CARLSBAD, Calif., Feb 28, 2011 /PRNewswire/ -- Phoenix Footwear
Group, Inc. (Amex: PXG), (the "Company") announced today that it
has filed with the Securities and Exchange Commission (the "SEC") a
Form 25 "Notification of Removal from Listing" relating to the
delisting of its common stock, par value $0.01 per share (the "Common Stock") from the
NYSE Amex ("Amex"), with the delisting of the Common Stock to be
effective ten days thereafter. Accordingly, the Company anticipates
that the last day of trading of the Common Stock on Amex will be
Thursday, March 10, 2011. Following
delisting from Amex, it is expected that the Common Stock will
trade on the Pink OTC Market.
Following its delisting from Amex the Company intends to file a
Form 15 to deregister the Common Stock under Section 12 of the
Securities Exchange Act of 1934, as amended (the "Exchange Act").
Upon filing of the Form 15, the Company's obligation to file
certain reports, including Forms 10-K, 10-Q, and 8-K, with the SEC
will be suspended. The Company expects that the deregistration of
its Common Stock will become effective 90 days after filing of the
Form 15 with the SEC. Although the Company will no longer file
reports with the SEC or be subject to Amex rules for the
foreseeable future once the delisting and deregistration of the
Common Stock is effective, it intends to continue making
information available to stockholders and to observe corporate
governance practice as may be required to maintain quotations on
the Pink OTC Markets.
About Phoenix Footwear Group, Inc.
Phoenix Footwear Group, Inc., headquartered in Carlsbad, California, specializes in quality
comfort women's and men's footwear with a design focus on fitting
features. Phoenix Footwear designs, develops, markets and sells
footwear in a wide range of sizes and widths under the brands
Trotters®, SoftWalk®, and H.S. Trask®. These brands are primarily
sold through department stores, leading specialty and independent
retail stores, mail order catalogues and internet retailers and are
carried by approximately 650 customers in over 900 retail locations
throughout the U.S. Phoenix Footwear has been engaged in the
manufacture or importation and sale of quality footwear since
1882.
Forward-Looking Statements
This press release contains certain forward-looking statements.
These forward-looking statements include, but are not limited to,
statements preceded by, followed by or that include the words
"believes," "could," "expects," "anticipates," "estimates,"
"intends," "plans," "projects," "seeks," "exploring," or similar
expressions. Such statements are subject to certain risks and
uncertainties which could cause actual results to differ materially
from results presently anticipated or projected. Phoenix Footwear
cautions you not to place undue reliance on any such
forward-looking statements, which speak only as of the date made.
Readers are advised that the Phoenix Footwear's actual results may
differ materially from any opinions or statements expressed with
respect to future periods in any current statements in this press
release or in our other filings with the Securities and Exchange
Commission, all of which are available at the SEC's website at
http://www.sec.gov. Many of these risks and uncertainties are
discussed in Phoenix Footwear's annual report on Form 10-K for the
year ended January 2, 2010, filed
with the SEC on March 31, 2010, and
in reports we have subsequently filed with the SEC.
SOURCE Phoenix Footwear Group, Inc.