Z Trim Sees Benefit in Move to OTC Trading Arena
2008年8月14日 - 5:32AM
PRニュース・ワイアー (英語)
Anticipates More Control, Fewer Encumbrances via Voluntary Amex
Departure MUNDELEIN, Ill., Aug. 13 /PRNewswire-FirstCall/ -- In a
move that will improve management control of the company, Z Trim
Holdings, Inc. (AMEX:ZTM) announced today that it intends to file
an application with the Securities and Exchange Commission
concerning its voluntary withdrawal of its common stock from
listing on the American Stock Exchange and seeking withdrawal of
registration of its common stock under Section 12(b) of the
Securities Exchange Act of 1934. Z Trim anticipates that the
application with the SEC will be filed on Monday August 25, 2008
and the voluntary withdrawal will take effect on Thursday September
4, 2008. The Company is currently working with a sponsoring market
maker to complete the process to qualify trades in the Company's
common stock to be quoted on the Over-the-Counter Bulletin Board.
"The Board of Directors and management of this company continue to
take positive steps toward righting our course," said Z Trim
President Steve Cohen. "We are in the process of evaluating and
implementing a broad spectrum of beneficial strategies toward that
end," he added. "As regards the public trading of our stock, we
began as an over-the-counter issue and our current management
believes the OTC arena is, at this time, the better fit for us.
After lengthy consideration, our Board and management unanimously
agree that this is in the best interests of our shareholders." The
decision follows an examination undertaken by Z Trim management
comparing the types of benefits generally realized by a listing on
Amex versus the status of Z Trim Holdings currently. "While there
are benefits of an Amex listing for companies that fit a particular
profile, we are realizing no particular benefit at this point in
our life cycle," said Brian Chaiken, the company's Chief Financial
Officer. "The direct and indirect costs of such a listing in terms
of finance, working capital, human resources and time can be more
efficiently managed as an OTC company. Significantly, this move
allows us to more quickly and easily gain access to financing for
working capital." The Company successfully resolved a prior finding
of deficiency by Amex in regard to reporting inaccuracies.
According to Amex, new and unrelated deficiencies stemming from
historical financial performance remain. "We recognize that at
first glance this move from Amex may not appear to be positive to
all," Cohen said. "After thorough examination of all information
before us, however, it is readily apparent that the added expenses
relating to maintaining our listing status do not fit with current
management's goal of concentrating all of our resources on building
our business," he added. "We are committed to executing our
business model, achieving profitability and maximizing shareholder
value. As we continue to successfully execute our plans, we will
reconsider joining an exchange." "We're appreciative of Amex and
its staff for their service over the past several years," Cohen
said. "We believe we will ultimately regain compliance with listing
standards regarding financial performance, irrespective of our
listing status," he added. ABOUT Z TRIM(R) Z Trim,
http://www.ztrim.com/, is a natural, multifunctional fiber
ingredient and emulsifier made from the hulls of corn. Because Z
Trim is non- caloric, replacement of added fats with Z Trim can
achieve up to 80% calorie reduction in many foods without
negatively affecting taste or texture, and can substantially reduce
harmful trans and saturated fats found in many foods. Z Trim is a
versatile product that can serve as a fat replacement, thickening
agent or emulsifier with texturization, binding, shaping,
suspension, water control and pH balance attributes. Z Trim
represents a natural and frequently cost competitive alternative to
many of the oils, gums and starches it can replace. Z Trim has wide
application in dairy products, dressings, dips, sauces, baked
goods, processed meats, snack foods, cookies, pies, cakes, icings,
brownies, bars, ice cream, milk shakes and many other foods.
Forward-Looking Statements and Risk Factors Certain statements in
this press release are "forward.looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These statements
involve a number of risks, uncertainties and other factors that
could cause actual results, performance or achievements of Z Trim
Holdings to be materially different from any future results,
performance or achievements expressed or implied by these
forward.looking statements. Other factors, which could materially
affect such forward.looking statements, can be found in our filings
with the Securities and Exchange Commission at http://www.sec.gov/,
including risk factors relating to our history of operating losses,
that our auditors have expressed substantial doubt regarding our
ability to continue as a going concern, that we are currently
deficient with respect to Amex' continued listing standards due to
going concern issues, lack thus far of significant market
acceptance of our products, the fact that we may dilute existing
shareholders through additional stock issuances, and our reliance
on our intellectual property. Investors, potential investors and
other readers are urged to consider these factors carefully in
evaluating the forward.looking statements and are cautioned not to
place undue reliance on such forward.looking statements. The
forward.looking statements made herein are only made as of the date
of this press release and we undertake no obligation to publicly
update such forward.looking statements to reflect subsequent events
or circumstances. Contact: Brian Chaiken Voice: 847-549-6002 Email:
DATASOURCE: Z Trim Holdings, Inc. CONTACT: Brian Chaiken of Z Trim
Holdings, Inc., +1-847-549-6002, Web site: http://www.ztrim.com/
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