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Previous: USA BIOMASS CORP, 8-K, 2001-01-04 |
Next: RBB FUND INC, 497, 2001-01-04 |
Exhibit 99
USA Biomass Corporation
7314 Scout Drive
Bell Gardens, CA 90201-4904
Phone: (562) 928.9900 Fax: (562) 928.9932
NEWS RELEASE
FOR IMMEDIATE RELEASE
USA Biomass Corporation Receives Notice of Delisting from Nasdaq
Bell Gardens, California January 4, 2001. USA Biomass Corporation (Nasdaq SmallCap: USBCQ) (the “Company”) received on December 29, 2000 a Nasdaq Staff Determination that, based on the Nasdaq Staff’s review and in accordance with Marketplace Rules 4330(a)(1) and 4330(a)(3), the Company’s securities would be delisted from The Nasdaq Smallcap Market at the opening of business on January 11, 2001. The Nasdaq Staff Determination stated that its decision to delist the Company’s securities was based on the following factors: concerns regarding the residual equity interest, if any, of the existing listed securities holders; uncertainty regarding the Company’s financial position subsequent to the Company’s bankruptcy filing on December 8, 2000; lack of compliance with the net tangible assets, market capitalization and net income requirements for continued listing on The Nasdaq Smallcap Market set forth in Marketplace Rule 4310(c)(2)(B); and lack of documentation supporting the Company’s ability to sustain compliance with all requirements for continued listing. The Company has responded to the Nasdaq Staff Determination by reiterating its position that any delisting proceeding that commences after the Company has filed its bankruptcy proceeding is a violation of section 362(a) of the Bankruptcy Code and is therefore void and without effect. Furthermore, it is the Company’s position that section 365(e) of the Bankruptcy Code prevents Nasdaq from applying Marketplace Rule 4330(a)(1), which provides, in part, that additional or more stringent criteria may be applied for inclusion of a company’s securities if the company files for protection under the federal bankruptcy laws.
About USA Biomass Corporation
USA Biomass Corporation is a “clean green” waste processing, waste transportation and recycling company.
The Company, and two of its affiliates, American Waste Transport, Inc. and American Greenwaste, Inc., filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division on December 8, 2000.
Web site: //http:www.usabiomass.com
For further information contact:
Lance B. Jones President & CEO, USA Biomass Corporation: 562-928-9900
This press release contains forward looking statements pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. With the exception of historical information, the matters discussed in this press release are “forward-looking statements” that involve a number of risks and uncertainties. The actual results of the Company could differ significantly from such statements due to factors including, but not limited to: the risk that the Company’s positions regarding the automatic stay and application of additional criteria by Nasdaq may not be accepted by the courts; risks related to the Company’s decision to voluntarily file under Chapter 11 of the bankruptcy laws; ability to operate successfully under a Chapter 11 proceeding; risks associated with the ability to profitably perform on the Company’s contracts; management of the Company’s growth; growth of the Company’s biomass business, general ec onomic conditions; various conditions specific to the green waste processing industries; and factors discussed in the Company’s annual report on Form 10-KSB for the fiscal year ended December 31, 1999 and quarterly reports on Form 10-QSB for the periods ended March 31, 2000; June 30, 2000 and September 30, 2000. The Company undertakes no obligation to update any forward-looking statements except as may be required by the Company’s disclosure obligations under federal securities laws in filings made with the Securities and Exchange Commission.
SOURCE: USA Biomass Corporation
CO: USA Biomass Corporation
ST: California
IN: ENV FIN
SU: ERN
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