PARTICLE DRILLING TECHNOLOGIES RECEIVES NASDAQ LISTING RULE 5210(d) NOTICE
Company plans to address this issue when it appeals NASDAQ's decision to delist securities
Houston - April 21, 2009 Particle Drilling Technologies, Inc. (NASDAQ: PDRT) (the "Company") today announced that on April 16, 2009 it received notification from The Nasdaq Stock Market ("Nasdaq") that it has not paid certain fees required by Listing Rule 5210 (d).
The Nasdaq has informed the Company that it would be subject to delisting proceedings if it did not pay its outstanding fees in full. Accordingly, the Nasdaq staff has notified the Company that this matter serves as an additional basis for delisting the Company's securities from The Nasdaq Stock Market.
The Company plans to address this issue when it appeals the Nasdaq staff's determination to the Nasdaq Listing Qualifications Panel (the "Panel"), pursuant to the procedures set forth in the Nasdaq Marketplace Rule 4800 Series. This appeal will stay the suspension of the Company's securities and the filing of the Form 25-NSE pending the Panel's decision.
About Particle Drilling Technologies, Inc. Particle Drilling Technologies, Inc. (NASDAQ: PDRT) is a development-stage oilfield service and technology company commercializing its patented and patent-pending Particle Impact Drilling system. The company's technology is designed to enhance the rate-of-penetration function in the drilling process, particularly in hard-rock environments. It is headquartered in Houston, Texas. For more information, visit: www.particledrilling.com.
Safe Harbor Statement
Certain statements in this press release that are not historical but are forward-looking are subject to known and unknown risks and uncertainties, which may cause PDTI's actual results in future periods to be materially different from any future performance that may be suggested in this press release. Such risks and uncertainties may include, but are not limited to, PDTI's need to raise equity capital and its ability to obtain equity financing on acceptable terms, if at all, a severe worldwide slowdown in the energy services sector, working capital constraints and the ability of PDTI to successfully complete any strategic alternative. Further, PDTI is a development stage company that operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond PDTI's control such as announcements by competitors and service providers.
Contacts:
Jason Davis, VP & interim CFO
Particle Drilling Technologies, Inc.
713-223-3031
Jack Lascar / Sheila Stuewe
DRG&E / 713-529-6600
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