Torch Offshore, Inc. (NASDAQ: TORC) has received notice from the staff of The NASDAQ Stock Market ("NASDAQ") that the Company's common stock will be delisted from the NASDAQ National Market, in accordance with Marketplace Rules 4300 and 4450(f). The Company has the right and expects to appeal NASDAQ's determination to a NASDAQ Listing Qualifications Panel. NASDAQ will notify the Company when a hearing on the Company's appeal will be held. According to NASDAQ's rules, the delisting process will be stayed until the NASDAQ Listing Qualifications Panel makes a decision on the Company's appeal. The Company cannot predict the outcome of such appeal.
In addition, as a result of the Company's previously announced filing for reorganization under Chapter 11 of the U.S. Bankruptcy Code on January 7, 2005, the fifth character "Q" has been added to the Company's trading symbol effective as of January 12, 2005. The Company's trading symbol is now TORCQ.