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Rural/Metro Stock Moves to OTCBB
SCOTTSDALE, Ariz. -- Rural/Metro Corp. has received notice from the Nasdaq Listing Qualifications Panel that it does not meet the market value of listed securities requirement for continued listing on the Nasdaq SmallCap Market. Effective with the open of business today, the company's common stock will trade on the Over The Counter Bulletin Board (OTCBB) under the symbol RURL.Rural/Metro provides emergency services in the Mahoning Valley through its district offices and contracts with local governmental entities."The decision by Nasdaq and the move to the OTCBB does not impact our operations or affect our ability to continue to implement our business plan," says Jack Brucker, president and chief executive officer. "We believe our recent financial performance reflects the progress we are making toward achieving consistent, solid financial results and sustainable growth. Furthermore, we believe we are well positioned to achieve further improvement in fiscal 2005."For the nine months ended March 31, the company reported net revenue of $401 million and net income from continuing operations of $5.1 million."The system on which our stock is traded does not reflect our ability to perform financially or to provide top-quality service to our customers," Brucker says. "The OTC Bulletin Board is a well-established trading system, and we look forward to working with them."As previously disclosed, the company was notified in April that it was not in compliance with rules that require companies listed on the NASDAQ SmallCap Market to have a minimum of $35 million market value of listed securities, $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years, or $2.5 million in stockholders' equity.Rural/Metro Corp. provides emergency and non-emergency medical transportation, fire protection, and other safety services in 24 states and more than 400 communities throughout the United States.Visit Rural/Metro at www.ruralmetro.com."