OMNI Discloses Notification of Deficiency
May 24 2010 - 5:00AM
OMNI Energy Services Corp. (Nasdaq:OMNI) today disclosed, pursuant
to NASDAQ® Rule 5810(b), that it has received a standard
notification from NASDAQ as a result of the failure to file the
Company's Form 10-Q for the period ended March 31, 2010 ("Form
10-Q") as required under NASDAQ's Rule 5250(c)(1).
The Company timely filed a Form 12b-25 with the Securities and
Exchange Commission on May 18, 2010 disclosing that "The Audit
Committee of the Board of Directors of OMNI Energy Services Corp.
(the "Company"), with the assistance of management, is conducting
an internal review related to the Company's accounting for
subordinated promissory notes in connection with certain
acquisitions which occurred in prior periods. Until the completion
of this review, the Company is unable to complete the preparation
of its Quarterly Report on Form 10-Q for the quarter ended March
31, 2010. The Company plans to file the Form 10-Q as soon as
practicable after the completion of this review, the completion of
any additional accounting work required as a result of this review,
and after the review of its financial statements for the quarter
ended March 31, 2010 by the Company's independent registered public
accountants."
The Company is in the process of completing a plan to regain
compliance with the NASDAQ rules for submission to NASDAQ prior to
the July 19, 2010 deadline. It is the Company's intention to
regain compliance as soon as practicable pending completion of the
above mentioned internal review.
Headquartered in Carencro, LA, OMNI Energy Services Corp. offers
a broad range of integrated services to geophysical companies
engaged in the acquisition of on-shore seismic data and to oil and
gas companies operating primarily in the Gulf of Mexico. OMNI
provides its services through three business segments: Seismic
Services (including drilling, survey and permitting services),
Environmental and Other Services, and Equipment Leasing. OMNI's
services play a significant role with geophysical companies who
have operations in marsh, swamp, shallow water and the U.S. Gulf
Coast also called transition zones and contiguous dry land areas
also called highland zones.
Forward-looking statements in this release are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that all
forward-looking statements involve risks and uncertainties
associated with our ability to timely complete our internal review
referenced above, the impact of the current economic climate, the
efficacy of I.M.P.A.C.T. ™ cleaning technology and receipt of its
patent, the timely conversion of seismic drilling backlog into
revenue, the acceptance and use of OMNI's environmental cleaning
services, OMNI's dependence on activity in the oil and gas
industry, labor shortages, permit delays, dependence on significant
customers, seasonality and weather risks, competition,
technological evolution, the ultimate outcome of pending
litigation, the continued growth of our environmental and other
services and equipment leasing business segments, and other risks
detailed in OMNI's filings with the Securities and Exchange
Commission.
CONTACT: OMNI Energy Services Corp.
Ronald D. Mogel, Senior Vice President and
Chief Financial Officer
(337) 896-6664
Omni Energy Svcs Corp (MM) (NASDAQ:OMNI)
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