VIRGINIA BEACH, Va. - (BUSINESS WIRE) - 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."
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.”
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.
Mark F. Baumgartner