HQ Sustainable Maritime Industries, Inc. Receives NYSE Amex Notification Regarding Noncompliance With Continued Listing Standard
HQ Sustainable Maritime Industries, Inc. (NYSE Amex: HQS) ("HQS" or the "Company"), a leading producer and marketer of health products derived from marine based raw materials as well as Tilapia resulting from vertically integrated operations, announced today that it had received a notice from the NYSE Amex dated April 1, 2011 stating that the Company was not in compliance with certain continued listing standards of the NYSE Amex Company Guide. Specifically, the Company was not in compliance with standards set forth under Sections 134 and 1101 of the Exchange Company Guide since the Company has not yet filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2010. The Exchange notified the Company that pursuant to Section 1003(d) of the Company Guide, the Exchange was authorized to suspend and, unless prompt corrective action is taken, remove the Company's securities from the Exchange. Currently, the trading in the Company's securities has been halted.
The Company must submit a plan of compliance by April 15, 2011 advising the Exchange staff of the actions it has taken, or will take, that would bring the Company into compliance with foregoing Sections by no later than June 30, 2011. The Company is taking steps to prepare and submit such a plan to the Exchange staff by the required submission date.
If the Company's plan to regain compliance is accepted by the Exchange, the Company may be able to continue its listing during this period, during which time it will be subject to periodic review to determine progress consistent with the plan. If, however, the plan is not accepted by the Exchange, the Company will be subject to delisting procedures as set forth in the Company Guide. Under Company Guide rules, the Company has the right to appeal the determination by the Exchange staff to initiate delisting proceedings. There is no assurance that the Exchange staff will accept the Company's plan of compliance or that, even if such plan is accepted, the Company will be able to implement the plan within the prescribed timeframe.
About HQ Sustainable Maritime Industries, Inc.
