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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.
Particle Drilling Technologies, Inc., headquartered in Houston, Texas, is a development-stage oilfield service and technology company owning several patents and pending patents related to its Particle Impact Drilling technology. The Company's technology is designed to enhance the rate-of-penetration function in the drilling process, particularly in hard rock drilling environments.
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 ability to raise capital, if necessary, and its ability to obtain financing on acceptable terms, if at all, a worldwide downturn in the energy services sector, working capital constraints and other risks described in PDTI's filings with the SEC. 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 D. Davis VP & Interim CFO
Particle Drilling Technologies, Inc.
713-223-3031
Jack Lascar / Sheila Stuewe
DRG&E / 713-529-6600
SOURCE Particle Drilling Technologies, Inc.
http://www.particledrilling.com
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