LOS ANGELES, Dec. 18, 1998 (PRIMEZONE) -- Jalate, Ltd. (Amex:JLT) today announced that it is consenting to the removal of its common stock from the American Stock Exchange. This action became necessary because the company no longer fully satisfies all the guidelines of the exchange for continued listing.
The American Stock Exchange said the last day for trading Jalate's common stock will be Thursday, December 31, 1998. Jalate said it believes that a market for its stock will develop over the counter following the American Stock Exchange trading halt.
In addition, because the company has fewer than 300 shareholders, it expects that its reporting obligations under the Securities Exchange Act will be suspended and that it will no longer file annual, quarterly and other reports with the Securities and Exchange Commission unless and until it has more than 300 shareholders of record.