ROTTERDAM, The Netherlands, March 6, 2009 (GLOBE NEWSWIRE) -- Head N.V. (Vienna:HEAD) (Pink Sheets:HEDYY) (the "Company") has filed today with the United States Securities and Exchange Commission (the "SEC") a Form 15F to terminate its registration and reporting obligations under the United States Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company's periodic reporting obligations under the Exchange Act will be suspended immediately upon such filing.
The termination of registration under the Exchange Act is expected to become effective 90 days after the filing of the Form 15F unless earlier withdrawn by the Company or denied by the SEC. Until the termination of registration becomes effective, the Company will continue to comply fully with all other requirements applicable to foreign private issuers registered under the Exchange Act, including the rules and regulations under the Sarbanes-Oxley Act. The Company reserves the right to withdraw Form 15F for any reason prior to the effectiveness of the termination of the Company's registration under the Exchange Act.
The Company's ordinary shares will continue to be listed and trade on the Vienna Stock Exchange.
In deciding to terminate its registration under the Exchange Act, the Company considered, on the one hand, the incremental regulatory, legal, reporting and corporate governance complexity and costs relating to the registration of the Company's ordinary shares under the Exchange Act, and the interests and concerns of the holders of shares, on the other hand.
The termination of the Company's registration and reporting obligations under the Exchange Act will not affect the Company's business strategy in the United States nor its commitment to high standards of corporate governance and financial reporting. The Company has adopted International Financial Reporting Standards and will continue to make English translations of its interim and annual reports and other press releases available on its website: www.head.com.
About Head
Head N.V. is a leading global manufacturer and marketer of premium sports equipment.
Head N.V.'s ordinary shares are listed on the Vienna Stock Exchange ("HEAD").
Our business is organized into four divisions: Winter Sports, Racquet Sports, Diving and Licensing. We sell products under the HEAD (tennis, squash, paddle and racquetball racquets, tennis balls, tennis footwear, badminton products, alpine skis, ski bindings and ski boots, snowboards, bindings and boots), Penn (tennis and racquetball balls), Tyrolia (ski bindings), and Mares (diving equipment) brands.
We hold leading positions in all of our product markets and our products are endorsed by some of the world's top athletes including Novak Djokovic, Andrew Murray, Richard Gasquet, Ivan Ljubicic, Svetlana Kuznetsova, Patty Schnyder, Amelie Mauresmo, Hermann Maier, Bode Miller, Didier Cuche, Marco Buchel, Rainer Schonfelder, Patrick Staudacher, Maria Riesch, Anja Parson, Elisabeth Gorgl, Sarka Zahrobska, Jon Olsson and Gianluca Genoni.
For more information, please visit our website: www.head.com
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.