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Winter 1998
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On September 29, General Automation (GA) announced that it had been informed by the American Stock Exchange that the company did not meet its continued listing guidelines. The AMEX said that an application would be filed with the US Securities & Exchange Commission to remove the company’s common stock from listing and registration.
“GA will move as quickly as possible to list our stock on the Over The Counter Bulletin Board to allow our shareholders to trade the company’s stock,” said Jane M Christie, President and CEO. Ms Christie added that “the decision by the AMEX will not impact the daily business of the company.”
AMEX halted trading of GA stock on 21 May 1998 after the company elected not to meet the deadline for Federal Government regulatory filings due to accounting problems. An internal audit by GA determined that the accounting problem was the result of a continuing program error, which has been corrected, and was not the result of any accounting irregularity or any other type of deliberate actions by company staff. GA has reissued its financial statements for the years ending September 30 1997, 1996 and 1995. The company is now in compliance with all regulatory filings.
General Automation, Inc
Last Updated: 21 December 1998