The Board of Directors of AQM Automotive Corporation (TSE:AQV.; Nasdaq:AQM.AF) has begun a review of options related to continued listing of the Corporation on the Toronto Stock Exchange (the “TSE”).
This review commenced after receipt from the TSE of an advisory letter regarding the Corporation’s continued listing status. The TSE has advised the Corporation that it does not meet one of the new continued listing requirements, which were approved by the Ontario Securities Commission on March 31st, 2000. The cited deficiency relates only to the market value of publicly-held listed securities. The Corporation has until August 1, 2000, to meet that requirement, failing which it may be suspended from trading until the deficiency is corrected.
The Board will review all options. These include steps to address the specific deficiency on market value of the public float, alternate listing on the Canadian Venture Exchange, third party transactions, or the potential for a going private transaction.
AQM Automotive Corporation is a publicly traded, Canadian-based holding company whose shares are listed on the Toronto Stock Exchange and the Nasdaq OTC Bulletin Boards. G.K. Industries Ltd. (G.K.I.) is the operating component of the AQM group of companies, and one of the leading companies of its kind in North America. The Company procures, manufactures, packages and distributes automotive parts, including fuel filters, automatic transmission filter kits, breather elements and cabin air filters. Approximately 70% of annual sales are exported, primarily to the United States. Sales are across the spectrum of the automotive aftermarket industry, including national brand name filter companies, retailers, program distribution buying groups, traditional warehouse distributors and undercar specialty networks.