This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

InnSuites Hospitality Trust (IHT) Exceeds Equity Requirement To Regain Compliance With NYSE Amex Company Guide

PHOENIX, April 18, 2012 /PRNewswire/ -- On September 30, 2010, InnSuites Hospitality Trust ("The Trust"), (NYSE Amex: IHT) received a letter from the NYSE Amex LLC (the "NYSE Amex") informing the Trust that the staff of the NYSE Amex's Corporate Compliance Department had determined that the Trust was not in compliance with Section 1003(a)(ii) of the NYSE Amex Company Guide due to the Trust having stockholders' equity of less than $4.0 million and losses from continuing operations in three of its four most recent fiscal years.

The NYSE Amex's letter informed the Trust that in order to maintain its listing, it was required to submit a plan of compliance by November 1, 2010 addressing how it intended to regain compliance with the NYSE Amex's continued listing standards within a maximum of 18 months.  The NYSE Amex's letter provided that if the plan submitted by the Trust were accepted by the NYSE Amex, the Trust would likely be able to continue its listing during the 18-month plan period, during which time it would be subject to periodic review to determine whether it was making progress consistent with the Trust's plan.

The Trust submitted its plan on November 1, 2010.  The plan included improved hotel operating profits as the economy and hospitality industry continue to recover, the sale of membership of a portion of interests in the Albuquerque entity above carrying value and the potential sale of a portion of  membership or partnership interests in other hotel properties owned by the Trust and Partnership all above carrying value. 

The NYSE Amex's staff monitored the Trust's progress during the eighteen-month plan period which ended on March 30, 2012. The Trust received communication from the NYSE Amex on February 13, 2012 requesting draft financials for the fiscal year ended January 31, 2012 and an additional request for preliminary  financials for the period ended February 29, 2012. The February 29, 2012 preliminary financials indicated that The Trust is now in compliance with Section 1003(a)(ii) of the NYSE Amex Company Guide with total equity of approximately $4.5 million which is above the required $4.0 million.

Based on the successful increase in equity and NYSE Amex communications with the Trust, the Trust expects to receive a letter from NYSE Amex stating that the Trust has regained compliance with the NYSE Amex Company Guide.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,997.13 -128.99 -0.71%
S&P 500 2,108.75 -12.04 -0.57%
NASDAQ 5,073.6230 -24.3530 -0.48%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs