Memphis, Tennessee, USA, 17 December 2008 – Verso Paper Corp. (NYSE:VRS) announced today that the New York Stock Exchange has notified the company that it has fallen below the NYSE’s continued listing standard relating to market capitalization. The NYSE requires that Verso’s average market capitalization over a consecutive 30 trading-day period be at least USD 75 million. As of 11 December 2008, the date of the NYSE notice, Verso’s 30 trading-day average market capitalization was approximately USD 65.4 million.
Mike Jackson, president and chief executive officer of Verso, commented, “We do not believe that Verso’s current stock price is indicative of the strong financial condition of the company. Verso has ample liquidity and is well positioned to fund its operations and anticipated growth.”
Under the applicable NYSE rules, Verso has 45 days from receipt of the NYSE notice to submit a plan to demonstrate its ability to achieve compliance with the market capitalization standard within 18 months. Verso intends to respond to the NYSE in a timely manner. In the meantime, Verso’s common stock will continue to be traded on the NYSE, subject to the company’s compliance with other NYSE continued listing requirements.
Based in Memphis, Tennessee, Verso Paper Corporation is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and supercalendered and specialty products. Verso’s paper products are used primarily in media and marketing applications, including magazines, catalogs, and commercial printing applications such as high-end advertising brochures, annual reports, and direct-mail advertising. Additional information about Verso is available on the company’s Web site at www.versopaper.com.