AMST.OB
American Stone to Deregister with SEC
Friday April 29, 1:58 pm ET
AMHERST, Ohio--(BUSINESS WIRE)--April 29, 2005--American Stone Industries, Inc. (OTCBB:AMST - News), a supplier of building stone products, said the Company's board of directors has decided to terminate the registration of the Company's common stock with the U.S. Securities and Exchange Commission. The board determined that the costs associated with preparing SEC reports, complying with the increased strictures of the Sarbanes-Oxley Act, and being quoted on the OTC Bulletin Board now clearly outweigh the benefits for a small company with limited stock trading activity. The Company reported 2004 net income of $152,935 on net sales of $2.4 million.
Once the deregistration application becomes effective, the shares will no longer be eligible to be quoted or traded on the OTC Bulletin Board. The Company anticipates the shares will continue to be traded over the counter on the Pink Sheets Electronic Quotation Service. The Company said it would continue to issue quarterly earnings releases and report other material news via the Pink Sheets service or a disclosure news wire.
The Company today filed the application with the SEC, and immediately upon this filing, the Company's duty to file certain reports with the SEC, including forms 10-KSB, 10-QSB and 8-K, was suspended. Once the application becomes effective, all reporting obligations of the Company under the federal securities laws would be ended. The Company expects the application to become effective within 90 days.
In other action at the Company's annual meeting of shareholders, held April 20, 2005, shareholders re-elected board members Thomas H. Roulston II, Enzo Costantino, Glen Gasparini, John R. Male, Michael J. Meier, Timothy I. Panzica, and Louis Stokes.
American Stone Industries is a holding company that mines and sells stone predominantly for the building stone market through its wholly owned subsidiary, American Stone Corporation. American Stone Corporation owns and operates Cleveland Quarries in Amherst, Ohio, one of the world's largest sandstone quarries.
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Contact:
Edward Howard & Co.
Patrick Gallagher, 216-781-2400
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Source: American Stone Industries, Inc.
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