Thermoview (AMEX:THV)
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ThermoView Industries, Inc. Reports Notice of Non-Satisfaction of
American Stock Exchange Listing Standards and Plan for Compliance
LOUISVILLE, Ky., May 6 /PRNewswire-FirstCall/ -- ThermoView Industries, Inc.
(AMEX:THV), which designs, manufactures and markets home improvements under the
brand name "THV: America's Home Improvement Company," today announced that it
has been contacted by the American Stock Exchange regarding its failure to
satisfy certain American Stock Exchange listing standards. Specifically,
ThermoView's reported losses from continuing operations over the last three
years coupled with its current negative shareholders' equity does not satisfy
American Stock Exchange standards contained in Sections 1003(a)(i) and
1003(a)(ii) of the Company Guide. ThermoView will have until May 31, 2005 to
provide the American Stock Exchange with a plan to regain compliance with these
standards within a maximum of 18 months.
ThermoView indicated that it intends to cooperate fully with the American Stock
Exchange and will timely provide its plan for compliance. ThermoView CEO
Charles L. Smith stated, "As we have announced previously, we intend to focus
our energies on attaining profitability this year through a variety of
strategies. These strategies include: engaging Morris Anderson as an
operational consultant; placing on hold the costly development of the newest
Compozit window product; restructuring our debt with our lenders; engaging
Crutchfield Capital to locate additional or alternative financing for the
company; and, continuing to introduce our THV Model Store into new markets. We
believe these steps will both assist our corporate mission for achieving
profitability in 2005 and allow us to once again satisfy American Stock
Exchange standards." Mr. Smith added further that ThermoView will continue to
provide updates on the progress of its profitability initiatives and its
compliance with American Stock Exchange listing standards.
About ThermoView Industries, Inc.
ThermoView is a national company that designs, manufactures, markets and
installs high-quality replacement windows and doors as part of a full-service
array of home improvements for residential homeowners. ThermoView's common
stock is listed on the American Stock Exchange under the ticker symbol "THV."
Additional information on ThermoView Industries is available at
http://www.thv.com/ .
Safe Harbor Statement
Statements in this news release that are not descriptions of historical facts
are forward-looking statements that are subject to risks and uncertainties.
Words such as "expect," "intends," "believes," "plans," "anticipates" and
"likely" also identify forward-looking statements. All forward-looking
statements are based on current facts and analyses. Actual results may differ
materially from those currently anticipated due to a number of factors
including, but not limited to our history of operating losses, anticipated
future losses, competition, future capital needs, the need for market
acceptance, dependence upon third parties, disruption of vital infrastructure,
general economic downturn and intellectual property rights. All forward-looking
statements are made pursuant to the Securities Litigation Reform Act of 1995.
Additional information on factors that may affect the business and financial
results of the Company can be found in filings of the Company with the
Securities and Exchange Commission.
Contacts:
David A. Anderson, Chief Financial Officer, ThermoView Industries, Inc.,
502-968-2020.
DATASOURCE: ThermoView Industries Inc.
CONTACT: David A. Anderson, Chief Financial Officer of ThermoView
Industries, Inc., +1-502-968-2020
Web site: http://www.thv.com/