Amex Accepts Galaxy Energy's Plan to Meet Amex's Continued Listing Standards
August 13 2007 - 9:00AM
PR Newswire (US)
DENVER, Aug. 13 /PRNewswire-FirstCall/ -- Galaxy Energy Corporation
(AMEX:GAX) has received a notice from the American Stock Exchange
(Amex) indicating that Amex has accepted Galaxy's plan to regain
compliance with the exchange's continued listing standards. On
August 6, 2007, Amex notified Galaxy that the company had made a
reasonable demonstration of its ability to regain compliance with
the exchange's continued listing standards. Amex has accepted
Galaxy's plan based on the expectation that Galaxy will complete
its Purchase and Sale Agreement with PetroHunter Energy
Corporation, a related party, and has continued Galaxy's listing
pursuant to an extension until September 30, 2007, by which time
Galaxy must regain compliance with the continued listing standards.
Galaxy will be subject to periodic review by Amex staff during the
extension period. Failure to make progress consistent with the plan
or to regain compliance with the continued listing standards by the
end of the extension period could result in Galaxy being delisted
from Amex. Galaxy announced on May 25, 2007, that it had received
notice from Amex of Galaxy's failure to satisfy Section
1003(a)(iii) of the Amex Company Guide for continued listing.
Specifically, Galaxy's stockholders' equity as reported on Form
10-Q for the quarter ended February 28, 2007, did not meet the
minimum stockholders' equity standard of $6 million with losses
from continuing operations and/or net losses in its five most
recent fiscal years. On June 22, 2007, Galaxy submitted a plan to
Amex, to advise the exchange of action the company has taken, or
will take, to bring Galaxy into compliance with all of Amex's
continued listing standards. These actions include the proposed
sale of Galaxy's oil and gas assets in the Powder River Basin to
PetroHunter Energy Corporation, a related party. The August 6,
2007, Amex notice also indicated that Galaxy is not in compliance
with Section 1003(a)(i) and Section 1003(a)(ii) of the Company
Guide based on a review of the company's Form 10-Q for the period
ended May 31, 2007. Specifically, Galaxy reported stockholders'
equity of less than $2 million and losses from continuing
operations and/or net losses in its two out of its three most
recent fiscal years, and stockholders' equity of less than $4
million and losses from continuing operations and/or net losses in
its three out of its four most recent fiscal years, respectively.
About Galaxy Energy Galaxy Energy Corporation, a development stage
oil and gas exploration and production company, focuses its
operations in the Powder River Basin of Wyoming and the Piceance
Basin of Colorado, in addition to exploration activities in Germany
and Romania. Galaxy conducts its exploration activities through two
wholly owned subsidiaries, Dolphin Energy Corporation and Pannonian
International, Ltd. Forward Looking Statement This press release
consists of forward looking statements regarding the intent, belief
or current expectations of Galaxy and its management. Prospective
investors are cautioned that any such forward looking statements
are not guarantees of future performance and involve a number of
risks and uncertainties, and actual results could differ materially
from those indicated by such forward looking statements. Galaxy
assumes no obligation to update the information contained in this
press release, whether as a result of new information, future
events or otherwise. Please refer to Galaxy's filings with the
United States Securities and Exchange Commission for discussions of
risks and uncertainties found in Forms 10-K (annual report), 10-Q
(quarterly report) and other filings. Additional information may be
found at the Galaxy Energy Corporation Web site,
http://www.galaxyenergy.com/ or by calling Brad Long, Investor
Relations/Galaxy Energy at (800) 574-4294, Bevo Beaven or Warren
Laird of CTA Integrated Communications at (303) 665-4200, or Tina
Cameron, Renmark Financial Communications at (514) 939-3989.
CONTACT: Brad Long / Investor Relations Bevo Beaven, Sr. Vice
President/GM Galaxy Energy Warren Laird, Vice President (360)
332-9821 CTA Integrated Communications (800) 574-4294 (303)
665-4200 DATASOURCE: Galaxy Energy Corporation CONTACT: Brad Long,
Galaxy Energy Investor Relations, +1-360-332-9821, 1-800-574-4294;
or Bevo Beaven, Sr. Vice President-GM or Warren Laird, Vice
President CTA Integrated Communications, +1-303-665-4200, for
Galaxy Energy Corporation Web site: http://www.galaxyenergy.com/
Copyright
Galaxy Energy (AMEX:GAX)
Historical Stock Chart
From Sep 2024 to Oct 2024
Galaxy Energy (AMEX:GAX)
Historical Stock Chart
From Oct 2023 to Oct 2024