Posted 12/29/2009 04:08 pm
Updated 2 years ago
Advanced Environmental Recycling Technologies Inc. of Springdale announced Monday it would voluntarily delist from the Nasdaq Stock Market. Class A common stock of AERT will now trade on the OTC Bulletin Board.
The changes took effect Tuesday morning.
AERT manufactures wood fiber/recycled polyethylene plastic composite decking under the brand names MoistureShield and ChoiceDeck.
The company has been working on its Nasdaq compliance since June 2008, when it was granted a six-month extension to gain a $1 minimum bid price of its Class A common stock.
"Transferring AERT's trading to the OTC market is the best and most cost effective option for AERT shareholders in this difficult economic environment. It is time to bring closure and stability to this issue while maintaining liquidity and focusing on improving and growing the company in 2010," Joe Brooks, the company's CEO, said in a prepared statement. "This transition will allow AERT shares to continue trading and we look forward to AERT's continued growth on the OTC market."
In the third quarter, the company reported net income, before accruals, was $1 million, compared with a net loss before class action accruals of $1.5 million for the same period of 2008.
AERT settled late last year a class-action complaint by customers who said they were having trouble keeping mildew stains off their ChoiceDek decking product.
Third-quarter sales were up 3 percent to $19.1 million, the company said, compared to $18.6 million last year.