VIRGINIA BEACH, Va.--(BUSINESS WIRE)--Jun. 28, 2012--
JTH Holding, Inc. (OTCBB:LTAXA), the parent company of Liberty Tax
Service, announced that the company has obtained approval to list its
shares of Class A Common Stock on the NASDAQ Global Market. Trading on
the NASDAQ Global Market is expected to begin on Monday, July 2, 2012,
and the Company's NASDAQ trading symbol will be "TAX."
As part of the NASDAQ approval process, the Company completed its
application to make its shares of Class A Common Stock "DTC eligible,"
and also received approval of the Depository Trust Company to treat the
Class A Common Stock as DTC eligible as of June 27, 2012.
The Depository Trust Company (DTC) is a subsidiary of the Depository
Trust & Clearing Corporation DTCC, and manages the electronic clearing
and settlement of publicly traded company stocks and other securities.
Securities that are eligible to be electronically cleared and settled
through the DTC are considered "DTC eligible." This electronic method of
clearing securities speeds up the receipt of stock and cash, and thus
accelerates the settlement process for investors.
The Company's Class A Common Stock began to be quoted on the OTC
Bulletin Board on June 14, 2012, and the Company's application to list
its shares on NASDAQ had been pending. "The purpose of becoming a public
company was to give our stockholders, especially those who have been
investors in our Company for many years, an opportunity to obtain
liquidity in the public markets," noted John Hewitt, the Company's
Founder and CEO. "These two developments should allow our shares to be
traded through all professional accounts, giving greater access to
liquidity and an expansion of the types of investors who can now
consider our shares for investment."
About JTH Holding, Inc.
JTH Holding, Inc. is the parent company of Liberty Tax Service. Liberty
Tax Service is the fastest-growing retail tax preparation company in
the industry’s history. Founded in 1997 by CEO John T. Hewitt, a pioneer
in the tax industry, Liberty Tax Service has prepared over 10 million
individual income tax returns. With 43 years of tax industry experience,
Hewitt stands as the most experienced CEO in the tax preparation
business, having also founded Jackson Hewitt Tax Service. Liberty Tax
Service is the only tax franchise on the recently released Forbes
“Top 20 Franchises for the Buck.”
Forward Looking Statements
In addition to historical information, this release may contain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including implied and express statements
regarding the Company’s anticipated growth and expansion of its
business. These forward-looking statements, as well as the Company's
guidance, are based upon the Company's current expectations and there
can be no assurance that such expectations will prove to be correct.
Because forward-looking statements involve risks and uncertainties and
speak only as of the date on which they are made, the Company's actual
results could differ materially from these statements. These risks and
uncertainties relate to, among other things, uncertainties regarding the
Company's ability to attract and retain clients; meet its prepared
returns targets; competitive factors; the Company's effective income tax
rate; litigation defense expenses and costs of judgments or settlements;
and changes in market, economic, political or regulatory conditions.
Information concerning these risks and uncertainties is contained in the
Company’s recently filed registration statement on Form 10, and will in
the future be contained in Item 1A of the Company's annual reports on
Form 10-K and in other filings by the Company with the Securities and
Exchange Commission. The Company does not undertake any duty to update
any forward-looking statements, whether as a result of new information,
future events, or otherwise.
Source: JTH Holding, Inc.
JTH Holding, Inc.
Mark F. Baumgartner