Boise, Idaho, USA, 04 June 2009 -- Boise Inc. (NYSE: BZ), a leading manufacturer of packaging products and papers, announced today that it received notice from the New York Stock Exchange (NYSE) that the company's 30-day average share price met the requirements to restore compliance with the USD 1.00 minimum share price requirement for NYSE continued listing standards. On 03 June, Boise Inc.'s common stock closed at USD 2.47 per share.
"We believe this achievement reflects our solid operating performance, cash flow generation, and increased liquidity in a difficult economic environment," said Alexander Toeldte, president and chief executive officer of Boise Inc. "We continue to look for ways to improve our operating and financial position to maximize shareholder value."
Boise Inc. received letters of noncompliance from the NYSE in November 2008, notifying the company it had fallen below the minimum share price and market capitalization requirements for continued listing on the NYSE. Boise Inc. has not satisfied the minimum market capitalization requirement. To return to compliance for the market capitalization standard, the NYSE requires Boise Inc. to have an average market capitalization above USD 75 million for two consecutive quarters within 18 months of receiving the notice. As of 03 June, the market capitalization of Boise Inc. was USD 209 million.
Headquartered in Boise, Idaho, Boise Inc. (NYSE: BZ) manufactures packaging products and papers, including corrugated containers; containerboard; label, release, and flexible packaging papers; imaging papers for the office and home; printing and converting papers; newsprint; and market pulp. Boise's team of approximately 4120 employees is committed to delivering excellent value and managing the company's businesses to sustain environmental resources for future generations. FOr more information, visit www.BoiseInc.com.