PIRAEUS, Greece, March 15, 2012 /PRNewswire/ -- NewLead
Holdings Ltd. (NASDAQ: NEWL) ("NewLead" or the "Company"), an
international shipping company owning and operating tankers and dry
bulk vessels, today announced that it has received notification
from the NASDAQ Listing Qualifications department that it has
regained compliance with the minimum Market Value of Publicly Held
Shares (MVPHS) of $5,000,000 for
continued listing set forth in Listing Rule 5450(b)(1)(C) as the
Company's MVPHS was $5,000,000 or more for 10 consecutive business
days.
On September 16, 2011, NASDAQ
notified NewLead that it was not in compliance with one of its
standards for continued listing on the NASDAQ Global Select Market
because the Company's MVPHS was below $5,000,000 for 30 consecutive business days. The
Company had been granted a grace period of 180 calendar days in
order to regain compliance.
About NewLead Holdings Ltd.
NewLead Holdings Ltd. is an international, vertically integrated
shipping company that owns and manages product tankers and dry bulk
vessels. NewLead currently controls 11 vessels, of which two are
double-hull product tankers and 9 are dry bulk vessels including
four newbuildings and one vessel currently under construction that
is scheduled to be delivered in the third quarter of 2012.
NewLead's common shares are traded under the symbol "NEWL" on the
NASDAQ Global Select Market. To learn more about NewLead Holdings
Ltd., please visit the new website at www.newleadholdings.com
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995
This press release includes assumptions, expectations,
projections, intentions and beliefs about future events. These
statements, as well as words such as "anticipate," "estimate,"
"project," "plan," and "expect," are intended to be
''forward-looking" statements. We caution that assumptions,
expectations, projections, intentions and beliefs about future
events may vary from actual results and the differences can be
material. Forward-looking statements include, but are not limited
to, such matters as future operating or financial results; our
liquidity position and cash flows, our ability to borrow additional
amounts under our revolving credit facility and, if needed, to
obtain waivers from our lenders and restructure our debt, and our
ability to continue as a going concern; statements about planned,
pending or recent vessel disposals and/or acquisitions, business
strategy, future dividend payments and expected capital spending or
operating expenses, including dry-docking and insurance costs;
statements about trends in the product tanker and dry bulk vessel
shipping segments, including charter rates and factors affecting
supply and demand; expectations regarding the availability of
vessel acquisitions; completion of repairs; length of off-hire;
availability of charters; and anticipated developments with respect
to any pending litigation. 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, management's examination of historical operating
trends, data contained in our records and other data available from
third parties. Although NewLead believes 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,
NewLead cannot assure you that it will achieve or accomplish these
expectations, beliefs or projections described in the forward
looking statements. 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
changes in charter rates and vessel values, failure of a seller to
deliver one or more vessels, and other factors discussed in
NewLead's filings with the U.S. Securities and Exchange Commission
from time to time. NewLead expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in NewLead's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based.
Investor and Media Relations:
Elisa Gerouki
NewLead Holdings Ltd.
Telephone: + 30 213 014 8023
Email: egerouki@newleadholdings.com
SOURCE NewLead Holdings Ltd.