Exhibit 99.1 NOVT CORPORATION ANNOUNCES INTENTION TO DEREGISTER ITS COMMON STOCK AND RIGHTS TO PURCHASE SERIES A PARTICIPATING PREFERRED STOCK WITH THE SECURITIES AND EXCHANGE COMMISSION SAN JOSE, Ca., August 11 /PRNewswire-FirstCall/ -- NOVT Corporation (Pink Sheets: NOVT.PK) today announced that it intends to file a Form 15 today with the Securities and Exchange Commission to deregister its Common Stock and Rights to Purchase Series A Participating Preferred Stock and suspend its reporting obligations under the Securities Exchange Act of 1934. The Company expects the deregistration to become effective within ninety (90) days of the filing with the SEC. As a result of the filing of the Form 15, the Company's obligation to file with the SEC certain reports and forms, including Forms 10-K, 10-Q and 8-K, will immediately cease. The Company presently intends to continue to make available its periodic financial information commencing with the period ending June 30, 2006. The Company's Common Stock will continue to be traded on the Pink Sheets. The Company's Board of Directors determined, after careful consideration, that deregistering is in the overall best interests of the Company's stockholders. Several factors were considered by the Board of Directors in making this decision, including the following: o The elimination of disproportionately large costs associated with the preparation and filing of the Company's periodic reports and other filings with the SEC; o The elimination of substantial increases in legal, audit and other costs associated with being a public company in light of new regulations promulgated as a result of the Sarbanes-Oxley Act of 2002 and the SEC rules thereunder; o The nature and extent of current trading in the Company's Common Stock, which is limited; o The concentration of stock ownership in relatively few holders of the Company's Common Stock; and o The lack of analysts' coverage and minimal liquidity for the Company's Common Stock. The Company's stockholder rights plan, which limits the stockholders' ability to own in excess of 4.9% of the Company's outstanding Common Stock pursuant to the Amended and Restated Rights Agreement between the Company and American Stock Transfer & Trust Company, will remain in effect after the deregistration has been deemed effective.ABOUT NOVT CORPORATION On March 9, 2006, NOVT completed the sale of substantially all the assets of its vascular brachytherapy business. NOVT's strategic plan is to redeploy its existing resources to identify and acquire new business operations. NOVT's redeployment strategy will involve the acquisition of one or more operating businesses with existing or prospective taxable earnings. This strategy may allow NOVT to realize future cash flow benefits from its net operating loss carry-forwards ("NOLs"). In connection with the redeployment strategy, NOVT from time to time may review potential acquisitions, conduct due diligence, enter into letters of intent or similar agreements or otherwise evaluate potential acquisitions, and if it deems advisable, negotiate definitive acquisition agreements. No assurance can be given that the Company will find suitable candidates, and if it does, that it will be able to utilize its existing NOLs. NOVT's common stock is currently traded in the Pink Sheets under the symbol NOVT.PK. For general company information, please visit NOVT's website at NOVTCorporation.com. SAFE HARBOR WARNING Forward-looking statements in this press release are made pursuant to the provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that statements in this press release, which are not strictly historical statements, constitute forward-looking statements. Actual results or events could differ materially from those anticipated in forward-looking statements. These risks and uncertainties include the Company's ability to succeed in its redeployment strategy, as well as risks and uncertainties that are set forth from time to time in the Company's SEC reports, including its Annual Report on Form 10-K for the year ended December 31, 2005 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2006. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in the Company's expectations or events, conditions or circumstances on which any such statement may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. SOURCE: NOVT Corporation 08/11/2006 CONTACT: Terry Gibson of NOVT Corporation, +1-408-236-7517/ (NOVT.PK)
- NVTP Dashboard
- Filings
-
8-K Filing
Novt (NVTP) Inactive 8-KOther Events
Filed: 14 Aug 06, 12:00am