DENVER, Colo., Feb. 19, 2002 — Metretek Technologies, Inc. (Nasdaq:MTEK) today announced that it has received a letter from The Nasdaq Stock Market indicating that Metretek is not in compliance with two Nasdaq National Market continued listing requirements relating to its common stock.
The letter is referring to the $5,000,000 minimum market value of publicly held shares requirement set forth in Marketplace Rule 4450(a)(2), and the $1.00 minimum bid price per share requirement set forth in Marketplace Rule 4450(a)(5).
Under Marketplace Rules 4450(e)(1) and 4450(e)(2), Metretek will be provided 90 calendar days, or until May 15, 2002, to regain compliance with these requirements for 10 consecutive trading days. If Metretek cannot demonstrate compliance within this timeframe, its common stock will be subject to delisting from the Nasdaq National Market.
At that time, Metretek can either appeal the delisting determination to the Nasdaq Listing Qualifications Panel or apply to transfer its common stock to The Nasdaq SmallCap Market.
If Metretek decides to transfer its common stock to the SmallCap Market, it must satisfy the continued inclusion requirements for that market, including the requirements of $1,000,000 minimum market value of publicly held shares and $1.00 minimum bid price per share.
Under new Nasdaq rules, Metretek would be afforded additional SmallCap Market grace periods for deficiencies in the minimum $1.00 bid price requirement and could return to the National Market if it demonstrates compliance with the $1.00 bid price requirement for 30 consecutive trading days prior to the expiration of all SmallCap Market grace periods and complies with all other National Market maintenance requirements throughout its SmallCap Market listing period.
Metretek Technologies, Inc. through its subsidiaries — PowerSecure, Inc.; Metretek, Incorporated; and Southern Flow Companies, Inc. — is a diversified provider of energy technology products, services and data management systems to industrial and commercial users and suppliers of natural gas and electricity.