NAMPA, Idaho -- MPC Corporation (AMEX:MPZ) announced today that it has received a letter from the American Stock Exchange (Amex) extending the period for MPC to regain compliance with the Amex's listing standards to May 31, 2007. While MPC remains out of compliance with the continued listing standards, the letter also stated that MPC has demonstrated an ability to regain compliance with the listing standards by this date.
Previously, the Amex had notified MPC that it was out of compliance with Rule 1003(a)(iv) of the Amex Company Guide relating to financial conditions and operating results, and therefore did not meet the Exchange's continued listing standards. The notice was based on a review by Amex of MPC's Form 10-KSB for the year ended December 31, 2005, which includes an audit opinion containing a going concern qualification. MPC was afforded the opportunity to submit a plan of compliance to Amex. On June 15, 2006, MPC announced that Amex accepted MPC's plan of compliance and granted MPC an extension until June 30, 2006 to regain compliance with continued listing standards.
MPC did not achieve compliance with the continued listing standards by the target date, and requested an extension. Subsequently, MPC met with the Amex on December 12, 2006 and discussed the company's progress and financial projections. As a result, the Amex has agreed to extend the period by which MPC must regain compliance with its listing standards until May 31, 2007.
MPC will be subject to periodic review by the Amex staff during the extension period. Failure to make progress consistent with the plan could result in commencement of immediate delisting proceedings by the Amex.
More information concerning the Amex notice will be available on the Form 8-K to be filed by MPC on February 1, 2007.