Rio Vista Energy Partners L.P. Receives Notice of Non-Compliance From Nasdaq
20 Agosto 2009 - 10:30PM
Business Wire
Rio Vista Energy Partners L.P. (NASDAQ: RVEP), an energy
services master limited partnership, announced today that it had
received on August 18, 2009 a letter from the Nasdaq Stock Market
(“Nasdaq”) staff indicating that since Nasdaq did not receive Rio
Vista’s Report on Form 10-Q for the period ended June 30, 2009
(June 2009 Delinquent Filing), Rio Vista was not in compliance with
Nasdaq Listing Rule 5250(c)(1) for continued listing on The Nasdaq
Capital Market. Rio Vista previously disclosed in its Current
Report on Form 8-K filed on August 17, 2009 that the filing of its
June 30, 2009 Form 10-Q was going to be delayed. As previously
reported, Nasdaq has informed Rio Vista that it is delinquent in
connection with Rio Vista’s March 31, 2009 Form 10-Q (Initial
Delinquent Filing) and Nasdaq is currently reviewing Rio Vista’s
plan to regain compliance with the Initial Delinquent Filing (March
2009 Plan). If the March 2009 Plan is accepted by Nasdaq, Nasdaq
may grant Rio Vista an extension until November 11, 2009, to
satisfy the deficiencies in the Initial Delinquent Filing.
In connection with the June 2009 Delinquent Filing, Nasdaq has
provided Rio Vista until October 19, 2009 to submit its plan to
regain compliance (June 2009 Plan) and if the June 2009 Plan is
approved, Nasdaq may provide an extension of up to 180 calendar
days from the due date of the Initial Delinquent Filing, or
November 11, 2009.
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. Rio Vista has recently announced
that it has entered into a non-binding letter of intent to sell its
Hopewell, Virginia, operations.
Forward-Looking Statements
Certain of the statements in this news release are
forward-looking statements, including statements regarding Rio
Vista’s ability to meet Nasdaq requirements for continued listing
on The Nasdaq Capital Market. There is no assurance that Rio
Vista’s plan for compliance to meet the requirement for continued
listing in connection with the Initial Delinquent Filing and/or the
June 2009 Delinquent Filing, will be approved and/or completed as
planned. If Rio Vista’s common units 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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