If you've ever walked into a shop, you not about Aldila
Poway, CA, January 19, 2010 – ALDILA, INC. (NASDAQ:GM:ALDA) (the
"Company") today announced that its Board of Directors unanimously approved a plan to
voluntarily delist its common stock from the NASDAQ Stock Market ("NASDAQ") and
to move its common stock listing to OTCQX U.S. Premier (“OTCQX”) over-the-counter
market, operated by Pink OTC Markets Inc. The Board of Directors also approved the
appointment of B. Riley & Co., LLC (“B. Riley”) as the Company’s designated advisor
for disclosure, a requirement of the OTCQX. The Company also intends to subsequently
deregister its common stock with the SEC and suspend its reporting obligations under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company
expects that its shares will continue to trade under the "ALDA" ticker symbol (OTCQX:
ALDA).
The move to list on the OTCQX is consistent with the Company’s ongoing efforts to
reduce expenses and improve financial results. The Company has worked hard to reduce
its selling, general and administrative expenses (“SG&A”) and continues to focus its
efforts to control costs. Pink OTC Markets reports that small companies typically save
$500,000 to $750,000 annually by moving their listing from a national exchange and
deregistering under the Exchange Act. Aldila anticipates realizing annual savings at the
low end of this range. The Company also expects that this change will free up
considerable time for management to focus on Aldila’s strategy and operating
performance. In light of this change, the Company will review the composition of its
Board of Directors in the near future given the different requirements for listing on the
OTCQX.
