HLM Design, Inc., a Delaware corporation (“Issuer”), has filed an application with the Securities and Exchange Commission (“Commission”), pursuant to Section 12(d) of the Securities Exchange Act of 1934 (“Act”)  and Rule 12d2-2(d) thereunder, to withdraw its Common Stock, $.001 par value (“Security”), from listing and registration on the American Stock Exchange LLC (“Amex” or “Exchange”).
The Issuer stated in its application that it has met the requirements of Amex Rule 18 by complying with all applicable laws in the State of Delaware, in which it is incorporated, and with the Amex's rules governing an issuer's voluntary withdrawal of a security from listing and registration.
The Board of Directors (“Board”) of the Issuer approved resolutions on June 20, 2003 to withdraw the Issuer's Security from listing on the Amex. The Board of the Issuer states that it is taking such action for the following reasons: (i) The current trading market for the Issuer's Security does not provide liquidity for the Issuer's stockholders or realistic potential for share appreciation and otherwise limits the Issuer's ability to engage in transactions based on the Issuer's true enterprise value; and (ii) ongoing audit and legal fees, stock exchange fees, the costs of investor relations, press releases and annual reports, director and officer liability insurance premiums attributable to the Issuer's public company status, and potential additional costs and related management time and attention associated with compliance with the Sarbanes-Oxley Act and related rulemaking from the Amex and the Commission represent, collectively, a substantial annual burden to the Company.
The Issuer's application relates solely to the withdrawal of the Securities from listing on the Amex and from registration under section 12(b) of the Act  shall not affect its obligation to be registered under section 12(g) of the Act.
Any interested person may, on or before July 18, 2003, submit by letter to the Secretary of the Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609, facts bearing upon whether the application has been made in accordance with the rules of the Amex and what terms, if any, should be imposed by the Commission for the protection of investors. The Commission, based on the information submitted to it, will issue an order granting the application after the date mentioned above, unless the Commission determines to order a hearing on the matter.
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.Start Signature
Jonathan G. Katz,
[FR Doc. 03-16813 Filed 7-2-03; 8:45 am]
BILLING CODE 8010-01-P