Arabian American Receives Approval for Listing on the NYSE
Company to Begin Trading Under the Same Symbol 'ARSD' on April 2, 2012
SUGAR LAND, Texas, March 21, 2012 /PRNewswire/ -- Arabian American Development Co. (Nasdaq: ARSD) today announced that it has received notification that its common stock has been approved for listing on the New York Stock Exchange (NYSE) and is currently going through the required regulatory processes associated with the switch to the NYSE. The Company expects its common stock to begin trading under the same symbol 'ARSD' on April 2, 2012. Arabian American's common stock will continue to trade on the Nasdaq Stock Market under its current symbol, "ARSD," until such date. In addition, the Company's management and Board of Directors have been invited to ring the opening/closing bell on the floor of the New York Stock Exchange on a date to be announced later.
Nick Carter , President and Chief Executive Officer, commented, "A listing on the NYSE marks an important milestone for our Company, and we are delighted to announce this significant event to our current shareholders and potential investors. We believe that the NYSE lists more companies which are compatible with our petrochemical and mining operations and will provide added exposure to investors interested in those sectors. Overall, we expect it will increase visibility and liquidity to a broad group of investors for our common stock."
"We welcome Arabian American Development Company to the NYSE Euronext community of listed companies," said Scott Cutler , Executive Vice President and Head of Listings, NYSE Euronext. "Arabian American Development and its shareholders will benefit from superior market quality and technology, a broad array of issuer and investor services, and a partnership with the company and its shareholders."
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company's exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext's equities markets - the New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca - represent one-third of the world's equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world's second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index, and is the only exchange operator in the Fortune 500. For more information, please visit: http://www.nyx.com. (Source: NYSE Euronext)
About Arabian American Development Company (ARSD)
ARSD owns and operates a petrochemical facility located in southeast Texas just north of Beaumont which specializes in high purity petrochemical solvents and other solvent type manufacturing. The Company is also the original developer and now a 37% owner of Al Masane Al Kobra Mining Co., a Saudi Arabian joint stock mining company.
Statements in this release that are not historical facts are forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon management's belief as well as assumptions made by and information currently available to management. Because such statements are based upon expectations as to future economic performance and are not statements of fact, actual results may differ from those projected. These risks, as well as others, are discussed in greater detail in Arabian American's filings with the Securities and Exchange Commission, including Arabian American's Annual Report on Form 10-K for the year ended December 31, 2011, and the Company's subsequent Quarterly Reports on Form 10-Q.
SOURCE Arabian American Development Co.
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