Ballistic Recovery Systems Announces Removal from OTC Bulletin Board
20 February 2008 - 8:45AM
Business Wire
Ballistic Recovery Systems, Inc. (BRSI or BRSI.PK), a manufacturer
of whole-aircraft emergency parachute systems, announced today
that, effective at the opening of business on Wednesday, February
20, 2008, its common stock will be quoted on the �pink sheets�
maintained by Pink Sheets LLC. The Company�s common stock was
removed from quotation on the Over-the-Counter Bulletin Board
(�OTCBB�) as a result of its annual report on Form 10-KSB for the
year ended September 30, 2007 having not been filed with the
Securities and Exchange Commission (�SEC�). As previously
disclosed, the Company is in the process of restating previously
issued financial statements for the second and third quarters of
2007, which has resulted in a delay in filing of its Form 10-KSB
for such fiscal year. The Company was unable to file its Form
10-KSB for the fiscal year ended September 30, 2007 by February 15,
2008 as originally anticipated, and is currently working with its
auditors to complete the restatements of previously issued
financial statements and the Form 10-KSB. Additionally, the Company
is in the process of preparing its Form 10-QSB for the quarter
ended December 31, 2007 which was due February 14, 2008. About
Ballistic Recovery Systems and Advanced Tactical Fabrication Based
in South Saint Paul, Minnesota, BRS designs, manufactures, and
distributes whole-aircraft emergency parachute systems for general
aviation and recreational aircraft. ATF (or Advanced Tactical
Fabrication), a joint venture of BRS and Head Lites Corp (HLC), is
a leader in the safety apparel and �cut & sew� industry.
Ballistic Recovery Systems is a publicly traded company (BRSI).
Since 1981, BRS has delivered more than 28,000 parachute systems to
aircraft owners worldwide, including over 3,500 systems on
FAA-certificated aircraft such as the Cirrus Design SR20 and SR22
manufactured in Duluth, Minnesota. To date, BRS parachute recovery
systems have been credited with saving the lives of 209 pilots and
passengers. This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are often, but not always, made through
the use of words such as �anticipates,� �expects,� �plans,�
�believes,� �intends,� and other similar words or phrases. These
statements are only predictions, and are based on current
information and expectations. Such statements involve a number of
risks and uncertainties, including filing the Company�s financial
statements as restated or otherwise, additional restatements and
accounting adjustments for the same or additional periods. All
forward-looking statements are qualified in their entirety by this
cautionary statement, and BRS undertakes no obligation to revise or
update this press release to reflect events or circumstances after
the date hereof.
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