NAMPA, Idaho, Oct. 27 /PRNewswire-FirstCall/ -- MPC Corporation ('MPC')
(Amex: MPZ), today announced that the company has been notified by the NYSE
Alternext US LLC (the 'Exchange') that it intends to strike the Common Stock
and Warrants of MPC from the Exchange by filing a delisting application with
the Securities and Exchange Commission.
As previously announced on May 8, 2008, the American Stock Exchange (AMEX)
notified MPC that the company was not in compliance with Section 1003(a) (i)
of the AMEX Company Guide, in that the company's stockholder equity had fallen
below $2 million dollars and that MPC had sustained losses from continuing
operations or net losses in two of its three most recent fiscal years. MPC
responded by submitting a plan for achieving compliance, which was accepted by
AMEX on June 27, 2008. At that time, MPC was granted an extension until
November 9, 2009 to regain compliance with listing standards, subject to
periodic review of progress.
The decision by the Exchange (which acquired AMEX on October 1, 2008) to
file the delisting application was based on its review of publicly available
information as well as information provided to the Exchange by MPC. In a
letter to MPC, the Exchange cited the company's failure to make progress
consistent with its submitted plan, further citing that the plan no longer
demonstrated MPC's ability to regain compliance under Section 1003(a) (i) of
the Company Guide.
Additionally, the Exchange concluded that MPC is not under compliance with
other continued listing standards related to 1) the company's overall
financial condition and its ability to continue operations; 2) the low share
price of its stock; and, 3) the decline of its aggregate market
capitalization.
About MPC
MPC Corporation, a major U.S. PC vendor since 1991, provides enterprise IT
hardware solutions to mid-size businesses, government agencies and education
organizations. With its October 2007 acquisition of Gateway's Professional
business, MPC Corporation became the only top-ten U.S. PC vendor focused
exclusively on the $43 billion Professional PC market. For more information,
visit MPC online at http://www.mpccorp.com.
SOURCE MPC Corporation
