CALGARY, July 18, 2014 /PRNewswire/ - Ivanhoe Energy Inc.
(TSX: IE) (NASDAQ: IVAN) has scheduled a special meeting of
shareholders to be held on August 13,
2014. The purpose of the special meeting is to give
shareholders the opportunity to approve a proposal to effect a
share consolidation or reverse-split as a means of regaining
compliance with NASDAQ's minimum bid price requirements prior to
September 2, 2014. Details of the
proposal are included in the proxy materials mailed to shareholders
of record as of July 11, 2014. The
proxy materials have also been filed on SEDAR and EDGAR.
The special meeting has been scheduled to
preserve the Company's ability to pursue the consolidation proposal
as a viable alternative for regaining compliance with NASDAQ's
minimum bid price requirements in a timely manner. The schedule
allows sufficient time for the dissemination of the proxy materials
to shareholders and, if the consolidation proposal is presented to
the shareholders at the special meeting and approved, for the
Company's post-consolidation common shares to trade on NASDAQ for a
sufficient period of time to re-establish compliance prior to the
September 2 deadline.
There may be other alternatives that would
permit the Company to regain compliance without pursuing the
consolidation proposal, such as the successful execution of a
business opportunity resulting in a material appreciation of the
market price of the Company's common shares, but there is no
assurance that any such alternatives will be available in a timely
manner. If, for any reason, the Company does not regain compliance
with NASDAQ's minimum bid price requirements in a timely manner
because shareholders do not approve the consolidation proposal or
for other reasons the Company's common shares may become subject to
delisting from NASDAQ. If the Company's common shares are
ultimately delisted from NASDAQ the Company intends to maintain its
current listing on the Toronto Stock Exchange.
Ivanhoe Energy is an independent international
heavy oil exploration and development company focused on pursuing
long-term growth in its reserves and production using advanced
technologies, including its proprietary heavy oil upgrading process
(HTL®). Core operations are in Canada, United
States, and Ecuador, with
business development opportunities worldwide. Ivanhoe Energy trades
on the Toronto Stock Exchange with the ticker symbol IE and on the
NASDAQ Capital Market with the ticker symbol IVAN. For more
information about Ivanhoe Energy Inc. please visit
www.ivanhoeenergy.com.
FORWARD-LOOKING STATEMENTS:
This document includes forward-looking statements, including
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, but are not limited to the potential for
commercialization and future application of the heavy oil upgrading
technology and other technologies, statements relating to the
continued advancement of Ivanhoe Energy's projects, statements
relating to the timing and amount of proceeds of agreed upon and
contemplated disposition transactions, statements relating to
anticipated capital expenditures, statements relating to the
timing and success of regulatory review applications, and other
statements which are not historical facts. When used in this
document, the words such as "could," "plan," "estimate," "expect,"
"intend," "may," "potential," "should," and similar expressions
relating to matters that are not historical facts are
forward-looking statements. Although Ivanhoe Energy believes
that its expectations reflected in these forward-looking statements
are reasonable, such statements involve risks and uncertainties and
no assurance can be given that actual results will be consistent
with these forward-looking statements. Important factors that
could cause actual results to differ from these forward-looking
statements include the potential that the Company's projects will
experience technological and mechanical problems, new product
development will not proceed as planned, the HTL®
technology to upgrade bitumen and heavy oil may not be commercially
viable, geological conditions in reservoirs may not result in
commercial levels of oil and gas production, the availability of
drilling rigs and other support services, uncertainties about the
estimates of reserves, the risk associated with doing business in
foreign countries, environmental risks, changes in product prices,
our ability to raise capital as and when required, our ability to
complete agreed upon and planned asset dispositions, competition
and other risks disclosed in Ivanhoe Energy's 2013 Annual Report on
Form 10-K filed with the U.S. Securities and Exchange Commission on
EDGAR and the Canadian Securities Commissions on
SEDAR.
SOURCE Ivanhoe Energy Inc.