NYSE American Exchange Accepts Enservco’s Plan to Regain Compliance with Continued Listing Standard
February 19 2020 - 3:05PM
Enservco Corporation (NYSE American: ENSV) (“the Company”), a
diversified national provider of specialized well-site services to
the domestic onshore conventional and unconventional oil and gas
industries, today announced that the NYSE American LLC (the
“NYSE American”) has approved the Company’s plan to regain
compliance with the NYSE’s continued listing standard related to
stockholders’ equity. Accordingly, Enservco’s common stock
will continue to be listed on the NYSE American pursuant to an
extension.
The Company is not in compliance with Sections 1003(a)(i) and
(ii) of the NYSE’s Company Guide in that it has reported
stockholders’ equity of less than $2 million as of September 30,
2019, and reported losses from continuing operations and/or net
losses in its four most recent fiscal years.
The Company’s compliance plan calls for Enservco to achieve a
stockholders’ equity balance of at least $6.0 million by June 3,
2021. Under terms of the extension, Enservco will be required
to demonstrate progress toward its stockholders’ equity compliance
plan and to provide the NYSE American with quarterly updates.
About EnservcoThrough its various operating
subsidiaries, Enservco provides a wide range of oilfield services,
including hot oiling, acidizing, frac water heating, water transfer
and related services. The Company has a broad geographic
footprint covering seven major domestic oil and gas basins and
serves customers in Colorado, Montana, New Mexico, North Dakota,
Oklahoma, Pennsylvania, Ohio, Texas, Wyoming and West
Virginia. Additional information is available at
www.enservco.com.
Cautionary Note Regarding Forward-Looking
StatementsThis news release contains information that is
"forward-looking" in that it describes events and conditions
Enservco reasonably expects to occur in the future. Expectations
for the future performance of Enservco are dependent upon a number
of factors, and there can be no assurance that Enservco will
achieve the results as contemplated herein. Certain statements
contained in this release using the terms "may," "expects to," and
other terms denoting future possibilities, are forward-looking
statements. The accuracy of these statements cannot be guaranteed
as they are subject to a variety of risks, which are beyond
Enservco's ability to predict, or control and which may cause
actual results to differ materially from the projections or
estimates contained herein. Among these risks are those set forth
in Enservco’s annual report on Form 10-K for the year ended
December 31, 2018, and subsequently filed documents with the
SEC. Forward-looking statements in this news release that are
subject to risk include the Company’s ability to regain compliance
with the NYSE American’s listing requirements. It is important that
each person reviewing this release understand the significant risks
attendant to the operations of Enservco. Enservco disclaims
any obligation to update any forward-looking statement made
herein.
Contact:Pfeiffer High Investor
Relations, Inc.Jay PfeifferPhone: 303-880-9000Email:
jay@pfeifferhigh.com
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