Enservco Corp (ENSV)

[420man]

In other Company news, Enservco has submitted a business plan to the NYSE American exchange that outlines the Company's intention to regain compliance with listing standards. They have been told to increase SP or RS In addition, as previously announced in the Company's third quarter investor update, in October 2019 Enservco incurred $1.2 million in over advances above its $29.7 million borrowing base availability on its bank line of credit. The over advances related to the Company ramping up to fulfill customer demand for the 2019-20 heating season. On January 6, 2020, the bank provided Enservco with a notice of events of default and reservation of rights pertaining to the Company not having: 1) immediately repaid the over advance; 2) maintained minimum liquidity of $1.5 million for the months of October and November 2019; 3) maintained a minimum fixed charge coverage ratio of 1.1 to 1.0 for the months of October and November 2019. The bank has elected not to exercise, but has not waived, its right to immediate payment of this over advance and Enservco continues to work with the bank in seeking to resolve this issue. See default

POS! RS will be anounced soon since they submitted their plan to the NYSE on the 3rd of this month.

Really had high hopes here, but with oil glut, deficiency, and banking problems this will tank to .07-.08

GL