CALGARY, Alberta-KIK Tire Technologies Inc. has put off for now plans to seek a full listing on the NASDAQ stock exchange. ``Our objective is to (seek a listing) as soon as we can,'' said Don Dean, president and chairman of the company, which produces flat-proof tires for the home-medical, industrial, lawn/garden and off-highway recreation markets at its wholly owned subsidiary, KIK Tires Inc. in Oceanside, Calif.
KIK Tire recently rescinded an agreement to offer $1.6 million in convertible preferred shares. Mr. Dean said there had been a misunderstanding on what was needed to qualify as a small-cap company for a full NASDAQ listing.
``We hope to improve our net tangible assets,'' Mr. Dean said, adding that he expects the company to qualify in six to nine months.
KIK Tire Technologies is traded on the Alberta Stock Exchange and is listed on the NASDAQ Bulletin Board. KIK has been around for 10 years, Mr. Dean said, noting the company mostly has been working on research and development of its microcellular polymer tires.
The company posted record sales figures for the quarter ended April 30. The approximately $438,000 in revenues represents a 75-percent increase over the same period in 1995.
Mr. Dean credits the increase to the success of the company's Carefree-brand line of industrial tires and to the medical tire market. About one-third of KIK sales are in Europe, Mr. Dean said. The company is looking to expand into China with a bicycle tire program.
Mr. Dean said he expects to buy new equipment in the coming year to increase the capacity at the 15,000-sq.-ft. Oceanside facility.