Kingstone Companies, Inc. (“KINS”) (NASDAQ: KINS) today announced that, following a vote by its shareholders, it received notice from NASDAQ that it has regained compliance with NASDAQ’s listing rules.
Barry Goldstein, CEO of KINS, explained that “Our Board decided to reduce the company’s debt by offering a conversion of our redeemable preferred stock, which had a redemption date of July, 2011, into common stock. By doing so, in June 2010, KINS’s liabilities were reduced by $1.3 million and shareholder equity increased by a like amount. Shareholders have voted to approve the transaction, and KINS has fulfilled its plan to comply with NASDAQ’s listing rules.”
Forward Looking Statements
Statements in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. More information about these factors can be found in Kingstone’s filings with the Securities and Exchange Commission, including its latest Annual Report filed with the Securities and Exchange Commission on Form 10-K. Kingstone undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.