Verso's Continued Listing Plan Accepted by NYSE
MEMPHIS, Tenn.--(BUSINESS WIRE)--
Verso Paper Corp. (NYSE:VRS) announced today that the New York Stock
Exchange has accepted the company's plan for continued listing on the
NYSE. As a result, Verso's common stock will continue to be listed on
the NYSE, subject to quarterly reviews by the NYSE to monitor the
company's progress against the plan.
The NYSE earlier notified Verso on December 21, 2011, that the company
had fallen below the NYSE's continued listing standard requiring that it
maintain an average market capitalization of at least $75 million over a
consecutive 30 trading-day period. With the NYSE's acceptance of the
plan, Verso has 18 months from the original notification date in which
to comply with the average market capitalization standard, subject to
its compliance with the NYSE's other continued listing requirements.
Verso will continue to work proactively with the NYSE to maintain the
listing of its common stock during the compliance period. "The NYSE's
acceptance of our plan reaffirms our belief that Verso's strategic
direction and fundamental operating principles are sound. We look
forward to executing our business plan and increasing our share price
and market capitalization," commented Mike Jackson, Verso's President
and Chief Executive Officer.
Based in Memphis, Tennessee, Verso Paper Corp. is a leading North
American producer of coated papers, including coated groundwood and
coated freesheet, and specialty products. Verso's paper products are
used primarily in media and marketing applications, including magazines,
catalogs and commercial printing applications such as high-end
advertising brochures, annual reports and direct-mail advertising.
Additional information about Verso is available on the Company's website
References to "Verso" or the "Company" mean Verso Paper Corp. and its
consolidated subsidiaries unless otherwise expressly noted.
In this press release, all statements that are not purely historical
facts are forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking statements may be identified by the words
"believe," "expect," "anticipate," "project," "plan," "estimate,"
"intend" and similar expressions. Specifically, all statements herein
relating to Verso's future compliance with the NYSE's market
capitalization standard and to the company's future performance are
forward-looking statements. Forward-looking statements are based on
currently available business, economic, financial and other information
and reflect management's current beliefs, expectations and views with
respect to future developments and their potential effects on Verso.
Actual results could vary materially depending on risks and
uncertainties that may affect Verso and its business. For a discussion
of such risks and uncertainties, please refer to Verso's filings with
the Securities and Exchange Commission. Verso assumes no obligation to
update any forward-looking statement made in this press release to
reflect subsequent events or circumstances or actual outcomes.
Verso Paper Corp.
Robert P. Mundy, 901-369-4128
Vice President and Chief Financial Officer
Source: Verso Paper Corp.
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