Global Energy Holdings Group, Inc. Announces Voluntary Delisting of Its Common Stock from NYSE AMEX
December 08 2009 - 4:51PM
Business Wire
Global Energy Holdings Group, Inc. (NYSE Amex: GNH) (the
“Company”) today announced that it has given notice to NYSE Amex
LLC (the “Exchange”) of its decision to voluntarily delist its
common stock from the Exchange. The Company’s board of directors
has elected to take this action for the following reasons:
- The nature and limited extent of
the trading in the common stock, as well as the market value that
the public markets are currently applying to the common stock.
- The Company is not in compliance
with the Exchange’s listing requirements.
- Many other typical advantages of
being a public company, including enhanced access to capital and
the ability to use equity securities to acquire other businesses,
are not currently sufficiently available to the Company to an
extent that would justify the costs of being listed.
In addition to the significant time and cost savings resulting
from the voluntary termination of the listing of the Company’s
common stock on the Exchange, the Company’s board of directors
believes that this action will allow the Company’s management to
focus its attention and resources on reorganizing the Company and
building longer-term enterprise value.
The Company has not made any arrangements to have its common
stock listed on any other exchange or quoted in any other quotation
medium.
As previously disclosed, on June 9, 2009, the Company received
notice from the Exchange that the Company did not meet one of the
Exchange’s continued listing standards as set forth in Part 10 of
the NYSE Amex LLC Company Guide (the “Company Guide”). The notice
received from the Exchange stated that the Company was not in
compliance with Section 1003(a)(iv) of the Company Guide. The
Company was afforded the opportunity to submit a plan of compliance
to the Exchange by July 3, 2009, addressing how it intended to
regain compliance with Section 1003(a)(iv) of the Company Guide by
December 3, 2009.
On August 25, 2009, the Company’s plan to regain compliance with
Section 1003(a)(iv) of the Company Guide by December 3, 2009 was
accepted by the Exchange. As previously disclosed, the Company
subsequently voluntarily filed to reorganize itself and four of its
subsidiaries under Chapter 11 of the United States Bankruptcy Code
in the United States Bankruptcy Court for the District of Delaware.
Because the Company intends to reorganize, the Company does not
intend to be in compliance with Section 1003(a)(iv) by December 3,
2009.
The Company intends to file a notification of removal from
listing on the Exchange on Form 25 with the Securities and Exchange
Commission (the “SEC”) on or about December 11, 2009. The
withdrawal of the Company’s common stock from listing on the
Exchange will be effective 10 days after the filing of the Form
25.
About Global Energy Holdings Group, Inc.:
The Company is a diversified renewable energy company based in
Atlanta, Georgia. The Company develops renewable energy projects,
including biomass gasification and landfill-gas-to-energy projects.
The Company also coordinates and implements energy-efficiency
projects, such as cogeneration and heat recovery, for organizations
that include government agencies and the U.S. military. The Company
provides tailored solutions that capitalize on the nation’s need
for diverse energy resources, while investing in promising
innovations to help power the future. For more information about
the Company, please visit its website at
http://www.gnhgroup.com.
This press release includes “forward-looking statements” as
defined by the Securities and Exchange Commission. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that the
Company expects, believes or anticipates will or may occur in the
future are forward-looking statements. These statements are based
on certain assumptions made by the Company based on its experience
and perception of historical trends, current conditions, expected
future developments and other factors it believes are appropriate
in the circumstances. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Company, which may cause its actual results to
differ materially from those implied or expressed by the
forward-looking statements. Such assumptions, risks and
uncertainties are discussed in detail in the Company’s filings with
the SEC and include, among other things, the impact of the U.S.
Bankruptcy Code on its operational plans and its continuing need
for liquidity.
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