Quantum: NASDAQ's Acceptance of Plan to Regain Compliance
Quantum Fuel Systems Technologies Worldwide, Inc. announced that The Nasdaq Stock Market ("Nasdaq") has accepted the Company's plan to regain compliance with Nasdaq Listing Rule 5250(c)(1), and that it has regained compliance with the minimum bid price Listing Rule 5450(a)(1), both of which were previously disclosed in a Press Release dated September 18, 2009.
In a letter to the Company dated October 2, 2009, Nasdaq Staff indicated that based upon its review of materials submitted to Nasdaq by the Company on September 25, 2009, an exception has been granted to enable the Company to regain compliance with the exchange's listing standards set forth in Listing Rule 5250(c)(1) (the "Rule"). In order to regain compliance with the Rule, the Company must file both its Form 10-K for the period ended April 30, 2009 and its 10-Q for the period ended July 31, 2009 (the "Delinquent Reports") on or before January 25, 2010. The Company plans to file the Delinquent Reports as soon as practicable, but no later than January 25, 2010.
On October 6, 2009, the Company received a separate letter from Nasdaq notifying the Company that it has regained compliance with Nasdaq's $1.00 minimum bid rule and that this matter is now closed.
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
More information can be found about Quantum's products and services at www.qtww.com.
Forward Looking Statements:
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report and the documents that we incorporate by reference, other than those that are historical, are forward-looking statements and can generally be identified by words such as "may," "could," "will," "should," "assume," "expect," "anticipate," "plan," "intend," "believe," "predict," "estimate," "forecast," "outlook," "potential," or "continue," or the negative of these terms, and other comparable terminology. Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements. Factors and risks that may cause actual results to differ include, but are not limited to, risks that the Registrant fails to submit its Delinquent Reports by January 25, 2010. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
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