CARLSBAD, Calif., Feb. 16, 2011 /PRNewswire/ -- Phoenix Footwear Group, Inc. , (the "Company") announced today that as part of its restructuring and cost reduction strategy it has submitted a written notice to the NYSE AMEX ("AMEX") of its intention to file a Form 25 with the Securities and Exchange Commission (the "SEC") in order to voluntarily delist its common stock, par value $0.01 per share from AMEX and deregister its common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Board of Directors of the Company approved the voluntary delisting of the Company's common stock on October 5, 2010. The Company intends to file the Form 25 "Notification of Removal from Listing" on or after February 28, 2011. The Company anticipates that the delisting will be effective 10 days after filing the Form 25, "Notification of Removal from Listing." Upon delisting from AMEX, the Company intends to have its common stock quoted on the Pink OTC Markets.
On January 31, 2011, also as part of its restructuring and cost reduction strategy, the Company effected a 1-for-200 reverse stock split, immediately followed by a 200-for-1 forward stock split. These changes had the effect of reducing the number of the Company's stockholders of record below 300. As a result, following its delisting from AMEX the Company also intends to file a Form 15 with the SEC. Upon filing of the Form 15, the Company's obligation to file certain reports, including Forms 10-K, 10-Q, and 8-K, with the SEC will be suspended. The Company expects that the deregistration of its common stock will become effective 90 days after filing of the Form 15 with the SEC. Although the Company will no longer file reports with the SEC or be subject to AMEX rules for the foreseeable future once the delisting and deregistration of the Common Stock is effective, it intends to continue making information available to stockholders and to observe corporate governance practice as may be required to maintain quotations on the Pink OTC Markets.
About Phoenix Footwear Group, Inc.
Phoenix Footwear Group, Inc., headquartered in Carlsbad, California, specializes in quality comfort women's and men's footwear with a design focus on fitting features. Phoenix Footwear designs, develops, markets and sells footwear in a wide range of These brands are primarily sold through department stores, leading specialty and independent retail stores, mail order catalogues and internet retailers and are carried by approximately 650 customers in over 900 retail locations throughout the U.S. Phoenix Footwear has been engaged in the manufacture or importation and sale of quality footwear since 1882. sizes and widths under the brands Trotters®, SoftWalk®, and H.S. Trask®. These brands are primarily sold through department stores, leading specialty and independent retail stores, mail order catalogues and internet retailers and are carried by approximately 650 customers in over 900 retail locations throughout the U.S. Phoenix Footwear has been engaged in the manufacture or importation and sale of quality footwear since 1882.
Forward-Looking Statements
This press release contains certain forward-looking statements. These forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words "believes," "could," "expects," "anticipates," "estimates," "intends," "plans," "projects," "seeks," "exploring," or similar expressions. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from results presently anticipated or projected. Phoenix Footwear cautions you not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Readers are advised that Phoenix Footwear's actual results may differ materially from any opinions or statements expressed with respect to future periods in any current statements in this press release or in our other filings with the Securities and Exchange Commission, all of which are available at the SEC's website at http://www.sec.gov/. Many of these risks and uncertainties are discussed in Phoenix Footwear's annual report on Form 10-K for the year ended January 2, 2010, filed with the SEC on March 31, 2010, and in reports we have subsequently filed with the SEC.
Phoenix Footwear Group, Inc.
CONTACT: Dennis Nelson, Chief Financial Officer of Phoenix Footwear
Group, Inc., +1-760-602-9688
Web Site: http://www.phoenixfootwear.com/
