SUN VALLEY, Calif., Dec. 20, 2004 (PRIMEZONE) -- Flamemaster Corporation (NASDAQ:FAME)(C) announced today that its common stock will continue to be listed on the Nasdaq SmallCap Market via an exception from the Nasdaq Marketplace Rules 4310(C)(7)(A) and 4310(C)(6)(A) which requires listed companies to maintain at least 500,000 publicly held shares, and have a minimum of 300 round lot shareholders.
While Flamemaster failed to meet this requirement as of October 29, 2004, the Company was granted a temporary exception from this standard subject to Flamemaster Corporation meeting certain conditions. The exception will expire on January 10, 2005. In the event the Company is deemed to have met the terms of the exception, it shall continue to be listed on the Nasdaq SmallCap Market.
Flamemaster Corporation believes that it can meet these conditions, however, there can be no assurance that it will do so. If at some future date the Company's securities should cease to be listed on the Nasdaq SmallCap Market, they may continue to be listed in the OTC Bulletin Board.
For the duration of the exception, the Company's Nasdaq symbol will be "FAMEC".
On December 14, 2004, Flamemaster Corporation announced that its Board of Directors authorized a seven for one forward stock split in order to comply with the minimum 500,000 publicly held share requirement for continued listing on the Nasdaq SmallCap Market. The stock split will be effective on January 7, 2005 to shareholders of record December 23, 2004.
The release herein may contain or identify a forward-looking statement. These statements are based on a number of assumptions and estimates, which are inherently subject to uncertainty and contingencies, many of which are beyond the control of the Company and reflect future business decisions, which are subject to change.