O2Diesel Receives Notice From AMEX of Non-Compliance and Initiation of Delisting
14 2월 2008 - 6:55AM
Marketwired
NEWARK, DE has received notice that following a review of the
Company's latest Form 10-QSB and other filings, the American Stock
Exchange (AMEX) determined that the Company has failed to make
progress consistent with its previously approved plan of compliance
largely due to the deferral of the ProEco transaction. In the
notice, AMEX stated it intends to proceed with an application to
the Securities and Exchange Commission to remove the common stock
of O2Diesel from listing and registration on AMEX. This action is
being taken because the company is not in compliance with certain
conditions of the continued listing standards of Section
1003(a)(iii) of the AMEX Company Guide. Specifically, AMEX noted
that the company's shareholders' equity was less than $6,000,000
and losses from continuing operations and/or net losses were
incurred in the last five fiscal years. In addition, the company is
not in compliance with Section 1003(a)(ii) as its stockholders'
equity is less than $4 million and it has sustained losses from
continuing operations and/or net losses in three out of four of its
most recent fiscal years.
The company appealed the AMEX determination on February 12,
2008, by filing an application for an oral hearing before an AMEX
Listing Qualifications Panel (the "Qualifications Panel") at which
time the Company will discuss its plan for compliance.
Alan Rae, O2Diesel's Chief Executive Officer, said, "We are
clearly disappointed by the position of the AMEX regarding our
progress to meet the compliance plan previously submitted. The
ProEco project has been delayed due to the current state of the
debt and equity markets, which have proven to be challenging not
just for O2Diesel, but for similarly positioned companies in all
markets. However, we are convinced that our underlying strategy to
diversify revenue while adding significant assets to the balance
sheet in bio-fuel and related opportunities will significantly
enhance the company's commercial and financial position this
year."
Mr. Rae continued, "As a developmental stage company, achieving
commercial success in the rapidly changing alternative fuels market
will continue to require the ability to adapt our business strategy
in the face of changing technical, regulatory and financial
requirements. We believe that we have reached a critical inflection
point in our plan and in 2008 we anticipate concluding several key
regulatory and governmental approvals both in the U.S. and Europe,
which are key to providing wider commercial entry into these
markets. This includes the supply of our technology to the US
military, the testing for which will be finished in the summer of
2008. Additionally, we continue to expand our current sale levels
in Asia and South America via our strategic partnerships. The
market for ethanol and alternative fuels continues to grow on a
global basis and we believe that our strategy will position us to
take advantage of this growth for the long-term benefit of our
shareholders."
"We have requested an oral hearing with the AMEX listing
committee in order to present our strategy and progress in
achieving the previously approved plan which, we believe, will
allow us to demonstrate, that we can achieve compliance by the
December 29, 2008 deadline. While there is no guarantee that we
will be successful in this endeavor or in maintaining our AMEX
listing, we will continue to devote substantial efforts to
achieving this and building value in the company," stated Mr.
Rae.
The company previously submitted a plan on July 27, 2007,
advising AMEX of the actions the company has taken, or will take,
that would bring it into compliance with the applicable listing
standards. AMEX accepted this plan on September 13, 2007. AMEX now
believes that the company has not demonstrated sufficient evidence
to allow it to regain compliance by December 29, 2008, due in large
part to the deferral of the ProEco transaction announced in a Form
8-K filed on January 8, 2008.
The company believes its previously submitted plan to AMEX, in
combination with subsequent strategic initiatives announced in the
Company's "Year End Update and Future Outlook" press release on
January 11, 2008, will bring it into compliance with the continued
listing standards by December 29, 2008. The company plans to submit
this information with additional updates to AMEX. The company's
plan and additional information will be reviewed by the
Qualifications Panel at an oral hearing to be held within 45 days
from the date of the appeal filed on February 12, 2008. The
company's common stock continues to trade on AMEX.
If the company's common stock was to be de-listed by AMEX, the
company believes its shares would continue to be traded as a
bulletin board stock.
More About O2Diesel: The Company and Its Fuel Technology
O2Diesel Corporation (AMEX: OTD) and its U.S. subsidiary
O2Diesel, Inc. are pioneers in the commercial development of a
cleaner-burning diesel fuel alternative that provides exceptional
performance and environmental qualities for centrally fueled fleets
and off-road equipment of all kinds. Engineered and designed for
universal application, O2Diesel(TM) is an ethanol-diesel blend that
substantially reduces harmful emissions without sacrificing power
and performance. Extensive independent and government-recognized
laboratory and in-use field tests have demonstrated the
effectiveness of O2Diesel(TM) -- the introduction of this
cost-effective, cleaner-burning diesel fuel is now underway in the
United States and other global markets. For more information,
please refer to www.o2diesel.com.
Forward-Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Statements in this press release regarding
O2Diesel Corporation's business, which are not historical facts,
are 'forward-looking statements' that involve risks and
uncertainties. Forward-looking statements are subject to a variety
of risks and uncertainties, which could cause actual events or
results to differ from those, reflected in the forward-looking
statements, including, without limitation, the failure to obtain
adequate financing on a timely basis and other risks and
uncertainties. Actual results could differ materially from those
projected in the forward-looking statements, as a result of either
the matters set forth or incorporated in this report generally or
certain economic and business factors, some of which may be beyond
the control of O2Diesel. These factors include adverse economic
conditions, entry of new and stronger competitors, inadequate
capital, unexpected costs, failure to gain product approval in the
United States or foreign countries for the commercialization and
distribution of our products, failure to capitalize upon access to
new markets and failure in obtaining the quality and quantity of
ethanol necessary to produce our product at competitive prices.
O2Diesel disclaims any obligation subsequently to revise any
forward-looking statements to reflect events or circumstances after
the date of such statements or to reflect the occurrence of
anticipated or unanticipated events. "O2Diesel" and "CityHome" are
trademarks of O2Diesel Corporation.
Contact: O2Diesel Corporation Alan Rae +1 (302) 266 6000
O2 Diesel (AMEX:OTD)
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O2 Diesel (AMEX:OTD)
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부터 6월(6) 2023 으로 6월(6) 2024