Arabian American Development Applies for Listing on NASDAQ Global Stock Market
DALLAS, Nov. 30 /PRNewswire-FirstCall/ -- Arabian American Development Co. (OTC Bulletin Board: ARSD) today announced that it has applied for a listing of its Common stock on the NASDAQ Global Market. While the Company believes it currently satisfies all of the listing qualifications associated with this application, final approval is dependent on the review process by NASDAQ's Listing Qualifications Department for compliance with all NASDAQ Global Market requirements. The Company's Common stock will continue to trade on the OTC Bulletin Board under its current symbol ARSD until such time as the Company is notified of its acceptance which is expected to take approximately four to eight weeks.
"We believe that a move to the NASDAQ market is in the best interests of our shareholders and the company," commented Nick Carter, Secretary and Treasurer of ARSD and also the President of the petrochemical segment. "Our application highlights our continued commitment to enhance shareholder value and will give the Company increased visibility within the investment community as well as increased liquidity for the stock. We look forward to a speedy application and approval process."
About Arabian American Development Co.
Arabian American owns and operates a petrochemical facility located in southeast Texas just north of Beaumont, Texas, specializing in high purity petrochemical solvents and other solvent type manufacturing. Arabian American also has a mining project in Saudi Arabia which is under development and is expected to produce economic quantities of zinc, copper, gold, and silver when it is put into production.
Statements in this release that are not historical facts are forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon management's belief as well as assumptions made by and information currently available to management. Because such statements are based upon expectations as to future economic performance and are not statements of fact, actual results may differ from those projected. These risks, as well as others, are discussed in greater detail in Arabian American's filings with the Securities and Exchange Commission, including Arabian American's annual Report on Form 10-K for the year ended December 31, 2005 and the Company's subsequent Quarterly Report Form 10-Q.
SOURCE Arabian American Development Co.