American Spectrum Realty NYSE Plan of Compliance
22 Avril 2014 - 11:09PM
Business Wire
American Spectrum Realty, Inc. (NYSE/MKT: AQQ) – a real estate
investment management and leasing company – today announced that it
will submit to the NYSE MKT LLC ("NYSE MKT" or Exchange") no later
than April 30, 2014 a plan of compliance (the "Plan") setting
forth the steps intended to be taken by the Company to regain
compliance with the NYSE MKT Company Guide no later than
July 15, 2014. The submission of the Plan is in response to a
letter received on April 16, 2014 from the Exchange advising
the Company that it is not in compliance with the continued listing
standards of the Exchange.
On March 31, 2014, the Company filed a Form 12b-25 with the
Securities and Exchange Commission disclosing that it was unable to
file with the SEC its annual report on Form 10-K for the year ended
December 31, 2013 by April 1, 2014 and that it expected
to file its annual report as soon as practicable. In the 12b-25 the
Company disclosed, among other things that, as a result of the
departure of the Company's Chief Financial Officer, the Company is
working with its accountants and consultants and reviewing its
financial records, including journal entries and account balances
related to the Company's financial statements for the period ended
December 31, 2013. In addition, the Company disclosed that the
Company and its consultants are continuing to evaluate the purchase
price allocation and disclosures related to the transaction
reported in the 8-K filed on January 7, 2014 (the "Purchase Price
Allocation Issue"). The Company continues to work diligently to
review its financial records and resolve the Purchase Price
Allocation Issue and intends to file the 2013 10-K as soon as
practicable.
ABOUT AMERICAN SPECTRUM REALTY, INC.
American Spectrum Realty, Inc. is a real estate investment
company that owns, through an operating partnership, interests in
office, industrial, retail, self-storage, RV parks, retail,
multi-family properties and undeveloped land throughout the United
States. American Spectrum Management Group, Inc., a wholly-owned
subsidiary of the Company, manages and leases all properties owned
by American Spectrum Realty, Inc. as well as for third-party
clients totaling 10 million square feet in multiple states.
Website: www.americanspectrumrealty.com
FORWARD LOOKING STATEMENTS
Certain matters discussed in this release are forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those projected,
including the risks and uncertainties of acquiring, owning,
operating and disposing of real estate. Such risks and
uncertainties are disclosed in the Company's past and current
filings with the U.S. Securities and Exchange Commission.
American Spectrum Realty, Inc.James Hurn, (713) 706-6200General
Counseljhurn@americanspectrum.com
American Spectrum (AMEX:AQQ)
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