Investor Contact:School Specialty, Inc.
Elizabeth Higashi, CFA
(920) 243-5392
IR@schoolspecialty.com
Media Contacts:
Kekst and Company
Kimberly Kriger/Nathan Riggs
(212) 521-4800
GREENVILLE, Wis., Jan. 30, 2013 (GLOBE NEWSWIRE) — School Specialty,
Inc. (Nasdaq:SCHS) (“the Company”) today announced that it has received
written notification from the staff of The Nasdaq Stock Market
(“Nasdaq”), notifying the Company that its common stock traded under
the symbol SCHS will be suspended from trading on the Nasdaq, and that
the Nasdaq staff will apply to the Securities and Exchange Commission
to commence delisting procedures for these securities.
The suspension will begin prior to the opening of the market on
February 6, 2013. The Nasdaq staff advised School Specialty that it is
taking these steps because of the Company’s January 28, 2013 voluntary
Chapter 11 filing, the residual equity interest of the existing listed
securities holders, and because the average closing price of the
Company’s common stock will likely fall below Nasdaq’s continued
listing minimum share price standard of $1 over a consecutive
30-trading day period.
Due to the company’s Chapter 11 filing and related sale process, School
Specialty does not oppose the suspension and delisting of its
securities.
Price quotations for the Company’s common stock may become available
under new symbols on the OTC Bulletin Board (OTCBB) and Pink Sheets
Electronic Quotation Service in the future. Information about these
services is available at www.otcbb.com and www.pinksheets.com.
School Specialty cannot predict what the ultimate value of any of its
securities may be and it is uncertain whether shareholders will receive
any distribution from proceeds of a sale and whether these securities
will have any value following the Chapter 11 case. As a result, School
Specialty urges investors to exercise appropriate caution with respect
to any existing or future investments in School Specialty’s securities.
About School Specialty, Inc.
School Specialty is a leading education company that provides
innovative and proprietary products, programs and services to help
educators engage and inspire students of all ages and abilities to
learn. The company designs, develops, and provides preK-12 educators
with the latest and very best curriculum, supplemental learning
resources, and school supplies. Working in collaboration with
educators, School Specialty reaches beyond the scope of textbooks to
help teachers, guidance counselors and school administrators ensure
that every student reaches his or her full potential. For more
information about School Specialty, visit www.schoolspecialty.com.
Cautionary Statement Concerning Forward-Looking Information
Any statements made in this press release about future the availability
of future price quotations and future expectations, plans, or
prospects, constitute forward-looking statements. Forward-looking
statements also include those preceded or followed by the words
“anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,”
“may,” “should,” “plans,” “targets” and/or similar expressions. These
forward-looking statements are based on School Specialty’s current
estimates and assumptions and, as such, involve uncertainty and risk.
Forward-looking statements are not guarantees of future performance,
and actual results may differ materially from those contemplated by the
forward-looking statements because of a number of factors, including
the factors described in Item 1A of School Specialty’s Annual Report on
Form 10-K for the fiscal year ended April 28, 2012, which factors are
incorporated herein by reference. Except to the extent required under
the federal securities laws, School Specialty does not intend to update
or revise the forward-looking statements.
