January 15, 2003
APPLIED EXTRUSION TECHNOLOGIES, INC. ANNOUNCES FISCAL DELISTING NOTICE FROM NASDAQ AND 'E' ADDED TO STOCK SYMBOL DUE TO DELIQUENT FILINGS
NEW CASTLE, Del.--(BUSINESS WIRE)--Jan. 15, 2003--Applied Extrusion Technologies, Inc (Nasdaq:AETC) (the "Company") today announced that on January 15, 2003 it received a notification from the Nasdaq Listing Qualifications Department (the "Staff") that the Company has failed to comply with the filing requirement for continued listing set forth in NASD Marketplace Rule 4310(c)(14), and that its securities are, therefore, subject to delisting from The Nasdaq Stock Market, Inc. NASD Marketplace Rule 4310(c)(14) requires that Nasdaq issuers timely file their periodic reports in compliance with the reporting obligations under the federal securities laws.
As previously announced on January 14, 2003, the Company has not timely filed its Annual Report on Form 10-K for the fiscal year ended September 30, 2002 (the "2002 10-K"). The 2002 10-K has been substantially completed and is currently in the stage of its final review by the Company's auditors. The Company expects to be able to file the 2002 10-K within the next two weeks. Also as previously announced, the Company will restate its financial statements for fiscal years 1998 through 2001, and the first three quarters of fiscal year 2002.
At the opening of business on January 17, 2003, the Company's trading symbol, "AETC", will be amended to include the fifth character "E" to denote the Company's filing delinquency.
The Company intends to request an appeal hearing before a Nasdaq Listing Qualification Panel (the "Panel") to review the Staff determination in accordance with NASD Marketplace Rule 4820(a). The time and place of such a hearing will be determined by the Panel. Pursuant to the same NASD Marketplace Rule 4820(a), a request for a hearing will stay the scheduled delisting of the Company's securities pending the Panel's determination. Were the Company not to request an appeal hearing before the Panel to review the Staff's determination, its securities would be delisted from Nasdaq at the opening of business on January 24, 2003 without further notice. There can be no assurance that the Panel will grant the Company's request for continued listing. However, the Company believes that, if it files the 2002 10-K prior to the hearing, the Panel will grant the Company's request for continued listing.
Applied Extrusion Technologies, Inc. is a leading North American developer and manufacturer of specialized oriented polypropylene (OPP) films used primarily in consumer products labeling and flexible packaging applications.
Except for the historical information contained herein, the matters discussed in this report are forward-looking statements that involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements.
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For more information contact:
Joan Stone, Applied Extrusion Technologies, Inc.
Phone: 302-326-5648
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Applied Extrusion Technologies' business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
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