From the Wires
Northstar Healthcare Issues Response To TSX Review of Northstar's Compliance with TSX Listing Requirements
By: PR Newswire
Nov. 20, 2012 11:14 AM
HOUSTON, TX, Nov. 20, 2012 /CNW/ - Northstar Healthcare Inc.'s management feels it is appropriate to further clarify the details of TSX's review of Northstar's compliance with TSX Continued Listing Requirements and to inform the public of Northstar's anticipated response to TSX's review. Earlier this month the Toronto Stock Exchange (the "TSX") announced that it had automatically initiated a Remedial Review Process per TSX Company Manual's 7.12(b) because the Market Value of publicly held Northstar securities fell below $2.0 million (CAD) for thirty consecutive days. Under the Remedial Review Process TSX has granted Northstar 120 days to comply with TSX Continued Listing Requirement. A hearing before the Continued Listing Committee of TSX is scheduled for February 28, 2013.
Northstar's management intends to maintain its current listing on TSX and will work with TSX throughout the Remedial Review Process. Management remains focused on current operations and future business plans as it believes that continued profitability during the Review will increase the likelihood of Northstar's compliance with Company Manual Section 7.12(b). However, Northstar cannot guarantee that it will be able to achieve compliance with all TSX listing requirements within the 120-day review period. If Northstar is ultimately unable to maintain its current listing on TSX, it may explore an alternate listing, possibly on the Venture Exchange or NEX.
About Northstar Healthcare Inc.
SOURCE Northstar Healthcare Inc.
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