SOURCE: Millennium India Acquisition Co. Inc.
NEW YORK, NY--(Marketwire - Sep 24, 2012) - Millennium India Acquisition Company Inc. (the "Company") (NASDAQ: SMCG) announced that it has moved its listing from Nasdaq to OTC Markets' OTCQB marketplace ("OTCQB"). The Company expects that the stock will begin trading on the OTCQB under its ticker symbol "SMCG" commencing on October 4, 2012. Investors will be able to view the Real Time Level II stock quotes for SMCG at http://www.otcmarkets.com/stock/SMCG/quote.
The Company has traded below the Nasdaq bid price requirement of $1 for an extended period of time. After carefully evaluating its options to maintain its listing on Nasdaq, the Company decided that it was in the best interest of its shareholders to transition to the OTCQB marketplace.
F. Jacob Cherian, Chairman and CEO, said, "We carefully evaluated our options to maintain listing on Nasdaq, including whether to effect a reverse split to satisfy the $1 minimum bid price per share requirement, and concluded that it was in the best interest of shareholders to transition to OTCQB. We believe the transition to OTC Markets will be relatively seamless and will continue to provide shareholders a marketplace to trade our stock."
The move to OTC Markets does not change the Company's reporting obligations with the SEC under applicable federal securities laws.
About OTC Markets Group Inc.
OTC Markets Group Inc. ("OTCM") operates open, transparent and connected financial marketplaces for investors to easily trade almost 10,000 equity and debt securities through the broker of their choice. OTCM organizes these securities into tiered marketplaces to inform investors of opportunities and risks. OTCM data-driven platform enables efficient trading through any broker at the best possible price, and empowers a broad range of companies to improve the quality and availability of information for their investors.
About Millennium India Acquisition Company Inc.
Millennium India Acquisition Company Inc. is a closed-end investment fund, whole principal asset is a significant holding in SMC Global, one of the largest and fastest growing retail financial services companies in India. More information regarding Millennium India Acquisition Company Inc. can be found at www.milcapital.com.
Cautionary Statement Regarding Forward-Looking Information
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all passages containing words such as "will," "aims," "anticipates," "becoming," "believes," "continue," "estimates," "expects," "future," "intends," "plans," "predicts," "projects," "targets," or "upcoming". Forward-looking statements also include any other passages that are primarily relevant to expected future events or that can only be evaluated by events that will occur in the future. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Factors that could affect the Company's actual results include, among others: its ability to successfully execute on its 2012 operating plan; its ability to generate sufficient cash flow from operations; its ability to streamline operations, reduce operating expenses, and reduce and slow its use of cash; its ability to successfully integrate management changes and reductions in operating expense and personnel; and its ability to manage impacts of its common stock being delisted from Nasdaq and listed on the OTCQB, including any perceived or actual reduced liquidity in trading in its shares. More information about factors that potentially could affect the Company's operations or financial results is included in Company's most recent annual report on Form 10-K for the year ended December 31, 2011, filed with the Securities and Exchange Commission on February 28, 2012 and in the Company's quarterly reports on Form 10-Q filed with the Securities and Exchange Commission in 2012. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only as to the date of this release. Except as required by law, the Company undertakes no obligation to update any forward-looking or other statements in this press release, whether as a result of new information, future events or otherwise.