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Kingstone Regains NASDAQ Compliance

^{Published on 2010-11-03 17:40:58 - Market Wire}
 

HEWLETT, N.Y.--([ BUSINESS WIRE ])--Kingstone Companies, Inc. (aKINSa) (NASDAQ: KINS) today announced that, following a vote by its shareholders, it received notice from NASDAQ that it has regained compliance with NASDAQa™s listing rules.

Barry Goldstein, CEO of KINS, explained that aOur Board decided to reduce the companya™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, KINSa™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 NASDAQa™s listing rules.a

Forward Looking Statements

Statements in this press release may contain aforward-looking statementsa 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 managementa™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 Kingstonea™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.