Novamerican Steel Inc, formerly known as Symmetry Holdings Inc, announced that it has changed its name from Symmetry Holdings Inc to Novamerican Steel Inc. In addition, Novamerican also announced that it has applied for the listing of its common stock, USD 0.001 par value and its warrants to purchase one share of Common Stock on The Nasdaq Global Select Market.
Novamerican's units, consisting of one share of Common Stock and one Warrant, which currently trade as a separate class of security, will cease to trade as such when the Common Stock and Warrants begin trading on NASDAQ, and all outstanding Units will automatically be separated into Common Stock and Warrants. Novamerican anticipates that the Common Stock and Warrants will begin trading on NASDAQ in late December 2007 under the new ticker symbols TONS and TONS.W for the Common Stock and the Warrants, respectively. The Common Stock, Warrants and Units currently trade on the American Stock Exchange under the ticker symbols SHJ, SHJ-WS and SHJ-U and will continue to trade on the AMEX under such symbols until such time as the listing on NASDAQ is approved and effected.
Mr Corrado De Gasperis CEO of Novamerican said that "Our goal is to maximize the throughput from the existing steel processing and service center assets that we have acquired through the application of our operating methodology Changing our corporate name to Novamerican Steel Inc. better aligns our identity with our goals for growth and improved operational performance in our targeted industry."
Novamerican has twenty two operating locations in Canada and the United States. It processes and distributes carbon steel, stainless steel and aluminum products and operates as an intermediary between primary metal producers and manufacturers that require processed metal, often on a just-in-time delivery basis. Novamerican also produces roll formed steel sections and manufactures heavy equipment parts and accessories.
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