Rio Vista Energy Partners L.P. Receives Listing Determination Letter
02 Oktober 2009 - 7:09PM
Business Wire
Rio Vista Energy Partners L.P. (NASDAQ: RVEP), an energy
services master limited partnership, announced today that it had
received on September 28, 2009 a written Staff Determination
(“Staff Determination”) from The Nasdaq Stock Market’s Listing
Qualifications Department stating that Rio Vista’s plan of
compliance with respect to Rio Vista’s failure to comply with
Nasdaq’s filing requirements for continued inclusion set forth in
Listing Rule 5250(c)(1) (as previously reported in Rio Vista’s
Current Report filed on June 2, 2009), was denied.
Therefore, Rio Vista’s common units will be delisted from the
NASDAQ Capital Market at the opening of business on October 9,
2009, unless Rio Vista requests an appeal of the Staff
Determination by 4:00 p.m. Eastern Time on October 7, 2009
(“Appeal”). The Appeal would be made before a Nasdaq Listing
Qualifications Panel (the “Hearing Panel”). A timely request for
the Appeal will stay the delisting for 15 calendar days. Rio Vista
may request a further stay until the Appeal which the Hearing Panel
must approve (Additional Stay). There can be no assurance that the
Hearing Panel would grant Rio Vista’s request for the Additional
Stay and/or Rio Vista’s request for continued listing in connection
with the Appeal. An adverse determination by the Hearing Panel on
Rio Vista’s request for the Additional Stay and/or the Appeal would
result in immediate delisting, whether or not Rio Vista further
appeals the decisions of the Hearing Panel.
If Rio Vista’s common units are delisted from the NASDAQ Capital
Market, Rio Vista would be required to file all required reports
with the Securities and Exchange Commission and Rio Vista expects
that its common units will trade in the “Pink Sheets” through a
market maker. Delisting by NASDAQ may result in decreased market
interest in Rio Vista’s common units, investors and unitholders may
experience more difficulty in buying and selling Rio Vista common
units, and Rio Vista’s unit price may decline.
Rio Vista disclaims any intention to update this press release
for purposes of disclosing any action or response that Rio Vista
decides in connection with the Staff Determination.
About Rio Vista Energy Partners L.P.
Rio Vista is a master limited partnership engaged in liquid bulk
storage, transloading and transportation of chemicals and petroleum
products through its assets and operations in Hopewell, Virginia.
Penn Octane Corporation (OTCBB: POCC) owns 75% of Rio Vista GP LLC,
the general partner of Rio Vista.
Forward-Looking Statements
Certain of the statements in this news release are
forward-looking statements, including statements regarding Rio
Vista’s appeal of the Staff Determination letter and the request
for an Additional Stay. There is no assurance that Rio Vista will
request an Appeal and/or an Additional Stay. Furthermore, if Rio
Vista were to request an Appeal, there is no assurance that the
Appeal will be successful. If Rio Vista does not request an appeal
or an Additional Stay and/or Rio Vista is not successful in the
request for an Additional Stay or the Appeal, Rio Vista’s common
units will be delisted as early as October 9, 2009. If Rio Vista
were to be delisted from the Nasdaq Capital Market, common
unitholders may be negatively impacted. Additional information
regarding risks affecting Rio Vista’s business may be found in Rio
Vista’s most recent reports on Form 8-K, Form 10-Q and Form 10-K
filed with the Securities and Exchange Commission.
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