ROCKAWAY, N.J., Oct. 24, 2005 (PRIMEZONE) -- Able Energy, Inc. (Nasdaq:ABLE) ("Able") announced today that it received a letter dated October 21, 2005 from the Nasdaq Listing Qualifications Staff ("Nasdaq"), notifying the Company had regained compliance with Marketplace Rule 4310(c)(2)(B)(ii) (the "Rule").
As previously announced, the Company had received a letter dated October 13, 2005 from Nasdaq indicating that the Company was not in compliance with the Rule. The Rule requires that the Company have either a minimum $35 million in market value of listed securities, or $2.5 million in shareholders' equity, or $500,000 in net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years.
On October 19, 2005, the Company filed its Form 10-Q for the period ended September 30, 2005 reporting stockholders' equity of $2,562,617. As a result of discussions with Nasdaq, the Company filed its Form 10-Q/A on October 21, 2005 to clarify certain line items in the earlier 10-Q. As a result, Nasdaq issued its October 21, 2005 letter indicating that the matters of its earlier letter of October 13th, were closed.
Able Energy, Inc. is a holding company for five operating subsidiaries, which are engaged in the retail distribution of, and the provision of services relating to, home heating oil, diesel fuel, kerosene, and in addition, the Company provides complete HVAC installation and repair.
The Company's common stock is traded on the Nasdaq Small Cap Market under the symbol "ABLE" and on the Boston Stock Exchange under the symbol "AEI."