Delisting of the Company's Shares from the NYSE Is Pending Applicable
Procedures
ANN ARBOR, Mich., March 21 /PRNewswire-FirstCall/ -- ProQuest Company
(NYSE: PQE, "the Company"), a publisher of education materials and provider
of education solutions in the K-12 market, today reported that it has been
advised by the New York Stock Exchange (NYSE) that the NYSE expects to
suspend trading in the Company's shares prior to the opening of trading on
March 28, 2007. The NYSE is suspending trading because the Company now
anticipates it will not file its Annual Report on Form 10-K for fiscal year
2005 (2005 10-K) with the Securities and Exchange Commission (SEC) by April
2, 2007 and is therefore not in compliance with NYSE Rule 802.01E. The NYSE
stated that an application to the SEC to delist the Company's shares from
the NYSE is pending the completion of applicable procedures.
The Company's common stock is expected to be quoted on the Pink Sheets,
an electronic quotation service for securities traded over-the-counter,
effective with the opening of business on March 28, 2007 with no
interruption of trading in its shares.
The Company has completed a significant amount of work on its
restatement. However, KPMG's ongoing audit of prior periods is not complete
and there can be no assurance that additional issues will not be
identified. As a result, the Company now expects that it will file its 2005
10-K including its restated consolidated financial statements, in the
second quarter of 2007.
About ProQuest Company
ProQuest Company is based in Ann Arbor, Michigan, and is a publisher of
education materials and provider of education solutions serving the K-12
market. Through its Education product lines, which include Voyager Expanded
Learning, ExploreLearning and LearningPage, the company is a leading
provider of K-12 curriculum products, in-school core reading programs,
reading and math intervention programs, and professional development
programs for school districts throughout the United States.
Forward-Looking Statements
Some of the statements contained herein constitute forward-looking
statements. These statements relate to future events, the results of our
pending restatement process, or our future financial performance and
involve known and unknown risks, uncertainties and other factors that may
cause our or our markets' actual results, levels of activity, performance
or achievements to be materially different from any future results, levels
of activity, performance or achievements expressed or implied by such
forward-looking statements. These risks and other factors you should
specifically consider include, but are not limited to the company's ability
to successfully conclude the review and restatement of its financial
results, the discovery of additional restatement items, litigation, loss of
key personnel, success of ongoing product development, maintaining
acceptable margins, ability to control costs, changes in customer demands
or industry standards, the ability to successfully attract and retain
customers, the ability to sell additional products to existing customers
and win new business from new customers, the ability to maintain a broad
customer base to avoid dependence on any one single customer, K-12
enrollment and demographic trends, the level of educational and education
technology funding, the impact of federal, state and local regulatory
requirements on ProQuest's business, the impact on the company's stock
price and trading volume as a result of the company's common stock being
traded over-the-counter, the impact of competition and the uncertainty of
economic conditions in general, financial market performance, and other
risks listed under "Risk Factors" in our regular filings with the
Securities and Exchange Commission. In some cases, you can identify
forward- looking statements by terminology such as "may," "should,"
"expects," "plans," "anticipates," "believes," "estimates," "predicts,"
"potential," "continue," "projects," "intends," "prospects," "priorities,"
or the negative of such terms or other comparable terminology. These
statements are only predictions. Actual events or results may differ
materially. The company undertakes no obligation to update any of these
statements.
SOURCE ProQuest Company
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Related links:
http://www.proquestcompany.com
http://www.prnewswire.com/comp/108291.html /
CONTACT:
Jennifer Chelune, Investor Relations Manager
of ProQuest Company, +1-734-997-4910, or
jennifer.chelune@proquest.com
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