Arabian American Development Company Receives Approval to List on The NASDAQ Stock Market LLC
Stock Symbol Will Remain 'ARSD' when Common Stock Begins Trading On January 29, 2008
DALLAS, Jan. 23 /PRNewswire-FirstCall/ -- Arabian American Development Co. (OTC Bulletin Board: ARSD) today announced that the Company's application for listing its Common stock on The NASDAQ Stock Market LLC Global Market has been approved and will begin trading under its current stock symbol, "ARSD", on January 29, 2008. The NASDAQ Stock Market LLC has the highest initial listing standards of any exchange in the world based on market value and financial requirements. Prior to this move, the Company's stock has been traded on the OTC Bulletin Board.
Nick Carter, Executive Vice President and Chief Operating Officer, commented, "We believe our move to the electronic market model provides the Company with increased visibility and liquidity for our Common stock, as well as increased efficiency and cost-effective trading execution for current and potential investors. We are extremely pleased to be part of The NASDAQ Global Market and feel it is in the best interest of our shareholders and the Company, highlighting our continued commitment to enhance shareholder value."
About Arabian American Development Co.
Arabian American owns and operates a petrochemical facility located in southeast Texas just north of Beaumont, specializing in high purity petrochemical solvents and other solvent type manufacturing. Arabian American also has a mining project in Saudi Arabia which is under development and is expected to produce economic quantities of zinc, copper, gold, and silver when it is put into production.
Safe Harbor
Statements in this release that are not historical facts are forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon management's belief as well as assumptions made by and information currently available to management. Because such statements are based upon expectations as to future economic performance and are not statements of fact, actual results may differ from those projected. These risks, as well as others, are discussed in greater detail in Arabian American's filings with the Securities and Exchange Commission, including Arabian American's annual Report on Form 10-K for the year ended December 31, 2006 and the Company's subsequent Quarterly Report Form 10-Q.
Company Contact: Nick Carter, Executive Vice President and Chief Operating Officer (409) 385-8300 ncarter@southhamptonrefining.com Investor Contact: Cameron Donahue or Brett Maas Hayden Communications (651) 653-1854 Cameron@haydenir.com
SOURCE Arabian American Development