Monday, February 23, 2004
OHIO
Ohio Art Co. to leaveAmerican Stock Exchange
BRYAN, Ohio -- Ohio Art Co., maker of the Etch A Sketch drawing toy, is removing itself from the American Stock Exchange to save money.
The company, based in this town about 50 miles west of Toledo, said it will still sell its stock publicly, report financial performance, publish annual reports and hold an annual meeting for about 800 shareholders. Ohio Art's thinly traded stock has been listed for 35 years.
The company said delisting will allow it to avoid the costs of complying with reporting demands of the U.S. Securities and Exchange Commission and the Sarbanes-Oxley Act, a rigorous new corporate governance law.
Associated Press