BOCA RATON, Fla., June 24, 2009 (GLOBE NEWSWIRE) -- Q.E.P. CO., INC. (Nasdaq:QEPC) (the "Company"), today announced that it had filed a Form 25, Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act, with the Securities and Exchange Commission and NASDAQ.
The Company expects its common stock to be quoted in the over-the-counter market on the Pink Sheets, a centralized electronic quotation service, in the near future.
On the effective date of the NASDAQ delisting, expected to be on or before July 6, 2009, the Company intends to file a Form 15, Notice of Termination of Registration or Suspension of Duty to File, with the Securities and Exchange Commission to terminate its reporting obligations under the Exchange Act.
The Company has concluded that shareholder value is best served by reducing the costs of compliance, the demands on management time, and the Company resources required to maintain its listed and registered status. While the Company's reporting obligations to the Securities and Exchange Commission will terminate when the Form 15 has been filed, the Company reiterated its current intention to continue reporting certain quarterly financial results, as well as its annual audited financial results, in press releases and on its website.
Q.E.P. Co., Inc., founded in 1979, is a leading worldwide manufacturer, marketer and distributor of a broad line of flooring tools and accessories for the home improvement market. Under brand names including QEP, ROBERTS, Smoothedge, Vitrex, PRCI, Capitol and Elastiment, the Company markets over 3,000 specialty tools and flooring related products used primarily for surface preparation and installation of ceramic tile, carpet, vinyl and wood flooring. The Company sells its products to home improvement retail centers and specialty distribution outlets in 50 states and around the world.