Pacific Ethanol Receives NASDAQ Compliance Determination
June 23 2011 - 8:30AM
Pacific Ethanol, Inc. (Nasdaq:PEIXD), the leading
marketer and producer of low-carbon renewable fuels in the Western
United States, announced today that it received a letter from The
NASDAQ Stock Market ("NASDAQ") on June 22, 2011, which contained a
NASDAQ compliance determination that the Company has regained
compliance with NASDAQ Listing Rule 5550(a)(2), which requires that
listed securities maintain a minimum closing bid price of $1.00 per
share.
As previously announced, the Company received a letter from
NASDAQ notifying the Company that it did not comply with the $1.00
minimum closing bid price requirement for continued listing under
the NASDAQ Listing Rules. The Company was provided an initial
period of 180 calendar days, or until December 27, 2010, during
which to regain compliance. The Company failed to regain compliance
by December 27, 2010 but was provided a final additional period of
180 calendar days, or until June 27, 2011, during which to regain
compliance.
The Company's common stock has subsequently maintained a closing
bid price of at least $1.00 per share for 10 consecutive trading
days, enabling the Company to regain compliance with NASDAQ Listing
Rule 5550(a)(2).
About Pacific Ethanol, Inc.
Pacific Ethanol, Inc. (Nasdaq:PEIXD) is the leading
marketer and producer of low-carbon renewable fuels in the Western
United States. Pacific Ethanol also sells co-products, including
wet distillers grain (WDG), a nutritional animal feed. Serving
integrated oil companies and gasoline marketers who blend ethanol
into gasoline, Pacific Ethanol provides transportation, storage and
delivery of ethanol through third-party service providers in the
Western United States, primarily in California, Nevada, Arizona,
Oregon, Colorado, Idaho and Washington. Pacific Ethanol has a 20%
ownership interest in New PE Holdco LLC, the owner of four ethanol
production facilities. Pacific Ethanol operates and manages the
four ethanol production facilities, which have a combined annual
production capacity of 200 million gallons. The facilities in
operation are located in Boardman, Oregon, Burley, Idaho and
Stockton, California, and one idled facility is located in Madera,
California. The facilities are near their respective fuel and feed
customers, offering significant timing, transportation cost and
logistical advantages. Pacific Ethanol's subsidiary, Kinergy
Marketing LLC, markets ethanol from Pacific Ethanol's managed
plants and from other third-party production facilities, and
another subsidiary, Pacific Ag. Products, LLC, markets WDG. For
more information please visit www.pacificethanol.net.
The Pacific Ethanol, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5940
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
With the exception of historical information, the matters
discussed in this press release including, without limitation, the
ability of Pacific Ethanol to continue as the leading marketer and
producer of low-carbon renewable fuels in the Western United
States; and Pacific Ethanol's ability to maintain compliance with
the NASDAQ Listing Rules, as to which Pacific Ethanol can provide
no assurance, are forward-looking statements and considerations
that involve a number of risks and uncertainties. The actual future
results of Pacific Ethanol could differ from those statements.
Pacific Ethanol refers you to the "Risk Factors" section contained
in its most recent Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 31, 2011 and in its
most recent Quarterly Report on Form 10-Q filed with the Securities
and Exchange Commission on May 13, 2011.
CONTACT: Company IR Contact:
Pacific Ethanol, Inc.
916-403-2755
866-508-4969
Investorrelations@pacificethanol.net
IR Agency Contact:
Becky Herrick
Lippert/Heilshorn & Assoc.
415-433-3777
Media Contact:
Paul Koehler
Pacific Ethanol, Inc.
503-235-8241
paulk@pacificethanol.net
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