COLUMBIA, Md., Oct. 11 /PRNewswire/ -- Renewable fuels provider New Generation Biofuels Holdings, Inc. (NasdaqCM: NGBF) ("NGBF" or the "Company") today announced that it learned the NASDAQ Listing Qualifications Panel (the "Panel") will allow the Company's securities to remain listed pending the Company's demonstration that it has regained compliance with the $1 bid price requirement and that it is able to sustain long term compliance with all applicable requirements for continued listing on The NASDAQ Capital Market, including the stockholders' equity requirement. In that regard, on September 15, 2010, the Panel rendered a determination regarding the Company's listing. The Panel's decision required, among other things, the Company to demonstrate on or before September 25, 2010, that its stockholders' equity was at least $2.5. million and, on or before December 20, 2010, that its closing bid price had been at least $1 per share for a minimum of ten consecutive trading days, as well as that the Company met and could sustain compliance with all other applicable requirements, including the stockholders' equity requirement. The Company filed a form 8-K on September 27, 2010, confirming stockholders' equity of at least $2.5 million as of that date. While the Company is diligently taking steps to regain compliance in accordance with the Panel's decision, there can be no assurances that the Company will be able to do so.
As previously disclosed, on June 23, 2010, NASDAQ notified the Company that it did not comply with the minimum bid price and stockholders' equity requirements and that the Company's securities were subject to delisting unless the Company requested a hearing before a Panel. The Company timely requested a hearing and appeared before the Panel on August 5, 2010.
About New Generation Biofuels, Holdings, Inc.
New Generation Biofuels is a developer and provider of renewable fuels. New Generation Biofuels holds an exclusive license for North America, Central America and the Caribbean to commercialize proprietary technology to manufacture alternative biofuels from plant oils and animal fats that it markets as a new class of biofuel for power generation, commercial and industrial heating and marine use. The Company believes that its proprietary biofuel can provide a lower cost, renewable alternative energy source with significantly lower emissions than traditional fuels. New Generation Biofuels' business model calls for establishing direct sales from manufacturing plants that it may purchase or build and sublicensing its technology to qualified licensees.
Forward Looking Statements
This news release contains forward-looking statements. These forward-looking statements concern the Company's operations, prospects, plans, economic performance and financial condition and are based largely on the Company's beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. The risks and uncertainties related to our business, which include all the risks attendant an emerging growth company in the volatile energy industry, including those set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2009, and in subsequent filings with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why the actual results could differ from those projected in the forward-looking statements.
SOURCE New Generation Biofuels Holdings, Inc.