SOURCE: ZBB Energy Corporation

ZBB Energy Corporation

December 06, 2010 21:30 ET

Previously Announced NYSE Amex Deficiency Letter Received

MILWAUKEE, WI--(Marketwire - December 6, 2010) - On October 8, 2010, ZBB Energy Corporation (NYSE Amex: ZBB) (the "Company") filed a Current Report on Form 8-K with the SEC reporting that based on a review of its financial statements for the fiscal year ended June 30, 2010 and informal discussions with the staff of the NYSE Amex (the "Exchange"), it expected to receive a deficiency letter from the Exchange. On December 2, 2010, the Company received the expected deficiency letter from the Exchange informing it that as of June 30, 2010 and September 30, 2010 the Company's stockholders' equity was below the minimum $2 million required by Section 1003(a)(i) of the Exchange's Company Guide.

Receipt of this letter does not have any immediate effect upon the listing of the Company's common stock. Under applicable Exchange rules, the Company has 30 days to submit a plan advising the Exchange staff of action the Company has taken, or will take, that would bring it into compliance with the continued listing standards within 18 months.

As discussed in the Company's Form 10-K for the fiscal year ended June 30, 2010, the Company has financing vehicles in place which it believes will provide it the equity capital it requires. Accordingly, following the aforementioned discussions with the Exchange the Company commenced preparation of a definitive plan it intends to submit to the Exchange staff. This plan will outline the actions and timeframe by which the Company intends to cure the listing deficiency and to regain its compliance with the Exchange's continued listing requirements.

If the Exchange accepts the Company's plan, the Company will be able to continue its listing during the plan period and will be subject to continued periodic review by the NYSE Amex staff. If the Plan is not accepted or is accepted but the Company does not make progress consistent with the Plan during the plan period, the Exchange could initiate delisting proceedings.

Safe Harbor Statement

Certain statements made in this press contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or other comparable terms. Forward-looking statements in this press release may address the following subjects among others: statements regarding the sufficiency of our capital resources, expected operating losses, expected revenues, expected expenses and our expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Reports of Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Contact Information

  • Contact Information:
    Helen Brown
    Investor Relations
    ZBB Energy Corporation
    T: 262.253.9800
    Email: Email Contact