GREENVILLE, S.C. (Aug. 6)—JPS Industries Inc. plans to deregister its common stock and end its reporting obligations under the Securities Exchange Act of 1934 on Aug. 31 because of increasing financial costs and time spent by management on regulations.
If the manufacturer of extruded urethanes, polyurethanes and mechanically formed gas substrates for specialty industrial applications receives SEC approval, the deregistration probably will become final 90 days after that. JPS anticipates its common stock will be traded over the counter, the firm said, adding that it can´t guarantee that will happen. It said it will continue to report to shareholders and the public on both an annual and quarterly basis.
The company "determined that the increasing financial cost and commitment of management's time to ever-increasing regulatory requirements have become an extensive burden," said Michael L. Fulbright, JPS chairman, president and CEO.