VANCOUVER, Feb. 6, 2015 /PRNewswire/ - Ivanhoe Energy Inc.
(TSX: IE; Nasdaq: IVAN) (TSX: IE.DB) received a letter, dated
February 3, 2015, from the Listing
Qualifications Department of the NASDAQ Stock Market (Nasdaq)
indicating that following the resignation of Robert Pirraglia from the company's board of
directors on January 18, 2015, as
disclosed in the company's January 19,
2015 news release, the company fails to comply with Listing
Rule 5605.
Listing Rule 5605 requires a listed company to have an audit
committee comprised of at least three independent members. Mr.
Pirraglia's resignation reduced the number of independent directors
on the company's audit committee from three to two.
The Nasdaq letter provides that, consistent with Listing Rule
5605(c)(4), Nasdaq will grant the company the following cure period
to regain compliance with the audit committee membership
requirements: (i) until the earlier of the company's next annual
shareholders' meeting or January 18, 2016; or, (ii) if the next
annual shareholders' meeting is held before July 17, 2015, then the
company must evidence compliance no later than July 17, 2015.
Ivanhoe Energy is an independent international heavy oil
exploration and development company focused on pursuing long-term
growth using advanced technologies, including its proprietary heavy
oil upgrading process (HTL®). For more information about
Ivanhoe Energy Inc. please visit www.ivanhoeenergy.com.
FORWARD-LOOKING STATEMENTS: This document includes
forward-looking statements, including forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. When used in this document, the words such as "could,"
"plan," "estimate," "expect," "intend," "may," "potential,"
"should," and similar expressions relating to matters that are not
historical facts are forward-looking statements. Although Ivanhoe
Energy believes that its expectations reflected in these
forward-looking statements are reasonable, such statements involve
risks and uncertainties and no assurance can be given that actual
results will be consistent with these forward-looking statements.
Important factors that could cause actual results to differ from
these forward-looking statements and other risks are disclosed in
Ivanhoe Energy's 2013 Annual Report on Form 10-K filed with the
U.S. Securities and Exchange Commission on EDGAR and the Canadian
Securities Commissions on SEDAR.
SOURCE Ivanhoe Energy Inc.