Bestway (NASDAQ:BSTW)
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Bestway, Inc. Files Preliminary Proxy Statement to Go Private and
Announces Receipt of Nasdaq Letter of Non-Compliance
DALLAS, Nov. 5 /PRNewswire-FirstCall/ -- Bestway, Inc. (NASDAQ:BSTW) today
filed a preliminary proxy statement disclosing that, subject to stockholder
approval at the upcoming annual meeting, it intends to complete a going private
transaction. A special committee of independent directors of the Company's
Board of Directors reviewed and recommended to the Board of Directors, and the
Board of Directors has authorized a 1-for-100 reverse stock split of the
Company's Common Stock, followed by a forward stock split of the Common Stock
on a 100-for-1 basis. Stockholders owning less than 100 shares at the
effective time will receive $13.00 for each share. Stockholders who own 100 or
more shares at the effective time of the transaction will not be entitled to
receive any cash for their fractional share interests resulting from the
reverse split. The forward split that will immediately follow the reverse
split will reconvert their whole shares and fractional share interests back
into the same number of shares of Common Stock they held immediately before the
effective time of the transaction. The Company reserves the right at any time
not to complete the going private transaction should it choose to do so.
Today, the Company also announced that it had received a letter from Nasdaq on
November 2, 2004 indicating that the Company was not in compliance with
Nasdaq's requirements for continued listing of the Company's common stock
because Nasdaq had not received the Company's Corporate Governance
Certification Form, as required by Rule 4350. The notice does not itself
result in the immediate delisting of the Company's common stock. In the
notice, Nasdaq stated that unless the Company requests a hearing with respect
to this notice, the Company's common stock will be delisted from The Nasdaq
Stock Market at the opening of business on November 11, 2004. The Company will
request a hearing with the Nasdaq Hearing Panel on this matter. There can be
no assurance that the Panel will grant the Company's request for continued
listing. A timely request by the Company for a hearing will stay the delisting
pending the hearing and a determination by the Nasdaq Hearing Panel.
The Company has been engaged in the rent-to-own industry since 1987. The
Company owns and operates a total of sixty-nine stores located in the states of
Alabama, Arkansas, Georgia, Mississippi, North Carolina, South Carolina and
Tennessee. The stores' operations are controlled and monitored through the
Company's management information system networked with its home office in
Dallas, Texas.
DATASOURCE: Bestway, Inc.
CONTACT: Beth Durrett, Chief Financial Officer of Bestway, Inc.,
+1-214-630-6655