AUSTIN, Texas, April 16, 2001 (PRIMEZONE) -- American Physicians Service Group, Inc. ("APS") (Nasdaq:AMPH) today announced that it has received notice from Nasdaq that the value of its public float under Marketplace Rule 4450(a)(2) (the "Rule") has fallen below the minimum requirement for listing on the Nasdaq National Market.
Mr. Ken Shifrin, APS Chairman of the Board stated, "Our aggressive stock buyback plan over the last several years and the commitment of our officers to own significant shares of the Company, combined with the general market decline in stock prices, has created this situation. The price of our shares has increased since the original Nasdaq notification and we plan to ask for a hearing to demonstrate that we will be back in compliance with the Rule. Should we not be able to comply, we expect to transfer to the Nasdaq Small Cap Market."
APS is a management and financial services firm with subsidiaries and affiliates which provide: medical malpractice insurance services for doctors; brokerage, and investment services to institutions and individuals; lithotripsy services in 34 states; refractive vision surgery; manufacturing of mobile medical and specialty equipment units; and dedicated care facilities for Alzheimer's patients. The Company is headquartered in Austin, Texas and maintains offices in Dallas and Houston.
This press release, particularly the statements by Mr. Shifrin, includes forward-looking statements related to the Company that involve risks and uncertainties that could cause actual results to differ materially. These forward-looking statements are made in reliance on the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. For further information about these factors that could affect the Company's future results, please see the Company's recent filings with the Securities and Exchange Commission. Prospective investors are cautioned that forward-looking statements are not guarantees of future performance. Actual results may differ materially from management expectations. Copies of the filings are available upon request from the Company's investor relations department.
For further information, visit APS' website at www.amph.com or contact:
Mr. Kenneth Shifrin, Chairman of the Board (or) Mr. W. H. Hayes, Sr. Vice President - Finance American Physicians Service Group, Inc. 1301 Capital of Texas Highway, C-300 Austin, Texas 78746 (512) 328-0888