latest news releases from the newsroom
Transmeridian Exploration, Inc.
Transmeridian Exploration Incorporated Receives Delisting Notice From NYSE Alternext US
HOUSTON, Nov. 21, 2008 (GLOBE NEWSWIRE) -- Transmeridian Exploration Incorporated (NYSE Alternext US:TMY) (the "Company") announced today that on November 17, 2008, it received a delisting notice (the "Notice") from the staff (the "Staff") of the NYSE Alternext US (the "Exchange") indicating that the Company had failed to demonstrate its ability to regain compliance with Sections 1003(a)(i), (ii), (iii) and (iv) of the Exchange's Company Guide (the "Company Guide"), which states, in relevant part, that the Exchange will normally consider suspending dealings in, or removing from the list, securities of a company which (i) has stockholders' equity of less than $2 million if such company has sustained losses from continuing operations and/or net losses in two of its three most recent fiscal years; (ii) has stockholders' equity of less than $4 million if such company has sustained losses from continuing operations and/or net losses in three of its four most recent fiscal years; (iii) has stockholders' equity of less than $6 million if such company has sustained losses from continuing operations and/or net losses in its five most recent fiscal years; or (iv) has sustained losses that are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired, that it appears questionable as to whether such company will be able to continue its operations and/or meet its obligations as they mature, respectively. The Exchange intends to strike the Company's common stock from the Exchange by filing a delisting application with the Securities and Exchange Commission pursuant to Section 1009(d) of the Company Guide. The Company does not intend to appeal the Exchange's decision and the Company expects the Exchange's decision to become final on or before November 24, 2008.
Talon Therapeutics, Inc.
Hana Biosciences Receives NASDAQ Notification
SOUTH SAN FRANCISCO, Calif., Nov. 21, 2008 (GLOBE NEWSWIRE) -- Hana Biosciences (Nasdaq:HNAB), a biopharmaceutical company focused on strengthening the foundation of cancer care, reported that it received a letter, dated November 19, 2008, from the Listing Qualifications Department of The NASDAQ Stock Market notifying the Company that it does not comply with the $2.5 million minimum stockholders' equity requirement for continued listing on The NASDAQ Capital Market set forth in NASDAQ Marketplace Rule 4310(c)(3). NASDAQ's determination was based on a review of the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2008.
AMCORE Financial, Inc.
AMCORE Financial Suspends Quarterly Dividend
ROCKFORD, Ill., Nov. 21, 2008 (GLOBE NEWSWIRE) -- AMCORE Financial Inc. (Nasdaq:AMFI) announced today that the Board had decided to temporarily suspend its quarterly dividend, effective immediately. The Company reevaluates its dividend payment policy each quarter.
Auburn National Bancorporation, Inc.
Auburn National Bancorporation, Inc. Elects Not to Participate in TARP
AUBURN, Ala., Nov. 21, 2008 (GLOBE NEWSWIRE) -- Auburn National Bancorporation, Inc. (Nasdaq:AUBN) announced today that it did not apply for funds available through the U.S. Department of the Treasury's Capital Purchase Program, part of the federal government's Troubled Assets Relief Program (TARP).
Financial Institutions, Inc.
Financial Institutions Declares Cash Dividend
WARSAW, N.Y., Nov. 21, 2008 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (Nasdaq:FISI) (the "Company") announced that its Board of Directors declared a cash dividend of $0.10 per common share. The dividend was reduced from $0.15 per common share in the previous quarter in order to preserve and strengthen the Company's capital base. The fourth quarter dividend represents an annualized dividend yield of 3.3% based on the Company's common stock closing price on November 20, 2008. The Company also announced dividends of $0.75 per share on Series A 3% Preferred Stock and $2.12 per share on Series B-1 8.48% Preferred Stock. All dividends are payable on January 2, 2009 to shareholders of record on December 15, 2008.
Silverstar Holdings, Ltd.
Silverstar Holdings Receives Staff Deficiency Letter Regarding Non-Compliance With NASDAQ's Stockholders' Equity, Market Value or Net Income Requirements
BOCA RATON, Fla., Nov. 21, 2008 (GLOBE NEWSWIRE) -- Silverstar Holdings, Ltd. (Nasdaq:SSTR) today announced that it received a Nasdaq Staff Deficiency Letter on November 17, 2008 indicating that based on the Company's Form 10-Q for the period ended September 30, 2008, the Nasdaq Staff determined that the Company's stockholders' equity was $1,781,039. In addition, as of November 14, 2008, the Nasdaq Staff determined that the market value of listed securities was $4,118,022. Finally, the Company reported net loss from continuing operations of ($24,485,917), ($2,406,621), and ($1,979,190), in its annual filings for the years ended June 30, 2008, 2007 and 2006, respectively. Accordingly, the Company does not comply with Marketplace Rule 4310(c)(3), which requires the Company to have a minimum of $2,500,000 in stockholders' equity or $35,000,000 market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years.
First Horizon National Corporation
First Horizon Board Elects New Director, Announces Departures of Two Members
MEMPHIS, Tenn., Nov. 21, 2008 (GLOBE NEWSWIRE) -- First Horizon National Corp. (NYSE:FHN) announced today that Mark A. Emkes has been elected to its board of directors. Robert C. Blattberg retired from the board and Mary Sammons resigned to accept a board opportunity with another financial services company.