CALGARY, Jan. 10, 2012 /PRNewswire via COMTEX/ —
Oilsands Quest Inc.
/quotes/zigman/440106/quotes/nls/bqi BQI
-5.74%
(“Oilsands Quest,” “OQI” or “the Company”) has been granted an
extension until February 17, 2012 to regain compliance with the listing
standards of the NYSE Amex. Trading in the common shares of Oilsands
Quest remains halted in the interim.
On September 12, 2011 Oilsands Quest received notice from the Staff of
the NYSE Amex LLC (the “Exchange”) that, based on their review of the
Company’s Form 10-K/A for the fiscal year ended April 30, 2011 and
discussions and correspondence with management, the Company is not in
compliance with certain of the Exchange’s continued listing standards
as set forth in Part 10 of the Exchange’s Company Guide. Specifically,
the Exchange noted that the Company is not in compliance with Section
1003(a)(iv) of the Company Guide because the Company has sustained
losses which are so substantial in relation to the Company’s overall
operations or its existing financial resources, or its financial
condition has become so impaired that it appears questionable, in the
opinion of the Exchange, as to whether the Company will be able to
continue operations and/or meet its obligations as they mature.
The Company was afforded the opportunity to submit a plan of compliance
to the Exchange and on December 12, 2011 presented its plan to the
Exchange. On January 4, 2012 the Exchange notified the Company that it
accepted the Company’s plan of compliance and granted the Company an
extension until February 17, 2012 to regain compliance with the
continued listing standards. The Company will be subject to periodic
review by Exchange Staff during the extension period. Failure to make
progress consistent with the plan or to regain compliance with the
continued listing standards by the end of the extension period could
result in the Company being delisted from the NYSE Amex.
Trading in the common shares of Oilsands Quest remains halted while
management works to implement the plan that it has submitted to the
NYSE Amex. Depending on the outcome of this process, the Exchange will
determine whether to resume trading or to delist the Company for
failure to meet listing requirements.
About Oilsands Quest
Oilsands Quest Inc. (
www.oilsandsquest.com ) is exploring and developing oil sands permits and licenses, located in
Saskatchewan and Alberta, and developing Saskatchewan’s first
commercial oil sands discovery.
Forward-looking statements
This news release includes certain statements that may be deemed to be
“forward-looking statements.” All statements, other than statements of
historical facts, included in this news release that address
activities, events or developments that management expects, believes or
anticipates will or may occur in the future are forward-looking
statements.
Forward-looking statements are statements other than relating to
historical fact and are frequently characterized by words such as
“plan”, “expect”, “project”, “intend”, “believe”, “anticipate”,
“estimate”, “potential”, “prospective” and other similar words or
statements that certain events or conditions “may” “will” or “could”
occur. Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made, and are
subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those
anticipated in the forward-looking statements, which include but are
not limited to the ability to raise additional capital, risks
associated with the Company’s ability to implement its business plan,
its ability to successfully submit a timely plan to its stakeholders
and the court under the CCAA and to resolve its operational, legal and
financial difficulties, the possible delisting of its securities from
NYSE Amex, risks inherent in the oil sands industry, regulatory and
economic risks, land tenure risks and those factors listed under the
caption “Risk Factors” in the Company’s Form 10-Q filed with the
Securities and Exchange Commission on December 9, 2011. The Company
undertakes no obligation to update forward-looking information if
circumstances or management’s estimates or opinions should change,
except as required by law. The reader is cautioned not to place undue
reliance on forward-looking statements.
SOURCE Oilsands Quest Inc.
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