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Sun-Times Media Group Notified by NYSE of Non-Compliance with Continued Listing Standards
CHICAGO-(Business Wire)-March 27, 2008 - Sun-Times Media Group, Inc. (NYSE: SVN) (the "Company") announced it was notified on March 26, 2008 by NYSE Regulation, Inc. ("NYSE Regulation") that it is not in compliance with the New York Stock Exchange's ("NYSE") continued listing standard related to maintaining a consecutive 30-day average closing price for its Class A Common Stock of at or above $1.00 per share.
On March 20, 2008, the 30-day average closing price for the Class A Common Stock was $0.99 per share. Under NYSE rules, the Company has six months to bring its share price and 30-day average closing price above $1.00, during which the Company's Class A Common Stock will continue to be listed on the NYSE. If these conditions are not met during the six-month cure period, NYSE Regulation will commence suspension and delisting procedures. The Company intends to notify the NYSE within the required 10 business-day period following the receipt of the notification that the Company intends to cure the price deficiency.
About Sun-Times Media Group
Sun-Times Media Group is dedicated to being the premier source of local news and information for the greater Chicago area. Its media properties include the Chicago Sun-Times and Suntimes.com as well as newspapers and Web sites serving more than 200 communities across Chicago. Further information can be found at www.thesuntimesgroup.com.
Cautionary Statement on Forward-Looking Statements
Certain statements made in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe," "anticipate," "expect," "estimate," "project," "will be," "will continue," "will likely result" or similar words or phrases. Forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from the forward-looking statements. The risks and uncertainties are detailed from time to time in reports filed by Sun-Times Media Group with the Securities and Exchange Commission, including in its Forms 10-K and 10-Q. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward- looking statements as a prediction of actual results.
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