Delta Galil Industries Ltd. to Delist From Nasdaq and Deregister From the U.S. SEC
05 March 2008 - 12:30PM
Marketwired
TEL AVIV, ISRAEL announced today that its Board of Directors has
decided to file for voluntary delisting from NASDAQ, deregistration
and termination of its reporting obligations under the Securities
and Exchange Act of 1934 (Exchange Act).
Delta expects the delisting to become effective on March 27,
2008, at which time the Company's American Depositary Shares (ADSs)
will no longer be traded on the NASDAQ. Delta intends to maintain
its American Depositary Receipt program with Bank of New York
Mellon and will apply for those shares to be traded on the U.S.
over-the-counter market tier known as International OTCQX.
Accordingly, Delta has not arranged for the listing or quotation of
its ADSs or ordinary shares on any other U.S. national securities
exchange or quotation medium. Delta's ordinary shares will continue
to trade on the Tel Aviv Exchange.
"We are acting today to reduce our regulatory compliance costs
while maintaining a high level of public disclosure about the
Company," said Aviram Lahav, Chief Executive Officer of Delta.
"Since less than 5% of the worldwide volume of trading in Delta's
shares in the last year took place on NASDAQ, and in light of the
increasing burdens of compliance with U.S. regulations such as
Sarbanes-Oxley, it is no longer efficient for the Company, from a
cost and administrative perspective, to remain registered in the
U.S. and listed on NASDAQ. At the same time, in addition to public
disclosure in Israel, all material public disclosure about the
Company will also be available in English and posted on our
website."
Delta has provided written notice to NASDAQ today of its intent
to delist and plans to file a Form 25 with the SEC on or about
March 17, 2008 to initiate the delisting. Delta expects that the
delisting will be effective ten days after such filing, which is
expected to be on or about March 27, 2008. Delta intends to file a
Form 15F with the SEC to deregister and terminate its reporting
obligations under the Exchange Act after the delisting has become
effective. Delta reserves the right to delay or withdraw the
filings for any reason prior to their effectiveness.
The Company expects that, upon the delisting from NASDAQ, it
will commence reporting pursuant to Chapter 6 of the Israeli
Securities Law, 1968, including publication of an annual report for
the year ended December 31, 2007, in accordance with the
requirements of Israeli Securities Law, 1968 and regulations and
the International Financial Reporting Standards (IFRS). The Company
will publish an immediate report, as required under Israeli
Securities Law, 1968, on the actual date of the de-listing from
NASDAQ and the transfer to the Israeli reporting obligations.
Delta Galil is a leading global manufacturer of quality apparel
sold under brands such as Calvin Klein, Hugo Boss, Nike, and Ralph
Lauren. Recognized for product innovation and development, Delta's
products are sold worldwide through retailers including Wal-Mart,
Marks & Spencer, Target, Victoria's Secret, JC Penney, Hema,
and others. Headquartered in Israel, Delta operates manufacturing
facilities in Israel, Jordan, Egypt, Turkey, Eastern Europe,
Central America, the Caribbean and the Far East. For more
information, please visit our website: www.deltagalil.com.
This press release contains forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995. Such statements are based on the current expectations of the
management of Delta Galil Industries Ltd. (the Company) only, and
are subject to a number of risk factors and uncertainties,
including but not limited to changes in quotas; our dependence on a
few significant customers; our anticipated growth strategies; our
intention to introduce new products; anticipated trends in our
business; future expenditures for capital projects; and our ability
to continue to control costs and maintain quality which could cause
the actual results or performance of the company to differ
materially from those described therein.
For a more detailed description of the risk factors and
uncertainties affecting the Company, refer to the Company's reports
filed from time to time with the Securities and Exchange Commission
including the Company's Annual Report on Form 20-F.
Contacts: Yossi Hajaj Delta Galil Industries Ltd. Tel:
+972-3-519-3744 U.S. Investors Andrea Costa The Global Consulting
Group Tel: +1-646-284-9461
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