Basin Water, Inc. Receives Notice of Compliance from Nasdaq
February 12 2009 - 9:15PM
Business Wire
Basin Water, Inc. (NASDAQ: BWTR) today announced that it
received notice from The Nasdaq Stock Market that the Company is in
compliance with all requirements for continued listing on The
Nasdaq Global Market.
The Company had previously announced that it received notices of
potential delisting due to the Company�s failure to file its
quarterly reports on Form 10-Q for the quarters ending June 30 and
September 30, 2008. On February 10, 2009 the Company filed its
quarterly reports on Form 10-Q for the quarters ended June 30 and
September 30, 2008. In addition, on February 10, 2009, the Company
filed its restated financial statements on Form 10-K/A for the
fiscal years 2006 and 2007, and on Form 10-Q/A for the quarter
ended March 31, 2008. The Company is now current with respect to
its required Securities and Exchange Commission filings.
Accordingly, Nasdaq has determined to continue the listing of the
Company�s securities on The Nasdaq Stock Market.
About Basin Water
Basin Water, Inc. designs, builds and implements systems for the
treatment of contaminated groundwater, industrial process water and
air streams from municipal and industrial sources. It provides
reliable sources of drinking water for many communities, and the
ability to comply with environmental standards and recover valuable
resources from process and wastewater streams. Basin Water has
developed proprietary, scalable ion-exchange, biological and other
treatment systems that effectively process contaminated water and
air in an efficient, flexible and cost effective manner. Additional
information may be found on the Company's web site:
www.basinwater.com.
Forward Looking Statements
This press release contains forward-looking statements made in
reliance on the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements may
be identified by their use of words, such as �estimate,� �expect,�
�intend,� �anticipate� and other words and terms of similar
meaning, in connection with any discussion of the Company�s
financial statements, business, financial condition, results of
operations or liquidity. Actual results may differ materially from
these expectations due to various risks and uncertainties,
including: negative reactions from the Company�s stockholders,
creditors or customers to the Company�s restatement of its
financial statements, the existence of other errors that may
require further adjustment of the Company�s financial statements,
the impact and result of any litigation, investigation or other
action by The Nasdaq Stock Market, the SEC, any other governmental
agency or other parties related to the Company�s restatement of its
financial statements, the Company�s ability to manage its capital
to meet future liquidity needs and continue operations, the
effectiveness of any cost-saving measures by the Company, the
Company�s limited operating history, significant operating losses
associated with certain of the Company�s contracts, significant
fluctuations in its revenues from period to period, the success of
the Company�s strategic partners, its long sales cycles, market
acceptance of its technology, the geographic concentration of its
operations and customers, its ability to meet customer demands and
compete technologically, the Company�s ability to enter into
service and maintenance contracts with system sales, the Company's
ability to renegotiate loss contracts with its customers, the
Company�s ability to protect its intellectual property, regulatory
approvals of the Company�s systems, changes in governmental
regulation that may affect the water industry, particularly with
respect to environmental laws, the Company�s ability to attract and
retain qualified personnel and management members, and changes in
the board of directors and management members. More detailed
information about these risks and uncertainties are contained in
the Company�s filings with the Securities and Exchange Commission,
including the company�s Annual Report on Form 10-K/A for the year
ended December 31, 2007 and subsequent Quarterly Reports on Form
10-Q, as amended. The Company cautions readers not to place undue
reliance on any forward-looking statements, which speak only as of
the date on which they are made. The Company assumes no obligation
to update these forward-looking statements to reflect any change in
future events.
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