Cycle Country Accessories Corp. Announces Completion Of Compliance Requirements Of NYSE Amex Continued Listing Standards
Cycle Country Accessories Corp. (AMEX:ATC) (“Cycle Country”) announced that it had completed the requirements to become fully compliant with the continued listing standards of NYSE Amex LLC (the “Exchange”) by filing all required reports with the Securities and Exchange Commission.
As previously announced, Cycle Country was unable to timely file its Form 10-K for the year ended September 30, 2010 and its Forms 10-Q for the fiscal quarters of 2010 for the periods ended December 31, 2009 and March 31, 2010. Additionally, the company amended its previously filed Forms 10-Q for all three fiscal quarters of 2009. The Company previously reported the misappropriation of company funds by its former Chairman of the Board of Directors, which occurred in early fiscal 2009 and which was uncovered as part of the year-end audit process.
The company also announced that it had received a letter on May 26, 2010 (the “Notice”) from the Exchange which stated that Cycle Country has been granted an extension of time to complete the Plan of Compliance (the “Plan”) that was previously submitted by the Company to the Exchange. This Plan was previously announced by the Company in its current report filed on Form 8-K with the SEC on March 5, 2010 and in an current report on April 27, 2010 extending that deadline to May 17, 2010. The Exchange had previously granted Cycle Country until April 14, 2010 to complete its Plan. Cycle Country was unable to complete the filings by the earlier date and requested an additional extension. In addition, the Exchange’s Notice stated that Cycle Country’s failure to timely file the Form 10-Q for the second fiscal quarter ended March 31, 2010 was an additional instance of non-compliance with the continued listing standards of the Exchange.
On May 28, Cycle Country completed the last of the requirements of the Exchange to regain compliance with the continued listing standards by filing the its Forms 10-Q for the fiscal quarters ending December 31, 2009 and March 31, 2010.
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