DENVER, Colo., Aug. 20, 2002 — Metretek Technologies Inc. recently announced that it received a Nasdaq Staff determination letter on August 14, 2002, indicating that the company was not in compliance with the $1.00 minimum bid price requirement for continued listing on the Nasdaq SmallCap Market, set forth in Marketplace Rule 4310©(8)(D), and that the company was not eligible for an additional grace period because it did not meet the $5 million stockholders’ equity requirement under Marketplace Rule 4310©(2)(A).
The staff determination letter informed the company that, due to such non-compliance, the company’s common stock was subject to delisting from the Nasdaq SmallCap Market. The company has requested a hearing before a Nasdaq Listing Qualifications Panel to review the staff determination.
The company has been advised by Nasdaq that the hearing request will stay the delisting pending the outcome of the hearing, the date of which has not yet been set. There can be no assurance that the panel will grant the company’s request for continued listing.
If the panel upholds the staff determination, the company’s common stock will be delisted from the Nasdaq Small Cap Market. If the common stock is delisted, it is expected to be traded on the Over-the-Counter (OTC) Bulletin Board.
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.
Source: Metretek Technologies Inc.