Particle Drilling Technologies announced that on April 16, 2009 it received notification from The Nasdaq Stock Market ("Nasdaq") that it has not paid certain fees required by Listing Rule 5210 (d).
The Nasdaq has informed the Company that it would be subject to delisting proceedings if it did not pay its outstanding fees in full.
Accordingly, the Nasdaq staff has notified the Company that this matter serves as an additional basis for delisting the Company's securities from The Nasdaq Stock Market.
The Company plans to address this issue when it appeals the Nasdaq staff's determination to the Nasdaq Listing Qualifications Panel (the "Panel"), pursuant to the procedures set forth in the Nasdaq Marketplace Rule 4800 Series. This appeal will stay the suspension of the Company's securities and the filing of the Form 25-NSE pending the Panel's decision.
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