Business & Finance
Business and Finance
Business and Finance
Tue, October 13, 2009
Mon, October 12, 2009
Fri, October 9, 2009 Bestar Inc.: Bestar Examines Listing Alternatives for its Common Shares
LAC-MEGANTIC, QUEBEC--(Marketwire - Oct. 9, 2009) - Bestar Inc. (TSX:BES) today announced that it has decided to proceed with its plans to list its common shares on the Canadian National Stock Exchange ("CNSX"). As previously-announced (see press releases dated May 13 and July 24, 2009), Bestar has been advised by the Toronto Stock Exchange ("TSX") that the company was under review as the market value of its publicly-held securities has been below two million dollars for more that twenty consecutive trading days. The company has until October 30, 2009 to comply with all of the requirements of the TSX in order to maintain its listing, failing which the common shares of Bestar would be de-listed. As a result, the Board of Directors and management of Bestar have been examining alternatives to a TSX listing, including the possibility of listing the common shares of the company on either the TSX Venture Exchange or CNSX.
Representatives of the company have communicated with representatives of both exchanges in order to review the respective listing requirements and transaction costs, and have determined that the CNSX would be the most appropriate organized market on which to make an application to list the common shares of Bestar. Accordingly, Bestar will be filing an application to list its common shares on CNSX with a view toward listing as soon as possible.
About Bestar
Founded in 1948, Bestar Inc. designs, manufactures, and distributes a vast array of ready-to-assemble furnishings that meet customer needs in terms of quality, design, and functionality. In recent years, Bestar has specialized in office furniture and distributes its products mainly in the United States and Canada. In order to offset a decrease in sales, Bestar developed a new business plan in 2006, which includes the fabrication of components.
The company became public in 1986 and operates from its plant in Lac-Megantic, Quebec, Canada. More information about Bestar can be found on our website at [ www.bestar.ca ] or under the company's issuer profile on SEDAR at [ www.sedar.com ].
