PRB Energy Announced That It Filed for Protection Under Chapter 11 of Federal Bankruptcy Code
The Company Also Reports Receiving Delisting Notice from AMEX DENVER, March 6 /PRNewswire-FirstCall/ -- PRB Energy, Inc. (AMEX:PRB) today announced that it has sought the protection of the U.S. Bankruptcy Court by filing a Chapter 11 petition for reorganization. The Company intends to continue to conduct business while it devotes significant efforts to resolve its liquidity problems, recapitalize the Company and develop a reorganization plan.
PRB Energy also announced that it has received notice from the American Stock Exchange ("AMEX") that it does not meet certain continued listing standards, as set forth in section 1003 (a) (iv) of the AMEX Company Guide (the "AMEX Guide"), which could jeopardize the Company's continued listing pursuant to Section 1009 of the AMEX Guide. The AMEX Guide requires, among other things, that an issuer has not sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has not become so impaired that it appears questionable, in the option of the AMEX, as to whether the Company will be able to continue operation and/or meet its obligations as they mature. The notice letter asserts that the Company must submit a plan to the AMEX by March 14, 2008 advising the AMEX of the action that it has taken, or that it will take, to bring the Company into compliance with all the continued listing standards of the AMEX Guide by May 28, 2008.
ABOUT PRB ENERGY, INC. Since commencing operations in January 2004, PRB Energy has evolved into an exploitation and development company with activities in the Rocky Mountain States. The Company is vertically integrated, combining upstream exploitation and production as well as midstream gathering and processing for, primarily, its own production. This model is intended to increase PRB Energy's access to and acquisition of high-potential development properties at attractive prices and deliver cost savings. FORWARD LOOKING STATEMENTS This press release may include certain forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results is discussed in the Company's Form 10-K for the year ended December 31, 2006 filed with the Securities and Exchange Commission and in subsequent filings under the Securities Exchange Act of 1934. The Company undertakes no obligation to update or revise any forward-looking statements to reflect new information or events. Company Contact: or Investor Relations Counsel: First Call Analyst:
CONTACT: Bill Hayworth, CEO of PRB Energy, Inc., +1-303-308-1330,
2008-03-06 18:44:39 0306916 PRNEWSWIRE
HOME || Press Release Archive || © Leigh Media Corporation || Terms of Use || Privacy Policy || Publish Your Press Release Here |