Building Materials (BLG) Moves To OTC Trading

October 23, 2008 6:49 PM EDT

Building Materials Holding Corporation (NYSE: BLG), a long-time favorite of activist investor Bob Chapman, announced it is in the process of moving the trading of its common stock to the OTC Bulletin Board ("OTCBB"). The anticipated move to OTC trading is the result of the Company no longer meeting the minimum market capitalization standard of the New York Stock Exchange. The NYSE announced today that it will suspend trading of the Company's common stock on October 29, 2008 and that the stock will no longer be listed on its exchange. BMHC will announce further details of its planned move to OTC trading prior to October 29.

Robert E. Mellor, Chairman and Chief Executive Officer, stated, "The dramatic downturn in the homebuilding sector has had a direct impact on our stock price and market capitalization. Throughout this cyclical downturn, however, we remain dedicated to achieving continued improvement in our financial results through the significant operational restructuring we have undertaken. We expect a number of market participants to make a market in our stock in the OTC system and that our investors will be able to continue trading BMHC shares."

BMHC is one of the largest providers of building materials and residential construction services in the United States.
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