Dickie Walker Inc provides merger update with NASDAQ

07 Jul '05

3 min read

Additionally, Dickie Walker Marine filed for and was granted a hearing before the Listing Qualifications Panel of the Nasdaq Stock Market to review the Staff Determination Letter previously disclosed in Dickie Walker's press release of May 31, 2005.

The hearing currently is scheduled for July 14, 2005. At the hearing, the company will ask the Listing Qualification Panel to stay delisting of Dickie Walker's common stock pending the closing of the acquisition of Intelligent Energy.

There can be no assurance that Dickie Walker will be successful at the hearing in obtaining a further stay of delisting through the close of the proposed acquisition, or that all conditions to the closing of the proposed acquisition will occur.

"They recognize the value in Dickie Walker and the potential benefits to both companies, further underscoring our desire to proceed in earnest with this transaction," said Dr. Harry Bradbury, chief executive officer of Intelligent Energy.

"They believe that intrinsic value would remain should the Panel elect to proceed with the delisting and it would be our intention to recommend to the Intelligent Energy Board of Directors to continue with the transaction and bring it to a successful conclusion."

Bradbury noted that upon closing of the proposed transaction with Dickie Walker, he believes the combined company should likely qualify for an initial listing on the Nasdaq SmallCap Market, and that Intelligent Energy has completed and filed an application with requisite documentation to obtain such listing.

More Dickie Walker Marine Inc News... More Fashion News - United States Of America...