Advantex Announces Listing Update
8/20/2009 12:00:00 AM
Advantex Announces Listing Update
Toronto, August 20, 2009 - Advantex Marketing International Inc., a leading specialist in merchant funding and loyalty marketing programs, today announced that it has started working towards applying for a listing on an alternative stock exchange in light of the August 12, 2009 announcement by the Toronto Stock Exchange ("TSX") that it will delist Advantex's common shares following the close of trading on September 11, 2009.
"We had been expecting this decision by the TSX in view of the fact that in the current market environment and economic slump the price of our shares and market capitalization have not improved since the TSX began its review last January," said Kelly E. Ambrose, President and Chief Executive Officer.
"Despite this very difficult economic environment that has persisted, which has significantly affected our customers and therefore our business, we have continued to execute on our plan to strengthen and improve Advantex's business and financial performance, but this has not as yet been reflected in the trading and value of our shares. In view of this, it is likely that our company currently is more suited for listing on an alternative stock exchange," Mr. Ambrose said.
On August 12, 2009, the TSX announced that it will delist Advantex's common shares following the close of trading on September 11, 2009. As announced by Advantex on January 15, 2009, the TSX had then initiated a review of the company's listing as it appeared that the shares no longer met the TSX's continued listing requirements. In citing its reasons for delisting Advantex, the TSX indicated that the common shares no longer met the continued listing requirements of the TSX, particularly with respect to the threshold of minimum market value of listed common shares.
About Advantex Marketing International Inc.
Advantex is a specialist in the marketing services industry, managing white-labeled rewards accelerator programs for major affinity groups through which their members earn bonus frequent flyer miles and/or other rewards on purchases at participating merchants. Under the umbrella of each program, Advantex provides merchants with marketing, customer incentives, and secured future sales through its Advance Purchase Marketing model. Advantex partners include more than 1000 restaurants, online retailers, golf courses, small inns and resorts, and major organizations, including CIBC, United Airlines, Alaska Airlines, and Lufthansa Airlines. Advantex is currently traded on the Toronto Stock Exchange under the symbol "ADX". For additional information on Advantex, please visit www.advantex.com.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, prospects and/or opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes the expected timing of the delisting of the Company's common shares from the TSX, and the Company's objectives and future plans regarding a potential listing application to list its common shares on another Canadian stock exchange or trading facility, and the Company's expectations that its business plans and operations will have a positive effect on the trading and value of its common shares. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's management's discussion and analysis for its most recently completed interim period including those noted under the headings "General Risks and Uncertainties" and "Economic Dependence", and under the heading "Risks and Uncertainties" in Company's annual information form for its most recently completed financial year, copies of which are available under the Company's profile on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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