BOISE, Idaho, June 4 /CNW/ -- Boise Inc. (NYSE: BZ), a leading
manufacturer of packaging products and papers, announced today that it
received notice from the New York Stock Exchange (NYSE) that the company's
30-day average share price met the requirements to restore compliance with the
$1.00 minimum share price requirement for NYSE continued listing standards.
On June 3, Boise Inc.'s common stock closed at $2.47 per share.
"We believe this achievement reflects our solid operating performance,
cash flow generation, and increased liquidity in a difficult economic
environment," said Alexander Toeldte, President and Chief Executive Officer of
Boise Inc. "We continue to look for ways to improve our operating and
financial position to maximize shareholder value."
Boise Inc. received letters of noncompliance from the NYSE in November
2008, notifying the company it had fallen below both the minimum share price
and market capitalization requirements for continued listing on the NYSE.
Boise Inc. has not satisfied the minimum market capitalization requirement.
To return to compliance for the market capitalization standard, the NYSE
requires Boise Inc. to have an average market capitalization above $75 million
for two consecutive quarters within 18 months of receiving the notice. As of
June 3, the market capitalization of Boise Inc. was $209 million.
About Boise Inc.
Headquartered in Boise, Idaho, Boise Inc. (NYSE: BZ) manufactures
packaging products and papers including corrugated containers, containerboard,
label and release and flexible packaging papers, imaging papers for the office
and home, printing and converting papers, newsprint, and market pulp. Our
entire team of approximately 4,120 employees is committed to delivering
excellent value while managing our businesses to sustain environmental
resources for future generations. Visit our website at www.BoiseInc.com.
In this press release, all statements that are not purely historical
facts are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Specifically, all statements
regarding the company's intentions with regard to meeting the market
capitalization requirements of the NYSE are forward-looking statements.
Although the company intends to return to compliance with all of the NYSE
continued listing requirements, there can be no assurance that it will be able
to do so. The company assumes no obligation to update any forward-looking
statements. For the other risk factors associated with the company's
business, please refer to the company's filings with the SEC.
For further information:
For further information: Media, Virginia Aulin, +1-208-384-7837, or
Investor Relations, Jason Bowman, +1-208-384-7456, both of Boise Inc. Web