MONTREAL, QUEBEC AND BRADENTON, FLORIDA, Nov 12
(MARKET WIRE) --
Intertape Polymer Group Inc. (TSX: ITP)(NYSE: ITP) ("Intertape" or the
"Company") announced today its intention to voluntarily delist its shares
of common stock from the New York Stock Exchange (the "NYSE"). The
Company's shares of common stock will continue to trade on the Toronto
Stock Exchange (the "TSX"). The delisting of the Company's common shares
from the NYSE will not affect the listing of the Company's shares of
common stock on the TSX.
The Company believes that the listing of its shares of common stock on
the TSX provides shareholders sufficient liquidity and has concluded that
the overall trading volume of the Company's shares is not sufficient to
justify listing on two exchanges. Therefore, the Company has decided to
voluntarily delist its shares of common stock from the NYSE.
The Company delivered notice today to the NYSE that it intends to delist
its shares of common stock. As disclosed in the notice, the Company
expects to file a notification of removal from listing on the NYSE on
Form 25 with the U.S. Securities and Exchange Commission ("SEC") on or
about November 23, 2009. The withdrawal of the Company's shares of common
stock from listing on the NYSE should be effective 10 days after the
filing of the notice on Form 25 with the SEC. Accordingly, the Company
anticipates that the delisting will take effect on or about December 3,
2009. Following delisting, the Company will continue to file or furnish
reports with the SEC.
The Company will comply with, and continue to be subject to, the federal
laws of Canada, the jurisdiction in which the Company is incorporated, as
well as Canadian securities laws and corporate governance rules
applicable to Canadian publicly listed companies, including the rules of
the TSX.
About Intertape Polymer Group
Intertape Polymer Group is a recognized leader in the development and
manufacture of specialized polyolefin plastic and paper based packaging
products and complementary packaging systems for industrial and retail
use. Headquartered in Montreal, Quebec and Sarasota/Bradenton, Florida,
the Company employs approximately 2,100 employees with operations in 17
locations, including 13 manufacturing facilities in North America and one
in Europe.
Safe Harbor Statement
Certain statements and information included in this press release
constitute forward-looking information within the meaning of applicable
Canadian securities legislation and the Federal Private Securities
Litigation Reform Act of 1995. Forward-looking statements may relate to
the Company's future outlook and anticipated events, the Company's
business, its operations, its financial condition or its results.
Particularly, statements about the Company's objectives and strategies to
achieve those objectives are forward looking statements. While these
statements are based on certain factors and assumptions which management
considers to be reasonable based on information currently available to
it, they may prove to be incorrect. Forward-looking information involves
known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements
expressed or implied in such forward-looking statements. The risks
include, but are not limited to, the factors contained in the Company's
filings with the Canadian securities regulators and the U.S. Securities
and Exchange Commission. While the Company may elect to, it is under no
obligation (and expressly disclaims any such obligation) and does not
undertake to update or alter this information at any particular time.
Contacts:
Intertape Polymer Group
Melbourne Yull
Executive Director
941-739-7502
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