In the notice, AMEX stated it intends to proceed with an application to the Securities and Exchange Commission to remove the common stock of O2Diesel from listing and registration on AMEX.

The release said this action is being taken because the company is not in compliance with certain conditions of the continued listing standards of the AMEX company guide.

Specifically, AMEX noted that the company’s shareholders’ equity was less than $6 million and losses from continuing operations and/or net losses were incurred in the past five fiscal years, the release said.

The company appealed the AMEX determination Tuesday by filing an application for an oral hearing before an AMEX Listing Qualifications Panel, the release said, at which time the company will discuss its plan for compliance.

Alan Rae, O2Diesel’s chief executive officer said in a statement, “We are clearly disappointed by the position of the AMEX regarding our progress to meet the compliance plan previously submitted. The ProEco project has been delayed due to the current state of the debt and equity markets, which have proven to be challenging not just for O2Diesel, but for similarly positioned companies in all markets. However, we are convinced that our underlying strategy to diversify revenue while adding significant assets to the balance sheet in bio-fuel and related opportunities will significantly enhance the company’s commercial and financial position this year.”