SOURCE: Pink Sheets, LLC

January 17, 2007 09:00 ET

Pink Sheets Accepts The Bank of New York as an ADR Bank PAL for International OTCQX Listed Companies

NEW YORK, NY -- (MARKET WIRE) -- January 17, 2007 -- Pink Sheets, LLC today announced that The Bank of New York has been approved as an ADR Principal American Liaison (PAL) for International OTCQX listed companies. The Bank of New York may act as PAL for its international exchange-listed clients that have a sponsored Level I ADR program.

"We are delighted to have The Bank of New York as our first ADR Bank PAL for International OTCQX companies. The International OTCQX program will distinguish international issuers trading over-the-counter in the U.S. from the speculative and distressed companies that investors may associate with the OTC markets," commented Cromwell Coulson, Chairman and CEO of Pink Sheets. "We look forward to improving the visibility of The Bank of New York's ADR programs and creating new opportunities for American investors to efficiently access non-U.S. listed issuers' securities."

"Our designation as an ADR Principal American Liaison for International OTCQX companies demonstrates our ongoing commitment to raising the awareness and understanding of our clients with Level I ADR programs," said Christopher Sturdy, executive vice president and head of The Bank of New York's Depositary Receipt Division. "We look forward to working with Pink Sheets to provide our clients with a new avenue for recognition of and potential investment in their shares."

The International OTCQX is a new market tier offered by Pink Sheets that provides a premier trading, quotation and disclosure venue for securities of the highest quality international companies that trade in the U.S. OTC markets. Companies that are listed on a qualified international stock exchange, such as The London Stock Exchange or Hong Kong Exchange, are eligible to have their securities included in the premium tier International OTCQX, which commences trading on March 5, 2007. International OTCQX allows non-U.S. issuers to use the SEC Rule 12g3-2(b) information supplying exemption from SEC reporting requirements and Sarbanes-Oxley, but requires that the company's home-country disclosure be posted in English on www.otcqx.com so that U.S. investors can easily access such disclosure.

About The Bank of New York

The Bank of New York is a depositary for more than 1,250 American and global depositary receipt programs, a 64% market share, acting in partnership with leading companies from 61 countries. With an unrivalled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, The Bank of New York delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Additional information is available at www.adrbny.com.

About International OTCQX

An alternative to listing on traditional exchanges, International OTCQX is a new market tier for international exchange-listed issuers whose securities are traded in the over-the-counter (OTC) markets. The International OTCQX trading, quotation and disclosure platform, comprised of the International PremierQX and International PrimeQX tiers, is designed to distinguish strong public companies from the nearly tens of thousands of securities traded on OTC. Additional information is available at www.otcqx.com.

About Pink Sheets, LLC

Pink Sheets, LLC is the leading provider of services, software and financial information for the OTC securities markets. Its electronic quotation, trading and disclosure services enhance the efficiency of OTC trading, provide better executions for OTC investors and improve the capital formation process for OTC issuers. For more information visit the Pink Sheets website at www.pinksheets.com.

Contact Information

  • Contact:
    R. Cromwell Coulson
    Chairman and CEO
    Pink Sheets, LLC
    1 (212) 896-4420
    Email Contact