Thomas Equipment to Withdraw Listing from American Stock Exchange

October 26, 2006 • Thomas Equipment, Inc., Milwaukee, Wis., has filed a request with the American Stock Exchange (“AMEX”) to have its securities removed from listing. It is anticipated that AMEX will grant the request, and the company's securities will stop being listed in approximately 20 days.

 

Thomas Equipment is taking this action in light of AMEX's determination to otherwise delist the common stock. The company does not believe it would be successful upon an appeal of such determination by AMEX and believes that the voluntary withdrawal will provide a more orderly transition of trading. In addition, due to the Thomas Equipment's current inability to file a Form 10-K for the fiscal year that ended June 30, 2006, or otherwise provide current financial information publicly, shares of the company's common stock will be halted from trading until such time as current information can be made available.

 

Thomas Equipment intends to have its common stock made eligible to trade on the Over-the-Counter Bulletin Board, but a date for such trading cannot be ascertained at this time and is dependent on Thomas Equipment being current in its filings with the Securities and Exchange Commission.

 

In the past month, Thomas Equipment announced that it had hired a new chief restructuring officer and that they were considering a sale of all assets. Earlier this year, Thomas Equipment filed for court-supervised restructuring for wholly owned subsidiary Thomas Equipment 2004, in which it laid off 141 employees. Thomas 2004 restructuring was designed to provide Thomas Equipment with appropriate financial resources to address short-term needs and successfully execute on longer-term strategic opportunities. More recently, wholly owned subsidiary Pneutech, Inc. also filed for court-supervised restructuring and successfully refinanced its existing credit facility with a larger $15 million credit facility provided by Greystone Business Credit II, LLC.