Basin Water Granted Extension from Nasdaq for Second and Third Quarter 2008 Form 10-Q Filings and All Required Restatements
11 Noviembre 2008 - 7:15PM
Business Wire
Basin Water, Inc. (NASDAQ:BWTR) announced today that, on November
10, 2008, the Nasdaq Listing Qualifications Panel (the "Panel")
granted the Company continued listing on The Nasdaq Global Market
provided that the Company files its quarterly reports on Form 10-Q
for the periods ended June 30, 2008 and September 30, 2008 and any
restatements of prior periods that may be required by February 10,
2009. The Panel has advised the Company that if it is unable to
meet the deadline, the Panel will issue a determination to delist
the Company's shares from The Nasdaq Stock Market. On August 11,
2008, the Company announced that it was unable to file its
quarterly report on Form 10-Q for the period ended June 30, 2008
pending the completion of an inquiry by the Audit Committee of the
Company's Board of Directors (the "Audit Committee") relating to
the Company's accounting for certain transactions. On August 14,
2008, the Company received a notice from the Nasdaq Listing
Qualifications Staff stating that the Company's common stock is
subject to potential delisting from Nasdaq due to the Company's
failure to file its quarterly report on Form 10-Q for the period
ended June 30, 2008. As permitted by Nasdaq rules, the Company
requested a hearing before the Panel to review the Nasdaq Staff
Determination. At that hearing, the Company requested additional
time to file the necessary reports to regain compliance with
Nasdaq's filing requirement. As previously announced, the Audit
Committee concluded that the Company incorrectly accounted for
certain specific transactions in 2006 and 2007 and, as a result,
the Company will restate its financial statements for the fiscal
years ended December 31, 2006 and December 31, 2007, including each
of the fiscal quarters in 2006 and 2007, and for the fiscal quarter
ended March 31, 2008. In addition, on November 10, 2008, the
Company filed a Notification of Late Filing on Form 12b-25 with the
Securities and Exchange Commission disclosing that it is unable to
timely file its quarterly report on Form 10-Q for the period ended
September 30, 2008. On November 11, 2008, the Company received
notice from the Nasdaq Stock Market, Inc. Listing Qualifications
Staff of an additional basis of non-compliance with the Nasdaq
rules due to the Company�s failure to file its quarterly report on
Form 10-Q for the quarter ended September 30, 2008 on a timely
basis. The Company is not in compliance with Nasdaq Marketplace
Rule 4310(c)(14), which requires the timely filing with Nasdaq of
all reports and other documents filed or required to be filed with
the SEC. Until the restatement of the Company's financial
statements for the fiscal years ended December 31, 2006 and
December 31, 2007 and for the fiscal quarter ended March 31, 2008,
is complete, the Company will be unable to file its periodic
reports for the quarters ended June 30, 2008 and September 30,
2008. The Company is working diligently to complete these restated
financial statements, as well as the quarterly reports on Form 10-Q
for the periods ended June 30, 2008 and September 30, 2008 by the
Panel's deadline, but there can be no assurances that it will be
able to do so. About Basin Water Basin Water, Inc. designs, builds
and implements systems for the treatment of contaminated
groundwater, industrial process water and air streams from
municipal and industrial sources. It provides reliable sources of
drinking water for many communities, and the ability to comply with
environmental standards and recover valuable resources from process
and waste water streams. Basin Water has developed proprietary,
scalable ion-exchange, biological and other treatment systems that
effectively process contaminated water and air in an efficient,
flexible and cost effective manner. Additional information may be
found on the Company's web site: www.basinwater.com. Forward
Looking Statements This press release contains forward-looking
statements made in reliance on the safe harbor provisions of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements may be identified by their use of words, such as
�estimate,� �expect,� �intend,� �anticipate� and other words and
terms of similar meaning, in connection with any discussion of the
Company�s financial statements, business, financial condition,
results of operations or liquidity. Actual results may differ
materially from these expectations due to various risks and
uncertainties, including: the completion and results of the Audit
Committee�s ongoing review of the Company�s accounting practices
for certain transactions, additional accounting or other issues
identified in connection with the ongoing review, finalization of
the restatements described above and the audit and review of such
matters by the Company�s independent registered public accounting
firm, negative reactions from the Company�s stockholders, creditors
or customers to the Company�s restatement of its financial
statements, the scope and impact of any restatement of the
Company�s financial statements, the existence of other errors that
may require further adjustment of the Company�s financial
statements, the impact and result of any litigation, investigation
or other action by The Nasdaq Stock Market, the SEC, any other
governmental agency or other parties related to the Company�s
restatement of its financial statements, the Company's ability to
file its quarterly reports by the Nasdaq panel deadline, the
Company�s ability to manage its capital to meet future liquidity
needs, the effectiveness of any cost-saving measures by the
Company, the Company�s limited operating history, significant
operating losses associated with certain of the Company�s
contracts, the Company�s ability to identify and consummate other
acquisition opportunities that improve the Company�s revenues and
profitability, significant fluctuations in its revenues from period
to period, its ability to effectively manage its growth, the
success of the Company�s strategic partners, its long sales cycles,
market acceptance of its technology, the geographic concentration
of its operations and customers, its ability to meet customer
demands and compete technologically, the Company�s ability to enter
into service and maintenance contracts with system sales, the
Company�s ability to protect its intellectual property, regulatory
approvals of the Company�s systems, changes in governmental
regulation that may affect the water industry, particularly with
respect to environmental laws, the Company�s ability to attract and
retain qualified personnel and management members, and changes in
the board of directors and management members. More detailed
information about these risks and uncertainties are contained in
the Company�s filings with the Securities and Exchange Commission,
including the company�s Annual Report on Form 10-K for the year
ended December 31, 2007 and subsequent Quarterly Reports on Form
10-Q. The Company cautions readers not to place undue reliance on
any forward-looking statements, which speak only as of the date on
which they are made. The Company assumes no obligation to update
these forward-looking statements to reflect any change in future
events.
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