BOULDER CITY, Nev. (March 20) — Polyurethane tire developer Amerityre Corp., which has yet to turn a profit in 45 quarters of existence, will begin trading its common stock March 21 on the NASDAQ Capital Market.
"We look forward to the enhanced access to the capital markets, improved liquidity and added shareholder value that are typically associated with a NASDAQ listing," said Richard Steinke, Amerityre president and CEO.
The NASDAQ Capital Market formerly was called the SmallCap Market, set aside for smaller companies. To be listed on this market, a company must have stockholders´ equity of at least $5 million or market value of listed securities of at least $50 million.
Prior to this the firm´s stock was traded over the counter.
For the quarter and six months ended Dec. 31, Amerityre reported net losses of $1.16 million and $2.23 million on revenue of $302,255 and $738,224, respectively. The company has accumulated more than $45 million in losses since its inception in 1995 as American Tire Corp. vs. about $5.9 million in revenues.
In February it generated $3.87 million in funds through a private placement of 107,500 units of company securities.
Amerityre is engaged in the development of tire technologies based on polyurethane. Most recently it has begun work on a non-pneumatic temporary ("spare") tire and retreads for medium commercial truck, industrial, and mining tires.
NASDAQ is the largest U.S. electronic stock market, with approximately 3,300 companies.