Cano Petroleum Announces Its Intent To Voluntarily Delist Its Common Stock from NYSE Amex
December 21 2011 - 3:37PM
Business Wire
On December 21, 2011, Cano Petroleum, Inc. (NYSE Amex: CFW)
(“Cano”) announced that on December 20, 2011, its board of
directors approved and authorized Cano to take definitive action to
cause the voluntary delisting of its common stock, par value
$0.0001 per share (the “Common Stock”), on NYSE Amex (the
“Exchange”). Such determination was based upon the inability of
Cano to regain compliance with the Exchange’s continued listing
standards consistent with the plan it previously submitted to the
Exchange and within the time frame allotted by the Staff of the
Exchange. On December 21, 2011, Cano notified the Exchange of its
intention to file, on or about January 3, 2012, a Form 25 with the
Securities and Exchange Commission to voluntarily delist the Common
Stock. Cano anticipates that the Form 25 will become effective 10
days after the date of filing and, accordingly, expects that the
last day of trading the Common Stock on the Exchange will be on or
about January 13, 2012. Cano anticipates that following the
delisting from the Exchange, the Common Stock will be quoted on the
OTC Pink market, a centralized electronic quotation service for
over-the-counter securities, so long as market makers demonstrate
an interest in trading the Common Stock. Cano anticipates that its
continued trading will be under a newly assigned trading symbol.
Cano can provide no assurance that trading of the Common Stock will
continue in the OTC Pink market or in any other forum.
Forward Looking Statements
Safe-Harbor Statement — Except for the historical information
contained herein, the matters set forth in this news release are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Cano intends that all
such statements be subject to the “safe-harbor” provisions of those
Acts. Many important risks, factors and conditions may cause Cano’s
actual results to differ materially from those discussed in any
such forward-looking statement. These risks include, but are not
limited to, estimates or forecasts of reserves, estimates or
forecasts of production, future commodity prices, exchange rates,
interest rates, geological and political risks, drilling risks,
product demand, transportation restrictions, the ability of Cano
Petroleum, Inc. to obtain additional capital, and other risks and
uncertainties described in the Cano’s filings with the Securities
and Exchange Commission. The historical results achieved by Cano
are not necessarily indicative of its future prospects. Cano
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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