RICHMOND, British Columbia (May 27, 2003) — SmarTire Systems Inc. will move its common stock to the over-the-counter bulletin board under the symbol SMTR, effective May 29.
Richmond-based SmarTire, which develops tire pressure and temperature monitoring technology, had earlier been notified its stock was not trading at the Nasdaq Stock Exchange minimum bid price of $1 per share to stay listed.
The over-the-counter board is a regulated quotation service that electronically transmits real-time quotes, last-sale prices and volume information in equity securities, SmarTire said. The board is accessible through www.otcbb.com.
“This move to the bulletin board will not impact our business strategy as we continue to drive the company forward to capitalize on market demand for our products,” said Robert Rudman, president and CEO.
In other action, the company elected Martin Gannon to its board of directors on Feb. 4. Mr. Gannon, who has been a certified public accountant since 1973, has been a partner and vice president of accounting firm Barron Gannon & Co. P.C. since 1982. Lawrence Becerra resigned from SmarTire's board effective March 17.