Notification to Investors of Westmark Group Holdings Inc.
WASHINGTON, D.C., July 24 /PRNewswire/ -- Westmark Group Holdings, Inc. announced
today that it has fulfilled all but one requirement for continued listing on The Nasdaq SmallCap Stock
Market. Following a meeting at Nasdaq headquarters in Washington, D.C., Westmark reported that
it had met all criteria for the Nasdaq listing with the exception of the minimum bid price requirement
for which the Company has developed a plan and is currently in the process of implementing to
address this issue. Westmark met all other conditions including total assets, capital and surplus and
filing requirements.
As such, Westmark was granted a temporary exception until August 31, 1997 to meet the minimum
bid price requirement, and will carry the stock symbol ``WGHIC'' until that time. Then, should the
Company be deemed to have met the terms of the exception, it will retain its original listing on The
SmallCap Market; otherwise, it may be listed on the OTC Bulletin Board.
``Of course, while there can be no assurances that we will do so, the Company firmly believes that it
can meet these conditions and retain its listing on The Nasdaq SmallCap Market, and continue to
work toward our goal of ultimately gaining a listing on Nasdaq's National Market System,'' said
Mark D. Schaftlein. Chief Executive Officer of Westmark. ``As part of our meeting with Nasdaq, we
were very pleased to note that we had met all other criteria for listing -- including the total assets,
capital and surplus, and filing requirements -- and we reported on our Board of Directors' plan to
meet the minimum bid requirement as well.
Westmark Group holdings, Inc. is a diversified financial services holding company which is engaged,
through its Westmark Mortgage subsidiary, in the nationwide origination, purchase and sale to
institutional investors of non- agency, sub-prime (``B-and-C'' credit) loans secured by mortgages on
its borrower's primary place of residence.
SOURCE: Westmark Group Holdings, Inc.
Contact: Louis J. Resweber, 1-888-389-2266, or Alan H. Adelson, 1-800-240-2014, or Ira W. Miller, 1-80O-496-4553,
all for Westmark Group Holdings, Inc. |
