HOUSTON, Sept. 30, 2016 /PRNewswire/ -- Glori Energy Inc. (OTCQB: GLRI), an energy technology and oil production company focused on enhanced oil recovery using its proprietary AERO® System, today announced that its common stock is expected to begin trading on the OTCQB Venture Market on September 30, 2016 under the Company's current trading symbol "GLRI." As previously announced, Glori's common stock suspended trading on the Nasdaq Stock Market LLC ("Nasdaq") effective on September 29, 2016. Investors will be able to view real-time best bid and ask quotes for "GLRI" at http://www.otcmarkets.com and through most online broker websites.
As previously reported, the Company voluntarily filed Form 25, Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934 on September 20, 2016 to initiate the delisting and deregistration process. Glori's Board of Directors had determined that delisting and deregistration are in the best interests of the Company and its stockholders due to its non-compliance with Nasdaq's continued listing requirements; the likely expenses and uncertainty associated with seeking to regain compliance and raise capital while subject to Nasdaq's Listing Rules and the ongoing listing, legal, administrative and additional accounting costs associated with being a publicly listed company and maintaining such compliance.
Kevin Guilbeau, Glori's Executive Co-Chairman and Interim CEO stated, "Although Glori's Common Stock is moving to the Over-The-Counter Market, we remain committed to positioning the company for future growth and a stronger financial position. We are continuing to execute on our Phoenix initiative to selectively lease acreage in a currently non-producing oil field that we believe has excellent reservoir qualities and contains significant amounts of unrecovered oil. We plan to apply a standard waterflood operation coupled with our AERO technology to unlock these left-behind reserves."
ABOUT GLORI ENERGY INC.
Glori Energy is a Houston-based energy technology and oil production company that deploys its proprietary AERO technology to increase the amount of oil that can be produced from conventional oil fields. Glori owns and operates oil fields onshore U.S. and additionally provides its technology as a service to E&P companies globally. Only one-third of all oil discovered in a typical reservoir is recoverable using conventional technologies; the rest remains trapped in the rock. Glori's proprietary AERO System recovers residual oil by stimulating a reservoir's native microorganisms to sustainably increase the ultimate recovery at a low cost. For more information, visit www.GloriEnergy.com.
FORWARD LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Any statements contained herein which are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements identified by or containing words like "believes," "expects," "anticipates," "intends," "estimates," "projects," "predicts," "potential," "target," "goal," "plans," "objective," "should," "could," "will," or similar expressions. All statements by us regarding our possible or assumed future results of our business, financial condition, liquidity, results of operations, models, including the ROF models, plans and objectives and similar matters are forward-looking statements. Glori gives no assurances that the assumptions upon which such forward-looking statements are based will prove correct. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions (many of which are beyond our control), and are based on information currently available to us. Actual results may differ materially from those expressed herein due to many factors, including, without limitation: whether trading in the Company's common stock will continue OTC or otherwise; whether the Company will continue filing periodic reports with the SEC; the risk that any projections, including models, earnings, revenues, expenses, margins, or any other financial expectations are not realized; oil production rates; the continued decline in oil prices and the sustained low oil price environment; the efficacy of changes in oil fields acquired or treated by us; competition and competitive factors in the markets in which Glori operates; the expected cost of recovering oil using the AERO System, demand for Glori's AERO System and expectations regarding future projects; adaptability of the AERO System and development of additional capabilities that will expand the types of oil fields to which Glori can apply its technology; plans to acquire and develop additional oil fields and the availability of debt and equity financing to fund any such acquisitions; the percentage of the world's reservoirs that are suitable for the AERO System; Glori's ability to create positive cash flows; the advantages of the AERO System and our refinements thereto compared to other enhanced oil recovery methods; Glori's ability to develop and maintain positive relationships with its customers and prospective customers; and such other factors as are discussed in Item 1A "Risk Factors" and Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the 2015 fiscal year and our subsequent Quarterly Reports on Form 10-Q for 2016. Although Glori believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurances that such expectations will prove to be correct. These risks are more fully discussed in Glori's filings with the Securities and Exchange Commission. Glori undertakes no obligation to update any forward-looking statements contained herein to reflect events or circumstances, which arise after the date of this document except as required by law.
Glori Energy Contact
Victor M. Perez
Chief Financial Officer
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SOURCE Glori Energy Inc.