Contact Information: Company Contact Talon International, Inc. Rayna Long Tel (818) 444-4128 Investor Relations Scott Liolios or Scott Kitcher Liolios Group, Inc. Tel (949) 574-3860
Talon International to Withdraw From American Stock Exchange; Plans to List on the OTC Bulletin Board
| Source: Talon International
LOS ANGELES, CA--(Marketwire - November 27, 2007) - Talon International, Inc. (AMEX : TLN ),
formerly Tag-It Pacific, Inc., a leading global supplier of zippers,
apparel fasteners, trim and interlining products, announced it has notified
the American Stock Exchange (the "AMEX") it intends to voluntarily remove
its common stock from trading on the AMEX. The company is seeking to have
the common stock trade on the Over the Counter Bulletin Board (OTCBB), as
operated by the National Association of Security Dealers (NASD).
In May 2006, Talon was notified by AMEX that it was not in compliance with
Section 1003(a)(i) and Section 1003(a)(ii) of the AMEX Company Guide,
specifying required minimum shareholders' equity of at least $4.0 million.
Following the notice from AMEX, the company was afforded an extension of
time to comply with the requirement until November 16, 2007. The company
has informed AMEX that it did not meet the minimum listing requirements as
of the expiration of this extension. As a result of its failure to meet
these minimum listing requirements, the company's Board of Directors
determined it would be in the best interest of the company to voluntarily
withdraw the listing of its common stock from AMEX.
Talon will file with the Securities Exchange Commission an application on
Form 25 to withdraw its AMEX listing. Pursuant to the rules of the
Securities and Exchange Commission, which require that notice of intention
to voluntarily withdraw from an exchange be given to the exchange at least
10 days before the filing of the Form 25, this application may not be
submitted to the SEC before December 7, 2007, and will not be effective
until 10 days after filing.
The company anticipates its shares will be eligible for trading on the
OTCBB following the AMEX de-listing; however, no assurance can be made in
this regard, as trading on the OTCBB depends upon the willingness of one or
more brokers to make a market in the company's common stock. The company
will continue to file reports with the Securities Exchange Commission as
required by the Securities Exchange Act of 1934.
Talon will announce the new trading symbols for OTCBB trading as soon as it
has secured appropriate brokers to make a market in the company's stock and
a trading symbol has been assigned.
About OTC Bulletin Board
The OTC Bulletin Board (OTCBB) is a regulated quotation system that
displays real-time quotes, last-sale prices, and volume information in
over-the-counter (OTC) equity securities. An OTC equity security generally
is any equity that is not listed or traded on Nasdaq or a national
securities exchange. OTCBB securities include national, regional, and
foreign equity issues, warrants, units, American Depositary Receipts
(ADRs), and Direct Participation Programs (DPPs). For more information
please visit: http://www.otcbb.com.
About Talon International, Inc.
Talon International, Inc. is a global supplier of apparel fasteners, trim
and interlining products to manufacturers of fashion apparel, specialty
retailers, mass merchandisers, brand licensees and major retailers. Talon
manufactures and distributes zippers and other fasteners under its Talon®
brand, known as the original American zipper invented in 1893. Talon also
designs, manufactures, engineers, and distributes apparel trim products and
specialty waist-bands under its trademark names, Talon, Tag-It and TekFit,
to more than 60 apparel brands and manufacturers including Levi Strauss &
Co., Juicy Couture, Ralph Lauren, Victoria's Secret, Target Stores,
Wal-Mart, and Express. The company has offices and facilities in the United
States, Hong Kong, China, India and the Dominican Republic and is expanding
into Eastern Europe, Indonesia and Vietnam.
Forward-Looking Statements
This news release contains forward-looking statements made in reliance upon
the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are not guarantees of future
performance and are inherently subject to uncertainties and other factors
which could cause actual results to differ materially from the
forward-looking statement. These statements are based upon, among other
things, assumptions made by, and information currently available to,
management, including management's own knowledge and assessment of the
company's industry, competition and capital requirements, and the potential
for growth in zipper sales. Factors which could cause actual results to
differ materially from these forward-looking statements include our ability
to manage an international expansion, the level of acceptance of the
company's products by retailers and consumers, pricing pressures and other
competitive factors and the unanticipated loss of major customers. These
and other risks are more fully described in the company's filings with the
Securities and Exchange Commission, including the Company's most recently
filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which
should be read in conjunction herewith for a further discussion of
important factors that could cause actual results to differ materially from
those in the forward-looking statements. The company undertakes no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.