Petroflow received a notice from the NYSE Amex indicating its intent to delist the Company's common stock from the Amex effective June 4, 2010.
The Company does not intend to take any further action to appeal the Amex's decision, and therefore it is expected that the Company's common stock will be delisted from the Amex effective June 4, 2010.
In its letter the Amex cited, in particular, the Company's failure to comply with Section 1003(a)(iv) of the NYSE Amex LLC Company Guide, in that it appeared questionable whether the Company would be able to continue operations and/or meet its obligations as they matured.
Further to Toronto Stock Exchange ("TSX") Bulletin # 2010-0386, the TSX also previously determined to delist the Company's common stock from the TSX effective at the close of market on June 2, 2010 for failure to meet the continued listing requirements of TSX. In its letter the TSX cited the Company's financial condition, operating results and capital structure, among other matters, as the basis for the delisting.
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