Nordic American Offshore Ltd. (NYSE:NAO) Announces receipt of notices from the NYSE which have been corrected
June 06 2017 - 7:47AM
Hamilton, Bermuda, June 6, 2017
Nordic American Offshore Ltd. (the "Company")
announced today that it received notice from the New York Stock
Exchange (the "NYSE"), dated May 8, 2017, that the Company at that
time was not in compliance with the NYSE's continued listing
standards because the average closing price of the Company's common
shares was less than $1.00 per share over a 30 trading-day
period. This non-compliance has been corrected.
On June 1, 2017, NYSE informed NAO that the
non-compliance had been corrected.
About the Company
The Company is an international company
formed for the purpose of acquiring, owning and operating platform
supply vessels, or PSVs, and currently owns ten high quality PSVs
constructed at shipyards in Norway during the period from 2012 to
2016.
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Matters discussed in this press
release may constitute forward-looking statements. The
Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to
encourage companies to provide prospective information about their
business. Forward-looking statements include statements concerning
plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements, which are other
than statements of historical facts.
The Company desires to take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The
words "believe," "anticipate," "intend," "estimate," "forecast,"
"project," "plan," "potential," "will," "may," "should," "expect,"
"pending" and similar expressions identify forward-looking
statements.
The forward-looking statements in
this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including
without limitation, our management's examination of historical
operating trends, data contained in our records and other data
available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections. We
undertake no obligation to update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Important factors that, in our view, could cause
actual results to differ materially from those discussed in the
forward-looking statements include the strength of world economies
and currencies, general market conditions, including fluctuations
in charter rates and vessel values, changes in demand in the PSV
market, as a result of changes in the general market conditions of
the oil and natural gas industry which influence charter hire rates
and vessel values, demand in platform supply vessels, our operating
expenses, including bunker prices, dry docking and insurance
costs, governmental rules and regulations or actions taken by
regulatory authorities as well as potential liability from pending
or future litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, the availability of financing and
refinancing, vessel breakdowns and instances of off-hire and other
important factors described from time to time in the reports filed
by the Company with the Securities and Exchange Commission.
Contacts: Herbjørn Hansson, Executive
Chairman
Nordic American Offshore Ltd.
Tel: +1 866 805 9504 or + 47 901
46 291 |
Gary J. Wolfe
Seward & Kissel LLP, New York, USA
Tel: +1 212 574 1223 |
Press release (PDF)
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Nordic American Offshore Ltd via
Globenewswire
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