HQ Sustainable Maritime Industries Receives NYSE Amex Notification Regarding Noncompliance With Continued Listing Standards

HQ Sustainable Maritime Industries, Inc. HQS announced today it received a notice from the NYSE Amex LLC notifying the Company that, following resignation of its independent non-executive director and the Chairman of the Audit Committee effective April 6, 2011, the Company was not in compliance with continued listing standards set forth under Sections 802(a) and 803(B)(2)(a) of the Exchange Company Guide. The foregoing Sections require a listed company to maintain a majority of independent directors on its Board of Directors and at least three independent directors on the company's Audit Committee. The Exchange staff noted that the Company will have until the earlier of its next annual shareholder meeting or April 6, 2012, to regain compliance with the foregoing continued listing requirements. The Company has commenced its search for a candidate to fill in the vacancy resulting from the director resignation and will endeavor to complete the process and appoint such replacement to the Board and the Audit Committee as soon as practicable.