Basin Water, Inc. Receives Notice of Delisting from the Nasdaq Stock Market
July 17 2009 - 4:15PM
Business Wire
Basin Water, Inc. (NASDAQ: BWTR) announced today that on July
16, 2009 it received notice from the Nasdaq Stock Market that it
has determined that the Company�s common stock will be delisted
from the Nasdaq Stock Market as a result of the Company�s Chapter
11 bankruptcy protection filing.
The notification advises the Company that, in accordance with
Listing Rules 5100, 5110(b) and IM 5100-1, unless the Company
appeals the delisting determination, trading of the Company�s
common stock will be suspended at the opening of business on July
27, 2009. At that time, unless appealed, the Nasdaq Stock Market
will file a Form 25-NSE with the Securities and Exchange
Commission, which will remove the Company�s securities from listing
and registration on the Nasdaq Stock Market. The notification
listed the Company�s bankruptcy filing as the primary reason for
the determination to delist the Company�s common stock. The Company
does not intend to request an appeal of this determination and
therefore trading of the Company�s common stock will be suspended
at the opening of business on July 27, 2009.
On July 16, 2009, the Company announced that it had initiated
voluntary proceedings under Chapter 11 in order to pursue a sale of
the business. The Company has entered into an asset purchase or
�stalking horse� agreement with an affiliate of Amplio group to buy
the Company�s assets, subject to an auction and Bankruptcy Court
approval.
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, or the bankruptcy process. Actual results
may differ materially from these expectations due to various risks
and uncertainties, including: the Company�s ability to fund its
working capital needs through the bankruptcy process, obtaining
Bankruptcy Court approval of the Asset Purchase Agreement and the
consummation of the transactions contemplated thereby in a timely
manner, the ability to complete the Chapter 11 process in a timely
manner, the Company�s ability to continue to operate in the
ordinary course and manage its relationships with its creditors,
noteholders, vendors, employees and customers given the Company�s
financial condition and the bankruptcy filing, the ability to limit
the amount of time the Company�s management and officers devote to
restructuring, in order to allow them to run the business and
retain a number of the Company�s key managers and employees, 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, the Company's ability to renegotiate loss
contracts with its customers, changes in governmental regulation
that may affect the water industry, particularly with respect to
environmental laws, 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, 2008 and
subsequent Quarterly Reports on Form 10-Q, as amended. There can be
no assurance that the Company can remain in possession of its
assets and control of its business as a debtor-in-possession and
that a trustee will not be appointed to operate the business of the
Company. The Company�s current business relationships and
arrangements, and the Company�s ability to negotiate future
business arrangements may be adversely affected by the filing of
the bankruptcy petition. 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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