Baldwin Receives Letter from NYSE Amex Regarding Non-Compliance
SHELTON, CT—Oct. 22, 2010—Baldwin Technology Co., Inc. today reported it has received notification from the NYSE Amex that it is no longer in compliance with certain continued listing standards set forth in the NYSE Amex Company Guide. This is the result of the termination of the employment of Karl S. Puehringer as president and CEO and Puehringer's resignation as a director effective Sept. 30, 2010 and the election effective Oct. 1, 2010 of Mark T. Becker, previously an independent director and member of the audit, compensation and nominating committees.
Due to the small size of Baldwin’s Board of Directors as a result of these changes, it no longer has a majority of independent directors on its board, the three classes of directors of its board are not of approximately equal size, it has only two of the requisite three independent members on its audit committee and its compensation committee is not comprised solely of independent directors. The referenced standards are: Sections 802(a), 802(d) 803(B)(2)(a) and 805(a) of the guide.
The exchange has designated the letter as a "Warning Letter." Baldwin has been given until March 29, 2011 to regain compliance. The board of directors has already taken steps to identify potential candidates to serve as an independent director or independent directors on the board of directors of the company and intends to remedy the noted non-compliance within the time frame allotted.
Baldwin Technology Co., Inc. is a leading international supplier of process automation equipment and related consumables for the printing and publishing industries. Baldwin offers its customers a broad range of market-leading technologies, products and systems that enhance the quality of printed products and improve the economic and environmental efficiency of printing presses. Headquartered in Shelton, Connecticut, the Company has operations strategically located in the major print markets and distributes its products via a global sales and service infrastructure. Baldwin's technology and products include cleaning systems, fluid management and ink control systems, web press protection systems and drying systems and related consumables. For more information, visit www.baldwintech.com
Source: Company press release.