DALLAS, Sept. 30 /PRNewswire-FirstCall/ -- American Community Newspapers Inc. ("ACN") today reported that it received an extension from The American Stock Exchange ("AMEX") to regain compliance with the exchange's continued listing standards.
On August 21, 2008, ACN received notice from the AMEX staff indicating that ACN was not in compliance with certain of AMEX's continued listing standards, as set forth in Sections 134 and 1101 of the AMEX Company Guide, due to its failure to file its Form 10-Q for the fiscal quarter ended June 29, 2008 with the Securities and Exchange Commission. ACN was afforded the opportunity to submit a plan of compliance to AMEX and, on September 4, 2008, ACN did so. On September 23, 2008, AMEX notified ACN that it accepted ACN's plan of compliance and granted ACN an extension, until November 19, 2008, to regain compliance with the continued listing standards. ACN will be subject to periodic review by AMEX staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in ACN being delisted from AMEX.
About American Community Newspapers Inc.
ACN is a community newspaper publisher in the United States, operating within four major U.S. markets: Minneapolis - St. Paul, Dallas, Northern Virginia (suburban Washington, D.C.) and Columbus, Ohio. These markets are some of the most affluent, high growth markets in the United States, with ACN strategically positioned in many of the wealthiest counties within each market. ACN's goal is to be the preeminent provider of local content and advertising in any market its serves.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to ACN's future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "potential," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "outlook," "continue," "remain," "maintain," "sustain," " seek, " "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" and similar expressions.
