Able Energy, Inc., - NASDAQ Notification And 10-Q
Rockaway, New Jersey (October 19, 2005) - Able Energy, Inc. ("Able") announced that on October 13, 2005 it received a letter from the Nasdaq Listing Qualifications Staff ("Nasdaq"), notifying the Company that it was not in compliance with Marketplace Rule 4310(c)(2)(B)(ii) (the "Rule"). The Rule requires the Company to have either a minimum $35,000,000 in market value of listed securities or $2,500,000 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. Nasdaq informed the Company that it would be provided 30 calendar days, or until November 14, 2005, to regain compliance with the Rule.
Earlier today, October 19, 2005, the Company filed a Quarterly Report on Form 10-Q for the quarter ended September 30, 2005. The shareholders’ equity reported on the Company’s Form 10-Q reflected $2,562,617, which exceeds the $2.5 million required under the Rule. The Company believes that it is now in compliance with the Rule and will maintain compliance with the Rule. In addition, as previously disclosed in the Company’s Preliminary Proxy Statement filed with the SEC on October 4, 2005, management expects substantial equity financing to add to the Company’s shareholders’ equity in the near future.
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 SmallCap Market under the symbol "ABLE" and on the Boston Stock Exchange under the symbol "AEI."
This announcement includes forward-looking statements based on current expectations. Actual results may differ materially. These forward-looking statements involve a number of risks and uncertainties including, but not limited to, the closing of future financing rounds, the possibility of continuing operating losses, the ability to adapt to rapid technological change, the receipt and fulfillment of new orders for current products, the timely introduction and market acceptance of new products and the ability to establish and maintain strategic partner relationships.
For information contact Christopher P. Westad, President, (973) 625-1012