Galaxy Energy Reports Receiving an AMEX Notice Indicating That the Company Does Not Meet One of the Exchange's Continued Listin
2006年4月27日 - 3:12AM
PRニュース・ワイアー (英語)
DENVER, April 26 /PRNewswire-FirstCall/ -- On April 25, 2006,
Galaxy Energy Corporation (AMEX:GAX) received a notice of failure
to satisfy Section 1003(a)(iv) of the American Stock Exchange
("AMEX") Company Guide for continued listing on AMEX. Such notice
is a result of the recent losses that Galaxy has sustained, as well
as its significant working capital deficiency as reported in its
quarterly report on Form 10-Q for the quarter ended February 28,
2006. Galaxy expects to submit a plan to AMEX by May 10, 2006, in
which it will advise AMEX of action it has taken, or will take,
that would bring it into compliance with Section 1003(a)(iv) of the
Company Guide by July 24, 2006. The actions taken, or to be taken,
by Galaxy which will be reported to AMEX include the raising of
$4.5 million in Subordinated Convertible Debenture financing that
the Company announced this morning. The AMEX was unaware of the
completion of that financing at the time it sent its notice to the
Company indicating that the Company does not meet one of the AMEX's
continued listing standards. About Galaxy Energy Galaxy Energy
Corporation, a development stage oil and gas exploration and
production company, is focusing on acquiring and developing coalbed
methane in the Powder River Basin of Wyoming and Montana and other
unconventional natural gas properties in the Piceance Basin of
Colorado, in addition to exploration activities in Germany, Romania
and Texas. The company conducts its exploration activities through
two wholly owned subsidiaries, Dolphin Energy Corporation and
Pannonian International, Ltd. Forward Looking Statement This press
release consists of forward-looking statements regarding the
intent, belief or current expectations of the Company and its
management. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve a number of risks and uncertainties, and actual results
could differ materially from those indicated by such forward
looking statements. The Company assumes no obligation to update the
information contained in this press release, whether as a result of
new information, future events or otherwise. Please refer to the
Company's filings with the United States Securities and Exchange
Commission for discussions of risks and uncertainties found in
Forms 10-K (annual report), 10-Q (quarterly report) and other
filings. Additional information may be found at the Galaxy Energy
Corporation Web site, http://www.galaxyenergy.com/ or by calling
Brad Long, Investor Relations/Galaxy Energy at (800) 574-4294, Bevo
Beaven or Bill Conboy at CTA Public Relations at (303) 665-4200, or
Tina Cameron, Renmark Financial Communications at (514) 939-3989.
DATASOURCE: Galaxy Energy Corporation CONTACT: Investor Relations,
Brad Long of Galaxy Energy, +1-800-574-4294; or Bevo Beaven, Vice
President/GM, or Bill Conboy, Vice President, both of CTA Public
Relations, +1-303-665-4200; or Tina Cameron of Renmark Financial
Communications, +1-514-939-3989, all for Galaxy Energy Corporation
Web site: http://www.galaxyenergy.com/
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Galaxy Energy (AMEX:GAX)
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