Trading Continues Under Ticker CBDEF; NASDAQ Relisting Application Remains Pending
SYDNEY, AUSTRALIA--(Marketwired - Dec 10, 2015) - BlueNRGY Group Limited (
"Regaining compliance with SEC reporting requirements is an important milestone for the Company," said William Morro, BlueNRGY's Executive Chairman and CEO. "We expect to now receive Financial Industry Regulatory Authority (FINRA) approval to move forward with the previously announced common share consolidation, which is among the remaining steps required for BlueNRGY to relist on the Nasdaq Capital Market, another key goal for the Company."
BlueNRGY previously announced the final consolidation ratio for its common shares as 1:80. If completed immediately, the Company would have approximately 5.1 million ordinary shares outstanding. The future issuance of shares approved by the Company's Board but not yet issued, as noted in the Company's 2015 Annual Report, is expected to increase this number to approximately 5.8 million when completed. The consolidation will be effected as soon as the necessary FINRA and other U.S. regulatory approvals are received, which BlueNRGY expects shortly now that the filing of its Annual Report on Form 20-F for its fiscal year ending June 30, 2015 has been completed.
BlueNRGY's application for relisting on the NASDAQ Capital Market remains pending and its acceptance is subject to the Company meeting all of the NASDAQ listing standards, including the requirement that its ordinary share price be at or above $4.00 per share following the share consolidation.
About BlueNRGY Group Limited,
Established in 1989, BlueNRGY Group Limited is a leader in engineered solutions for the management of distributed power generation and climate control/energy efficiency systems. Its Draker monitoring system and other data analytics and life-cycle maintenance services are deployed worldwide and relied upon by system owners, financial institutions, utilities, government bodies and component manufacturers to deliver mission-critical information and operational support. As a global leader in delivery of best-in-class technology, BlueNRGY monitors or services more than 2GW of operating assets and has designed and installed more than 230 MW of solar and wind systems for commercial and utility applications. The company's Parmac division is a leader in energy-efficient climate control systems in its served Australian markets.
With regional headquarters in Australia, the USA and Europe, BlueNRGY is positioned to serve customer operations globally. For more information, visit www.BlueNRGY.com.
Caution Concerning Forward-Looking Statements
This news release contains 'forward-looking statements. Such forward-looking statements can be identified by, amongst other things, the use of forward-looking language, such as the words 'plan', 'believe', 'expect', 'anticipate', 'intend', 'estimate', 'project', 'may', 'would', 'could', 'should', 'seeks', or 'scheduled to', or other similar words, or the negative of these terms, or other variations of these terms or comparable language, or by discussion of strategy or intentions.
Such forward-looking statements are subject to various risks, as well as those set forth in the Company's most recent annual report on Form 20-F and other filings with the SEC, and involve assumptions, estimates, and uncertainties that reflect current internal projections, expectations or beliefs. Such statements include expectations about relisting on the NASDAQ Capital Market, maintaining the Company's listing status, achieving and maintaining a minimum share price that meets the listing requirements of the NASDAQ Capital Market, meeting investor expectations and realizing returns for investors and achieving growth or growth plans. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. All forward-looking statements contained in this news release are qualified in their entirety by these cautionary statements and the risk factors described above. Furthermore, all such statements are made as of the date of this release, and BlueNRGY Group Limited assumes no obligation to update or revise these statements unless otherwise required by law.
PCG Advisory Group: