Ultrasystems Stock Will Move to the Amex

Ultrasystems Inc. of Irvine said Monday that trading of its 7.8 million shares of common stock outstanding will move to the American Stock Exchange from over-the-counter listings.

Trading of Ultrasystems will begin on the Amex July 14, the company said. It will be listed under the ticker symbol ULS and in newspapers under ULTRA.

Ultrasystems’ board of directors characterizes the changeover as one that might help it contain skyrocketing officers’ and directors’ liability insurance costs, according to Phillip Stevens, company president and chairman. He said that in addition to the change of markets, Ultrasystems also must recharter in Delaware to be eligible for a savings of about $500,000 in officers’ and directors’ liability insurance premiums, under a new Delaware law enabling shareholders to release officers and directors from personal liability in certain cases. That step, Stevens said, is subject to shareholders’ approval. The company has not yet sought a vote.

Ultrasystems is an engineering and development company involved in a range of projects that include the design and construction of power plants and waste treatment facilities. The company also is involved with some defense and space systems projects.