LYNNFIELD, Mass. (June 8, 2006) — The American Stock Exchange (AMEX) has notified GreenMan Technologies Inc. that it intends to delist GreenMan's common stock after the close of trading on June 14.
AMEX's Listing Qualifications Panel affirmed the Exchange's Listing Qualification department's recommendation to suspend trading of GreenMan's stock and affirmed that the company is not in compliance with AMEX's requirements for continued listing, the notification stated. A company must maintain stockholders' equity in excess of $4 million if it has sustained losses from continuing operations and/or net losses in three of its four most recent fiscal years.
Chuck Coppa, GreenMan's chief financial officer, said the company is “not pleased with the panel's decision,” but accepts it and is moving for trading eligibility on the Over-The-Counter Bulletin board on or before June 15. CEO Lyle Jensen reiterated the company's focus to implement its five-point action plan to ensure future profitability and viability.