Craftmade International, Inc. Completes Filings Required to Voluntarily Deregister Its Common Stock With the Securities and Exchange Commission
COPPELL, Texas, Feb. 1 /PRNewswire-FirstCall/ -- Craftmade International, Inc. (OTCQX: CRFT) (the "Company") announced that on January 29, 2010, it filed a Form 15 with the Securities and Exchange Commission (the "SEC"), which completed the filings necessary to voluntarily delist the Company's common stock from the NASDAQ Global Market and deregister its common stock with the SEC. The Form 15 was filed to terminate the registration of the Company's common stock and suspend the Company's reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As previously announced on November 9, 2009, the Company's Board of Directors unanimously decided to voluntarily delist and deregister the common stock, having determined that the benefits of having the Company's common stock listed on a national exchange and registered under the Exchange Act no longer outweigh the associated annual costs.
As a result of the Form 15 filing, the Company's obligation to file reports and forms with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, is suspended immediately. The Company expects the formal deregistration to become effective 90 days after the Form 15 is filed.
The Company's common stock has been trading on OTCQX since November 30, 2009. The Company will immediately begin reporting under OTCQX requirements, including annual audited financial statements, unaudited quarterly financial statements and current information. Craftmade's report for the quarter ended December 31, 2009 will be available on the OTCQX website (www.OTCQX.com) on or before February 16, 2010.
For more information on the Company's decision to deregister and move its listing to OTCQX, see the Company's press release dated November 9, 2009 or the related 8-K filed with the SEC as of the same date.
Founded in 1985, Craftmade International, Inc. is engaged in the design, manufacturing, distribution and marketing of a broad range of home decor products, including proprietary ceiling fans, lighting products and outdoor furniture. The Company distributes its premium products through a network of independent showrooms and mass retail customers through its headquarters and distribution facility in Coppell, Texas and manufacturing plant in Owosso, Michigan. More information about Craftmade International, Inc. can be found at www.craftmade.com.
Various statements in this Press Release or incorporated by reference herein, in future filings with the Securities and Exchange Commission, in press releases, and in oral statements made by or with the approval of authorized personnel constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and are indicated by words or phrases such as "may," "will," "should," "could," "might," "expects," "plans," "anticipates," "believes," "estimates," "projects," "predicts," "forecasts," "intends," "potential," "continue," and similar words or phrases and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. These forward-looking statements include statements or predictions regarding among other items: revenues and profits; gross margin; customer concentration; customer buying patterns; sales and marketing expenses; general and administrative expenses; pricing and cost reduction activities; income tax provision and effective tax rate; realization of deferred tax assets; liquidity and sufficiency of existing cash, cash equivalents, and investments for near-term requirements; purchase commitments; product development and transitions; competition and competing technology; outcomes of pending or threatened litigation; and financial condition and results of operations as a result of recent accounting pronouncements. These forward-looking statements are based largely on expectations and judgments and are subject to a number of risks and uncertainties, many of which are beyond the Company's control. Significant factors that cause the Company's actual results to differ materially from its expectations are described in the Company's Form 10-K under the heading of "Risk Factors." The Company undertakes no obligation to publicly update or revise these Risk Factors or any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Craftmade International, Inc.
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