O2Diesel Receives Notice from AMEX of Failure to Satisfy a Listing Rule or Standard of Compliance
April 04 2008 - 4:50PM
Marketwired
NEWARK, DE received notice from the American Stock Exchange
(AMEX) indicating the Company is not in compliance with Section
1003(a)(i) of the AMEX Company Guide in that the Company's
stockholders' equity is less than $2 million and it has sustained
losses from continuing operations and/or net losses in two of its
three most recent fiscal years, and with Section 1003(a)(iv) which
concerns the delisting of the securities of a company based on the
amount of such losses and the impairment of its financial
condition.
Alan Rae, O2Diesel's Chief Executive Officer, said, "We remain
focused on our fundamental strategy to diversify our revenue while
adding significant assets to the balance sheet in the renewable
fuels industry. Clean-burning renewable fuels remain an integral
component of most governments' energy policy and we have recently
announced how we are adapting our strategy to put the company at
the forefront of clean-burning, second generation diesel fuel
alternatives. O2Diesel is focused on bio-fuel and related
opportunities, which we expect will significantly enhance the
company's commercial and financial position this year. We remain
committed to positioning the Company in an environment where it can
best take advantage of the opportunities that it has created." As
previously reported, on February 7, 2008, the Company received a
notice from the AMEX that due to the deferral of the ProEco Energy
Company project, the Company was no longer demonstrating progress
consistent with the July 27, 2007 plan and was commencing action to
de-list the Company's common stock from AMEX. The Company filed an
appeal of the AMEX's action on February 12, 2008 and is waiting to
present the Company's plan to remain on AMEX at a hearing scheduled
for April 15, 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 on the OTC Bulletin
Board (OTCBB).
In addition, the Company's independent registered public
accounting firm has inserted an explanatory paragraph related to a
going concern uncertainty into their Audit Report in the Company's
Annual Report on Form 10-KSB for the fiscal year ended December 31,
2007. They noted that the Company will require additional equity in
order to continue as a going concern. As a result, the Company is
working towards closing additional funding sufficient to meet its
ongoing compliance requirements as well as for the planned strategy
described above.
More About O2Diesel: The Company and Its Fuel Technology
O2Diesel Corporation (AMEX: OTD) and its U.S. subsidiary
O2Diesel, Inc., is a pioneer 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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