This doesn't look too good for now!
he L. L. Knickerbocker Co. Inc. Announces Delisting From Nasdaq
<KNIC.O>
The L. L. Knickerbocker Co. Inc. Announces Delisting From
Nasdaq National Market and Involuntary Petition in Bankruptcy Filing
LAKE FOREST, Calif., Aug. 25 /PRNewswire/ -- The L. L. Knickerbocker Co.,
Inc. (Nasdaq: KNIC) announced today that the Company has received
notification from the Nasdaq Listing Qualifications Panel that the
Company's common stock has been delisted from the Nasdaq National Market
effective with the close of business on August 24, 1999. The Nasdaq
Listing and Hearing Review Council may, on its own motion, determine to
review the Panel's decision within 45 calendar days after the issuance of
the decision. If the Review Council determines to review the Panel's
decision, it may affirm, modify, reverse, dismiss or remand the decision
to the Panel. Within 15 days of the Panel's decision, the Company also
may request that the Review Council review the Panel's decision. The
Review Council's review of the Panel's decision will not operate as a stay
of the decision. Although the Company's common stock will be delisted
from the Nasdaq National Market, to the extent market makers in the
Company's stock continue to enter bids, the Company's common stock will be
quoted in the OTC Bulletin Board or, in the alternative, in the National
Quotation Bureau's Pink Sheets. However, there is no assurance that this
will occur. The Company also reported that it has been informed that
an involuntary petition in bankruptcy has been filed against the Company
by three of its Asian creditors. The Company currently is evaluating its
options in responding to the petition, which include opposing the
petition. The Company has been and will continue to attempt to
restructure its obligations out of court. The L. L. Knickerbocker
Co., Inc. sells collectible gifts and toy-related merchandise, primarily
porcelain and vinyl dolls and teddy bears. The Company also designs,
manufactures and markets fashion jewelry and accessories, in addition to
offering an extensive line of fine jewelry products and supplying other
jewelry manufacturers with loose cut stones. The Company's products are
sold through diverse international distribution channels, including its
own web sites, television shopping outlets, direct response sales and
wholesale sales to retailers. The Company also holds a substantial equity
interest in Pure Energy Corporation, a privately held company, and in
Ontro, Inc., a publicly held company. For more information, visit the
Company's website at www.knickerbocker.com. This press release
contains forward-looking statements within the meaning of the Securities
Act of 1933, as amended, and the Securities Exchange Act of 1934, as
amended, which involve risks and uncertainties, including, but not limited
to, economic, competitive, governmental and technological factors
affecting the Company's operations, markets, products, services and
prices, and other factors. The Company's actual results could differ
materially from those projected in the forward-looking statements as a
result of the factors described herein. SOURCE L. L. Knickerbocker Co.,
Inc. -0- 08/25/99 /CONTACT: Louis L.
Knickerbocker of The L. L. Knickerbocker Co., 949-595-7900; or Fran
Daniels of Financial Sciences of America, for The L. L. Knickerbocker Co.,
310-278-4413/ /Web site: knickerbocker.com -- LAW037 --
5751 08/25/99 02:46 EDT prnewswire.com Copyright PR Newswire
1998. All rights reserved. |
