Boise, Idaho, USA, 11 November 2008 -- /PRNewswire/ -- Boise Inc. (NYSE:BZ) , a leading manufacturer of packaging products and communications papers, announced today that it has been advised by the New York Stock Exchange (NYSE) that the company does not currently comply with NYSE continued listing standards. The company was advised by the NYSE that it is "below criteria" because its average total market capitalization was less than USD 75 million over a 30-trading-day period, and the average closing price of its common stock was less than USD 1.00 over a consecutive 30-day trading period.
Boise Inc. intends to cure the deficiencies and will remain in communication with the NYSE throughout the process. Under the applicable NYSE rules, the company has 45 calendar days from receipt of the notice to submit a plan that demonstrates its ability to achieve compliance with the continued listing standards pertaining to market capitalization within 18 months of receipt of the notice. Upon receipt of the company's plan, the NYSE will either accept the plan, at which time the company will be subject to quarterly monitoring for compliance with this plan, or the NYSE will not accept the plan and the company will be subject to suspension by the NYSE and delisting by the SEC.
Additionally, because the company is below the share price criterion, it must bring its share price and average share price above USD 1.00 within six months of receipt of the notification. In the event this is not achieved at the expiration of the six-month cure period (or by the company's next annual meeting of shareholders, if shareholder approval is necessary), the company's stock will be subject to NYSE suspension and delisting procedures.
"Our stock price has been pressured by an unprecedented financial market downturn that is impacting many companies and stocks in our industry and others," said Alexander Toeldte, president and chief executive officer of Boise Inc. "While we are disappointed by this notification, we are taking proactive steps to address this issue. We are encouraged by our third quarter 2008 results and the progress we have made and continue to make in improving our operating and financial performance."
The company's common stock remains listed on the NYSE under the symbol "BZ" but will be assigned a ".BC" indicator by the NYSE to signify that the company is not currently in compliance with the NYSE continued listing standards. Although the company intends to cure the deficiencies and to return to compliance with the NYSE continued listing requirements, there can be no assurance it will be able to do so.
Headquartered in Boise, Idaho, Boise Inc. manufactures packaging products and communications 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. The company's team of more than 4550 employees is committed to delivering excellent value while managing our businesses to sustain environmental resources for future generations. For more information, visit http://www.boiseinc.com