Rio Vista Energy Partners L.P. Receives Notice of Non-Compliance from Nasdaq
03 June 2009 - 4:18AM
Business Wire
Rio Vista Energy Partners L.P. (NASDAQ: RVEP), an energy
services master limited partnership, announced today that it had
received on May�28, 2009 a letter from the Nasdaq Stock Market
(�Nasdaq�) indicating that since Rio Vista�s Report on Form 10-Q
for the period ended March�31, 2009 was not reviewed by Rio Vista�s
independent auditor, Rio Vista was not in compliance with Nasdaq
Listing Rule 5250(c)(1) for continued listing on The Nasdaq Capital
Market. Nasdaq has provided Rio Vista until July 27, 2009 to submit
its plan to regain compliance (the �Plan�) and if the Plan is
accepted by Nasdaq, Nasdaq may grant Rio Vista an additional
extension of up to 180 calendar days from the original filing due
date, or November 11, 2009, to regain compliance. Rio Vista plans
to remedy the delinquency by having a review of the March 31, 2009
quarterly report by its independent auditor and amending the
originally filed Form 10-Q for the period ended March 31, 2009 to
include such report.
About Rio Vista Energy Partners L.P.
Rio Vista is a master limited partnership engaged in liquid bulk
storage, transloading and transportation of chemicals and petroleum
products through its assets and operations in Hopewell, Virginia.
Penn Octane Corporation (OTCBB: POCC) owns 75% of Rio Vista GP LLC,
the general partner of Rio Vista.
Forward-Looking Statements
Certain of the statements in this news release are
forward-looking statements, including statements regarding Rio
Vista�s ability to meet NASDAQ requirements for continued listing
on The NASDAQ Capital Market. There is no assurance that Rio
Vista�s plan for compliance to meet the requirement for continued
listing will be approved and/or completed as planned. If Rio
Vista�s common units were to be delisted from the NASDAQ Capital
Market, common unitholders may be negatively impacted. Additional
information regarding risks affecting Rio Vista�s business may be
found in Rio Vista�s most recent reports on Form 8-K, Form 10-Q and
Form 10-K filed with the Securities and Exchange Commission.
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