluntarily Delist From NASDAQ
December 16 2011 - 5:10PM
Business Wire
DRI Corporation (NASDAQ: TBUS), a digital communications
technology leader in the global surface transportation and transit
security markets, announced today that the Company has notified The
NASDAQ Stock Market, Inc. (“NASDAQ”) of its plans to file a Form 25
with the U.S. Securities and Exchange Commission (“SEC”) to effect
the voluntary delisting of its common stock from the NASDAQ Capital
Market®.
David L. Turney, Chairman of the Board of Directors and Chief
Executive Officer, said: “Although NASDAQ has granted us a second
180-day grace period in which to achieve compliance with NASDAQ’s
continued listing requirement under Listing Rule 5550(a)(2), we
have determined that, in an effort to reduce expenses, it is in the
best interest of the Company to voluntarily delist from the NASDAQ
Capital Market®. The Company is making arrangements for the common
stock to be quoted on the OTCQB™ Marketplace, and plans for such
quotation to be effective on or about Jan. 6, 2012, as the Form 25
becomes effective. The OTCQB™ Marketplace is a market tier for
over-the-counter-traded companies that are registered and reporting
with the SEC. The transition to the OTCQB™ Marketplace is expected
to save expenses and should allow for a continued orderly trading
market for the Company’s common stock as we continue to pursue
strategic alternatives.”
TRANSITION OVERVIEW
The transition of the Company’s common stock to the OTCQB™
Marketplace is not expected to change, effect or impact:
- The Company’s obligation to file
periodic and other reports with the SEC under applicable federal
securities laws;
- Our shareholders’ ability to eventually
trade the Company’s common stock on the OTCQB™ Marketplace; or
- The Company’s selection of transfer
agent and registrar, American Stock Transfer &
Trust Company, LLC; 59 Maiden Lane; New York, NY 10038; phone:
(800) 937-5449; fax: (718) 921-8340; website:
http://www.amstock.com.
Operated by OTC Markets Group Inc., the OTCQB™ Marketplace is a
market tier for OTC traded companies that are registered and
reporting with the SEC. The Company expects that its common stock
will continue trading under the “TBUS” ticker symbol on the OTCQB™
Marketplace electronic system. Investors will be able to view
real-time, Level II stock quotes for DRI Corporation at
www.otcmarkets.com.
ABOUT THE COMPANY
DRI Corporation is a digital communications technology
leader in the global surface transportation and transit security
markets. We manufacture, sell and service Mobitec® and
TwinVision® electronic information display systems and
Digital Recorders® engineered systems. These proprietary
systems and other related products and services help increase the
mobility, flow, safety and security of public transportation
agencies and their passengers. From our inception in 1983
through our fiscal year-end on Dec. 31, 2010, we’ve grown our
product installations to include public transit fleets in more than
50 countries, our annual sales revenues to $87.3 million, and our
global workforce to 275 people. We presently have operations
and/or sales offices in Australia, Brazil, Germany, Singapore,
Sweden and the United States, a joint venture in India, and
corporate administrative offices in Dallas, Texas. We also are
expanding into Russia. The next time you see a bus, think of
us.SM For more information, visit www.digrec.com.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. In particular, statements concerning the exact date the of
the Company’s transition from the NASDAQ Capital Market® to the
OTCQB™ Marketplace, the amount of cost savings related to the
listing on the OTCQB™ Marketplace, or the continued orderly trading
market for our common stock, as well as any statement, express or
implied, concerning future events or expectations or which use
words such as “suggest,” “expect,” “fully expect,” “expected,”
“appears,” “believe,” “plan,” “anticipate,” “would,” “goal,”
“potential,” “potentially,” “range,” “pursuit,” “run rate,”
“stronger,” “preliminarily,” “guidance,” “may,” etc., is a
forward-looking statement. These forward-looking statements are
subject to risks and uncertainties, including risks and
uncertainties relating to any delays in the transition from the
NASDAQ Capital Market® to the OTCQB™ Marketplace, any unrealized
cost savings relating to the transition to the OTCQB™ Marketplace,
or that there will not be a continued, orderly trading market for
out common stock after this transition, as well as other risks and
uncertainties set forth in the Company’s Annual Report on Form 10-K
as filed April 15, 2011 and Quarterly Reports on Form 10-Q as filed
May 16, 2011, Aug. 15, 2011, and Nov. 21, 2011, particularly those
identified in Risk Factors Affecting Our Business. There can be no
assurance that any expectation, express or implied, in a
forward-looking statement will prove correct or that the
contemplated event or result will occur as anticipated.
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