GreenHunter Energy, Inc.(NYSE Amex: GRH), a diversified renewable energy company focused on wind development projects, biomass power generation and the production of biodiesel, announced today that the NYSE Amex LLC has accepted GreenHunter's revised plan to regain compliance with the exchange's listing criteria and has extended the listing deadline until May 31, 2010.
In a letter to the Company dated December 2, 2009, the NYSE Amex indicated that it had determined that GreenHunter's updated plan, submitted to the Exchange on November 19, 2009, made a reasonable demonstration of the Company's ability to regain compliance with the Exchange's listing standards. Further, though the Company is not currently in compliance with certain of the Exchange's listing standards, the Exchange has granted GreenHunter until May 31, 2010 to regain compliance with Section 1003 (a)(iv). The Company had previously been granted an extension until November 29, 2010 to regain compliance with Sections 1003 (a) (i, ii and iii) of the Exchange's Company Guide.
In response to the NYSE Amex exchange decision to extend GreenHunter's continued listing plan, Mr. Jonathan D. Hoopes, President and Chief Operating Officer, commented, "We continue to make progress on a number of different fronts and are anxious to regain full compliance with the listing standard required by the Exchange. This continues to be a difficult period for the renewable business due to low commodity prices and uncertainty from government regulators concerning the future incentives required by the industry. We remain confident that the business plan we initiated this year will allow us to regain our Company's financial stability and begin meaningful revenues for future growth and sustainability."
Forward-Looking Statements
Any statements in this press release about future expectations and prospects for GreenHunter Energy and its business and other statements containing the words "believes," "anticipates," "plans," "expects," "will" and similar expressions constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the substantial capital expenditures required to fund its operations, the ability of the Company to implement its business plan, government regulation and competition. GreenHunter Energy undertakes no obligation to update these forward-looking statements in the future.
GreenHunter Energy is focused on the renewable energy sectors of wind, hydro, geothermal, solar, biofuels, and biomass power plants. Our assets consist of leases of real property for future development of wind energy projects located in Montana, New Mexico, California, Texas, Wyoming and The Peoples Republic of China, the nation's largest biodiesel refinery located in Houston, Texas, a biomass-fired power plant located in Brawley, California, and an option to lease acreage associated with a terminaling facility in Port Sutton, Florida. Headquartered in Grapevine, Texas, GreenHunter Energy was formed to be the first publicly traded renewable energy company based in the U.S. that provides to investors a portfolio of diversified assets in the alternative energy sector. Additional information about GreenHunter Energy may be found at www.greenhunterenergy.com.
Contacts:
GreenHunter Energy, Inc.
Jonathan D. Hoopes
1048 Texan
Trail
Grapevine, TX 76051
972-410-1044
jhoopes@greenhunterenergy.com
