Earth2Tech.com has started a deathwatch for Pacific Ethanol (PEIX) and Nova Biosource Fuels. Pacific Ethanol could be out of cash be the end of the month, and the company may go bankrupt. This shouldn’t be a huge surprise to anyone, as the price of ethanol has plummeted and people have become aware of how inefficient it is to produce ethanol from corn.
Nova Biosource Fuels filed for Chapter 11 last week, and its shares are … Read the rest
Nova Biosource Fuels has received a notice from NYSE AMEX LLC regarding a late Form 10-Q. Nova has not filed its Form 10-Q for January 31, 2009, and its listing on the stock exchange is threatened unless it submits a plan to get back into compliance.
Here’s how Nova Biosource Fuels responded to the notice (from a company press release):
… Read the restThe Company was unable to timely file its Form 10-Q for the period ended
Bad news for Nova Biosource Fuels… the company received a notice from the New York Stock exchange yesterday, advising that it is not in compliance with Section 1003(a)(iv) of the NYSE Alternext US LLC Company Guide. Basically, the company has had so many losses that the Exchange is not sure whether it will be able to meet its obligations in the future. In order to remain on the NYSE, Nova must submit a plan for … Read the rest
Nova Biosource Fuels has reported that their biodiesel is already compliant with new ASTM D6751-08 Standard Specifications for biodiesel fuel. The new standards state that biodiesel fuels must pass a cold soak filtration test, which evaluates the performance of the fuel during cold weather. Nova Biosource Fuels’ Biodiesel has passed this test for more than a year, ensuring that they will be able to meet increased demand caused by the 2009 biodeisel mandate.
According to … Read the rest