Cannon Express to Delist from Stock Exchange

Cannon Express Inc. of Springdale recently said it’s begun proceedings to voluntarily delist from the American Stock Exchange.r

Trading on the trucking company’s shares has been halted since Oct. 14 when Cannon was unable to meet listing standards. Its shares (AMEX: AB) had last traded at $1.36.r

Last year was a rough one for Cannon. Its revenue fell from $85.8 million in 2001 to $79.08 million for its fiscal year that ended June 30, 2002.r

The firm tried to make a turnaround and hired CEOex Inc. of Knoxville, Tenn., a transportation management company, as a financial adviser.r

One of CEOex’s first recommendations was to oust founder Dean Cannon as president and CEO and have its team of managers take over. Cannon agreed and resigned in August after 21 years on the job. He remains chairman of the board. r