[Federal Register Volume 63, Number 14 (Thursday, January 22, 1998)]
[Notices]
[Page 3362]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-1489]


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SECURITIES AND EXCHANGE COMMISSION


Issuer Delisting; Notice of Application to Withdraw From Listing 
and Registration; (CECO Filters, Inc., Common Stock, $.001 Par Value) 
File No. 1-10474

January 15, 1998.
    CECO Filters, Inc. (``Company'') 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) promulgated thereunder, to withdraw the above specified 
security (``Security'') from listing and registration on the 
Philadelphia Stock Exchange, Inc. (``Phlx'' or ``Exchange'').
    The reasons cited in the application for withdrawing the Security 
from listing and registration include the following:
    The Company has complied with the Exchange's rules regarding the 
voluntary delisting of securities. The Company has filed with the 
Exchange a copy of the resolutions adopted by the Company's Board of 
Directors authorizing the withdrawal of the Security from listing and 
registration on the Phlx, and by setting forth in detail to the 
Exchange the facts and reasons supporting the proposed withdrawal.
    The Company is more than 80% owned by CECO Environmental Corp. 
(``Environmental''). Environmental's common stock is currently listed 
on the Nasdaq SmallCap Market. The Company constitutes Environmental's 
primary asset and is its only operating subsidiary. The common stock of 
Environmental has greater liquidity and a much larger public float than 
the Security. Because of the liquidity differences and varying levels 
of participation by market professionals, the prices of the Security 
and the common stock of Environmental have diverged and are no longer 
aligned. The Company also believes that maintaining both listings is 
expensive. Accordingly, the Company believes that the Security and 
common stock of Environmental should not both be listed.
    Furthermore, the Company has approximately 224 shareholders. The 
Company has concluded that the public float is too small for the 
Security to have an active trading market.
    In making the decision to withdraw its Security from listing and 
registration on the Phlx, the Company considered the costs and expenses 
associated with listing both the Security and the common stock of 
Environmental.
    By letter dated December 8, 1997, the Phlx informed the Company 
that it had no objection to the withdrawal of the Company's Security 
from listing on the Phlx.
    Any interested person may, on or before February 5, 1998, submit by 
letter to the Secretary of the Securities and Exchange Commission, 450 
Fifth Street, N.W., Washington, D.C. 20549, facts bearing upon whether 
the application has been made in accordance with the rules of the 
Exchange 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.
Jonathan G. Katz,
Secretary.
[FR Doc. 98-1489 Filed 1-21-98; 8:45 am]
BILLING CODE 8010-01-M