Tri-Valley Corporation Receives Notification of Non Compliance from NYSE Amex
May 02 2012 - 4:25PM
Business Wire
Tri-Valley Corporation (NYSE Amex: TIV) today announced that it
has received notification from NYSE Amex, LLC, dated April 26,
2012, that the Company is not in compliance with certain continued
listing requirements set forth in the NYSE Amex Company Guide, as
follows:
- Section 1003(a)(iii) requires a company
to maintain a minimum of $6.0 million in stockholders’ equity, if
the company has sustained losses from continuing operations and/or
net losses in its five most recent fiscal years. As of December 31,
2011, Tri-Valley Corporation’s stockholders’ equity was
approximately $4.4 million and it has sustained losses from
continuing operations and/or net losses in its five most recent
fiscal years.
- Section 1003(a)(iv) states that insofar
as the Company has sustained losses which are so substantial in
relation to its overall operations or its existing financial
resources, or its financial condition has become so impaired that
it appears questionable in the opinion of NYSE Amex, as to whether
the Company will be able to continue operations and/or meet its
obligations as they mature.
- Section 1003(f)(v) states that insofar
as the Company’s average daily closing price over the last six
months ended March 31, 2012, was $0.17.
In order to maintain Tri-Valley Corporation’s listing on NYSE
Amex, the Company is required to submit a plan to the exchange no
later than May 29, 2012, addressing how it intends to regain
compliance with Section 1003(a)(iv) by July 26, 2012, and Sections
1003(a)(iii) and 1003(f)(v) by October 26, 2012. The Company
currently intends to submit a plan by the May 29, 2012 deadline.
However, if the Company is unable to submit a plan, or if the plan
is not accepted by NYSE Amex, Tri-Valley will be subject to
delisting proceedings.
About Tri-Valley
Tri-Valley Corporation explores for and produces oil and natural
gas in California and has two exploration-stage gold properties in
Alaska. Tri-Valley is incorporated in Delaware and is publicly
traded on the NYSE Amex exchange under the symbol "TIV." Our
Company website, which includes all SEC filings, is
www.tri-valleycorp.com.
Cautionary Note Regarding Forward-Looking Statements
All statements contained in this press release that refer to
future events or other non-historical matters are forward-looking
statements. We have attempted to identify forward-looking
statements by terminology including “anticipates,” “believes,”
“can,” “continue,” “could,” “estimates,” “expects,” “hope,”
“intends,” “may,” “plans,” “potential,” or “predicts,” or the
negative of these terms or other comparable terminology. Although
we do not make forward-looking statements unless we believe we have
a reasonable basis for doing so, we cannot guarantee their
accuracy. These statements are only predictions based on
management’s expectations as of the date of this press release, and
involve known and unknown risks, uncertainties and other factors,
including: our ability to obtain additional funding; the outcome of
an ongoing investigation by the staff of the SEC; fluctuations in
oil and natural gas prices; imprecise estimates of oil reserves;
drilling hazards such as equipment failures, fires, explosions,
blow-outs, and pipe failure; shortages or delays in the delivery of
drilling rigs and other equipment; problems in delivery to market;
adverse weather conditions; compliance with governmental and
regulatory requirements; geographical concentration of oil and gas
reserves in the State of California; changes in, or inability to
enter into or maintain, strategic and joint venture partnerships;
pending and threatened lawsuits against us; potential rescission
rights stemming from our potential violation of Section 5 of the
Securities Act of 1933; our ability to consummate the OPUS
restructuring transaction; and such other risks and factors that
are discussed in our filings with the Securities and Exchange
Commission from time to time, including under “Part I, Item 1A.
Risk Factors” and “Part II, Item 7. Management’s Discussion and
Analysis of Financial Condition and Results of Operations,”
contained in Tri-Valley’s Annual Report on Form 10-K for the year
ended December 31, 2011. Except as required by law, Tri-Valley
undertakes no obligation to update or revise publicly any of the
forward-looking statements after the date of this press release to
conform such statements to actual results or to reflect events or
circumstances occurring after the date of this press release.
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