SAN FRANCISCO, Jan. 27, 2012 /PRNewswire/ -- Banks.com, Inc.
(NYSE Amex: BNX), operator of leading financial services focused
online media properties, announced today that effective with the
open of business on January 30, 2012,
its common stock will cease trading on the NYSE Amex and will begin
trading on the OTCQB Marketplace under the symbol "BNNX".
"Our transition to the OTCQB Marketplace will allow for
a continued orderly trading market for our common stock, and help
reduce our overall expenses as we continue to explore strategic
options," said Dan O'Donnell, Chief Executive Officer of
Banks.com, Inc. "This is only a change in trading venue and does
not impact our commitment and obligation to continue to file
required reports with the Securities and Exchange Commission under
applicable federal securities laws."
As previously reported, Banks.com, Inc. (the "Company"),
received notice from NYSE Amex LLC ("NYSE Amex" or the "Exchange")
on November 22, 2011, indicating that
the Company no longer complied with the Exchange's continued
listing standards due to the low selling price of its common stock,
as set forth in Section 1003(f)(v) of the Company Guide and that
its securities were, therefore, subject to being delisted from the
Exchange.
The Company requested an appeal hearing before a Listing
Qualifications Panel (the "Panel") and the hearing was held on
January 19, 2012. On January 23, 2012, the Company was notified by the
Exchange that the Panel had affirmed the Exchange staff's
determination to delist the common stock of the Company, and that
trading in its common stock would be suspended on NYSE Amex, with
formal delisting to follow. The Company is entitled to request
that the full Committee on Securities review the decision of the
Panel, although a request for review does not operate as a stay of
the Panel's decision. The Company has not yet decided whether it
will request a review of the Panel's decision.
Operated by OTC Markets Group Inc., the OTCQB is a market tier
for OTC traded companies that are registered and reporting with the
Securities and Exchange Commission. Investors will be able to view
Level II Real Time stock quotes for Banks.com at
http://www.otcmarkets.com.
Forward Looking Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties. Such forward-looking
statements are made pursuant to the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995 and may include
statements regarding acquisitions, business estimates, future
contracts, future financial performance and results of operations,
including cost of revenues, operating expenses, interest expense,
net loss and cash flow. Unless otherwise required by law, we
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise after the date of this press release.
Additional information concerning risks and uncertainties that may
cause actual results to differ materially from those projected or
suggested in the forward-looking statements may be found in
Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K
filed with the U.S. Securities and Exchange Commission.
About Banks.com
Banks.com, Inc. owns and operates finance related internet media
properties including: banks.com, irs.com,
filelater.com and mystockfund.com that provide users
with finance-related content and services and vendors with targeted
online advertising opportunities. Through banks.com, we
provide access to current financial content, including financial
news, business articles, mortgage rates, cd rates and financial
calculators. We also provide users access to tax related services
including online tax preparation through irs.com, online tax
extensions through filelater.com, and online stock brokerage
services through mystockfund.com.
Contact Information:
Daniel O'Donnell
President and Chief Executive Officer
Banks.com, Inc.
(415) 962-9700
SOURCE Banks.com, Inc.