To All:
New release on decision NOT to implement reverse split at this time follows:
> > >(BSNS WIRE) Abacan Announces Status Of Reverse Split Of Common Stock
Abacan Announces Status Of Reverse Split Of Common Stock
Business Editors
CALGARY, Alberta--(BUSINESS WIRE)--April 1, 1999--Abacan
(Nasdaq:ABACF) (TSE:ABC.) Abacan Resource Corporation (the
"Corporation") announced today that in accordance with the authority
granted to the Board of Directors by the Corporation's shareholders at
the Shareholders Meeting of March 29, 1999, the Board of Directors has
determined that it is not in the best interests of the Corporation to
implement a reverse stock split of the Corporation's common stock at
this time.
As previously announced, the Corporation has been advised by the
Nasdaq Stock Market Inc. ("Nasdaq") that it must comply with Nasdaq's
$1.00 per share minimum bid requirement by April 7, 1999, failing
which the Corporation's common stock will be subject to immediate
de-listing from the Nasdaq National Market. If the Corporation does
not meet the Nasdaq minimum bid requirement, it anticipates that its
common stock will be de-listed from the Nasdaq National Market
following the close of the market on April 7, 1999. If the
Corporation's common shares are de-listed from the Nasdaq National
Market, its shares will continue to be eligible for trading on the
Nasdaq OTC Bulletin Board under the trading symbol "ABACF". The
Corporation's common stock continues to be listed on The Toronto Stock
Exchange (the "TSE") under the trading symbol "ABC". The TSE had
previously advised that the Corporation's common stock would be
de-listed from the TSE if the Corporation proceeded with the
reversease constitute "forward looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. Such forward
looking statements involve risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the
Corporation to be materially different from any future results,
performance or achievements expressed or implied by such forward
looking statements. In particular, in order to maintain its stock
listing on the TSE and the Nasdaq OTC Bulletin Board, the Corporation
must continue to meet all of the ongoing listing eligibility
requirements for such stock exchanges. In view of the Corporation's
current stock trading price and its financial affairs, there is no
assurance that the Corporation will not be subject to a review of its
eligibility requirements or that the Corporation's common stock will
not be subject to de-listing at a future date should it not meet the
TSE or Nasdaq OTC Bulletin Board listing eligibility requirements.
Abacan Resource Corporation is an oil and gas exploration and
development company.
--30--kmw/se*
CONTACT: Abacan Resource Corporation
The Corporation, 713/479-9770
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******
Steve
EDIT: I noticed that the newswire posting of the above is defective and there
is some missing text about half way through.
I will repost when a complete version appears - it has not as of 9:52AM. |
