AERT Delisted from Nasdaq;Shares Trade on OTC Bulletin
by January 11, 2010 12:00 am 104 views
Advanced Environmental Recycling Technologies Inc. of Springdale announced in early January it would voluntarily delist from the Nasdaq Stock Market. Class A common stock of AERT will now trade on the OTC Bulletin Board.
AERT manufactures wood fiber/recycled polyethylene plastic composite decking under the brand names MoistureShield and ChoiceDeck.
The company has been working on its Nasdaq compliance since June 2008, when it was granted a six-month extension to gain a $1 minimum bid price of its Class A common stock.
“Transferring AERT’s trading to the OTC market is the best and most cost effective option for AERT shareholders in this difficult economic environment,” Joe Brooks, the company’s CEO, said in a prepared statement. “This transition will allow AERT shares to continue trading and we look forward to AERT’s continued growth on the OTC market.”
In the third quarter, the company reported net income, before accruals, was $1 million, compared with a net loss before class action accruals of $1.5 million for the same period of 2008.
Third-quarter sales were up 3 percent to $19.1 million, the company said, compared to $18.6 million last year.