2007-12-19 19:55:39 -
- Planktos Corp. (OTCBB:PLKTE) today announced that it has been informed by NASDAQ, that despite a pending appeal to the Securities and Exchange Commission, that shares of its common stock will no longer be quoted on the Over-the-Counter Bulletin Board effective at the open of business December 19, 2007, due to its failure to file certain periodic reports in a
timely manner. Shares of Planktos will continue to trade on the Pink Sheets, LLC under the symbol (PINK SHEETS:PLKT).
NASDAQ advised Planktos that it does not have the discretion to postpone the OTCBB eligibility action pending the outcome of its appeal to the Commission but did indicate that in the event the appeal is successful, that NASDAQ will reconsider its decision. Otherwise, Planktos will be able to re-apply for quotation on the OTCBB after ensuring 12 months of timely compliance with Commission reporting requirements.
Planktos further wishes to announce that its wholly-owned research vessel Weatherbird II, reached the Canary Islands in the southern-Atlantic ocean earlier this month. It was invited to Las Palmas by the University of Las Palmas to begin joint research activities in the near-by ocean and had been told all required permissions to enter the port were in order. Upon reaching its destination, the Weatherbird was refused entry to the port of Las Palmas where it had planned to take on scientific equipment and personnel from its university partners and re-provision prior to commencing preliminary scientific studies related to the company's ocean fertilization project.
The ship subsequently moved on to the island of Madeira in Portuguese waters where it is now safely in port.
As a result of the unanticipated events in the Canary Islands as well as the fact that the Company is presently in need of funds to support its ocean and forest-based projects, the decision has been made to remain in Madeira until the Company can better assess its priorities and funding needs.
In the meantime, Company representatives are in discussions with the appropriate authorities in Spain in an effort to secure the necessary permits.
The unanticipated turn of events in the Canary Islands and Planktos' current inability to secure sufficient funding for the continued operation of its business plan, has forced management to consider a general winding down of its business operations until such time as it can better assess its priorities in relation to the availability of capital.
Further information will be forthcoming as management and the Board explores all options open to the Company.
Planktos' near term commercial objective is to produce carbon credits by sequestering carbon dioxide in the environment utilizing known technology intended to restore the world's oceans and forests. The overall mission of Planktos can be viewed on Planktos' website at www.planktos.com.
A number of statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended. A safe-harbor provision may not be applicable to the forward-looking statements made in this press release because of certain exclusions under Section 27A (b). These forward-looking statements involve a number of risks and uncertainties, including the sufficiency of existing capital resources, uncertainties related to the development of its business plan, and the ability to secure additional sources of financing. The actual results that Planktos may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Planktos encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-KSB and Form 10-QSB. Planktos' public filings may be viewed at www.sec.gov.
Russ George, 650-638-1975