Full Press Release Details
Globalization Capital Inc. (IGC) Receives Noncompliance Warning Letter from the
Md., November 13 / PRNewswire-FirstCall/ -- India Globalization Capital, Inc.
(NYSE Amex: IGC), (NYSE Amex: IGC-WT), a U.S.-based company developing
infrastructure in India through its majority-owned subsidiaries, Sricon
Infrastructure Private Limited (Sricon) and Techni Bharathi Limited (TBL)
reported that it received a warning letter from the staff of NYSE Amex LLC
("NYSE Amex") indicating that the Company is not in compliance with certain NYSE
Amex continued listing standards. In particular, Section 301 of the Amex
Company Guide (the "Company Guide"), among other things, prohibits the issuance
of additional shares of a listed class of securities until the issuer has
applied for and received approval to list such shares on the Exchange. The
Company's common stock is listed on the Exchange under the trading symbol
November 12, 2009, the Company filed an application with the Exchange for an
additional listing of 1,599,000 shares of the Company's common stock (the
"Shares"). The Company is working with Amex to ensure that the Shares are
properly listed with the Exchange. The Company will be included in a list of
issuers, posted daily on www.nyse.com, that are not in compliance with NYSE Amex
continued listing standards. In addition, ".BC" (below compliance) will be
appended to the Company's symbols "IGC," "IGC-WT" and "IGC-U" on the
Consolidated Tape Association's Consolidated Tape System and Consolidated Quote
System's Low Speed and High Speed tapes until the Company has complied with all
applicable listing standards. The indicator will not change the Company's
trading symbol, but will be disseminated whenever the Company's symbol is
transmitted with a quotation or trade. Both the website posting and indicator
will remain in effect until the Company has regained compliance with applicable
NYSE Amex listing standards.
Bethesda, Maryland, IGC operates through two infrastructure companies in India,
Sricon Infrastructure Private Limited ("Sricon") and Techni Bharathi, Limited
("TBL"). IGC, through its subsidiaries, has three core businesses:
(1) Highway and other heavy construction, (2) Mining & quarrying and (3)
Civil construction and engineering of high-temperature plants. Most of IGC's
operations are based in India. The Company has offices in Maryland, Mauritius,
Nagpur, Cochin, Delhi and Bangalore. Copies of IGC's filings with the SEC
containing information about IGC, its Indian operations and other relevant
documents are available at no charge at the SEC's Internet site
(http://www.sec.gov). For more information about IGC, please visit the Company's
web site at www.indiaglobalcap.com.
press release may contain forward-looking statements within the meaning of the
federal securities laws. These forward-looking statements inherently involve
risks and uncertainties that are detailed in the Company's prospectus and other
filings with the Securities and Exchange Commission and, therefore, actual
results could differ materially from those projected in the forward-looking
statements. The Company assumes no obligation to update publicly or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
Globalization Capital, Inc.
Source: India Globalization Capital