Novamerican Steel (MM) (NASDAQ:TONSW)
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Novamerican Steel Inc. (“Novamerican”)
(Nasdaq: TONS and TONSW) announced today that its common stock, $0.001
par value (the “Common Stock”),
and warrants to purchase one share of Common Stock (the “Warrants”
and, together with the Common Stock, the “Securities”)
began trading today on The Nasdaq Capital Market (“NASDAQ”).
The Securities and Novamerican’s units,
consisting of one share of Common Stock and one Warrant (the “Units”),
formerly traded on the American Stock Exchange. The Units, which had
traded as a separate class of security, ceased to trade as such and all
outstanding Units have been automatically separated into one share of
Common Stock and one Warrant.
Corrado De Gasperis, Novamerican’s CEO, said, “We
believe the TONS symbol has been an integral part of the Novamerican
awareness within the investor community and look forward to the
continuity of that recognition as a new member of NASDAQ.”
About Novamerican
Novamerican has twenty-two operating locations in Canada and the United
States. It processes and distributes carbon steel, stainless steel and
aluminum products and operates as an intermediary between primary metal
producers and manufacturers that require processed metal. Novamerican
also produces roll formed steel sections and manufactures heavy
equipment parts and accessories. Novamerican’s
flat rolled processing capabilities include pickling, slitting,
blanking, leveling, temper-rolling and cutting-to-length to precise
customer specifications. Additionally, Novamerican performs many of
these processing services for customers who provide their own steel,
referred to in the industry as toll processing. For additional
information on Novamerican, visit its website at http://www.novamerican.com.
Forward-Looking Statements
This press release and any related calls or discussions may contain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 about Novamerican. Forward-looking
statements are statements that are not historical facts. Such
forward-looking statements, based upon the current beliefs and
expectations of Novamerican’s management, are
subject to risks and uncertainties (including those described in
Novamerican’s public filings with the
Securities and Exchange Commission), which could cause actual results,
events and circumstances to differ materially from the forward-looking
statements. The following factors, among others, could cause actual
results, events and circumstances to differ from those set forth in the
forward-looking statements: changes in generally accepted accounting
principles; failure of Novamerican to continue to comply with government
regulations; adoption of or changes in legislation or regulatory
environments or requirements adversely affecting Novamerican’s
businesses; changes in the financial stability of major customers of
Novamerican or in demand for its products and services; the failure to
achieve the benefits anticipated from the recently completed
transactions; competition; changes in general economic conditions;
geopolitical events, and other risks and uncertainties, as well as
future decisions by the parties. The information set forth herein should
be read in light of such risks. In some cases, one can identify
forward-looking statements by terminology such as “may,”
“should,” “could,”
“would,” “expect,”
“plan,” “anticipate,”
“believe,” “estimate,”
“continue,” or the
negative of such terms or other similar expressions. The reader is
cautioned not to rely on these forward-looking statements. Novamerican
disclaims any obligation to update these forward-looking statements.