OTC Upgrade Reflects Successful Transformation Since Completing Financial Restructuring in 2017
OAK BROOK, Ill., Jan. 10, 2019 (GLOBE NEWSWIRE) -- A. M. Castle & Co. (CTAM) (“Castle”), a global distributor of specialty metal and supply chain solutions, today announced that it has qualified to trade on the OTCQX® Best Market after previously trading on the OTCQB® Venture Market. The OTCQX® Best Market is reserved for companies meeting high financial standards, adhering to best corporate governance and compliance practices and requires a professional third-party sponsor introduction.
“Trading on the OTCQX will increase A. M. Castle’s exposure to the investor community and help support our growth initiatives in the years ahead,” said Chairman and CEO Steve Scheinkman of A. M. Castle & Co. “Upgrading to OTCQX evidences A. M. Castle’s successful transformation since completing our financial restructuring in 2017. Moreover, we have now demonstrated an ability to generate positive EBITDA in excess of cash interest and are continuing to focus on improving the profitability of our core operations and executing strategic growth initiatives.”
“We are firmly focused on achieving our goal of returning to preeminence as a supplier of specialty metal and supply chain solutions,” Scheinkman added.
A. M. Castle’s trading on the OTCQX® Best Market commenced today under the ticker symbol CTAM.
About A. M. Castle & Co.
Founded in 1890, A. M. Castle & Co. is a global distributor of specialty metal and supply chain services, principally serving the producers durable equipment, commercial aircraft, heavy equipment, industrial goods, construction equipment, and retail sectors of the global economy. Its customer base includes many Fortune 500 companies as well as thousands of medium and smaller sized firms spread across a variety of industries. It specializes in the distribution of alloy and stainless steels, nickel alloys, aluminum and carbon. Together, A. M. Castle & Co. and its affiliated companies operate out of 22 metals service centers located throughout North America, Europe and Asia. Its common stock is now traded on the OTCQX® Best Market under the ticker symbol “CTAM”.
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