OccuLogix Announces Receipt of NASDAQ Panel Decision
08 Septiembre 2008 - 4:00PM
Marketwired
OccuLogix, Inc. (NASDAQ: OCCX)(TSX: OC) announced today that it has
received notification from the NASDAQ Listing Qualifications Panel
(the Panel") that the Panel has determined to delist the Company's
securities from The NASDAQ Capital Market, effective at the open of
business on September 18, 2008.
As previously announced on August 29, 2008, OccuLogix had
requested additional time from NASDAQ to regain compliance with the
minimum stockholders' equity and bid price requirements for
continued listing on The NASDAQ Capital Market. The Company's
request was based on its continuing expectation that it will
satisfy these requirements following the implementation of the
transactions that the Company's stockholders are being asked to
approve at the Annual and Special Meeting of Stockholders, to be
held on September 30, 2008. The Panel determined not to grant the
Company's request, citing a lack of authority under the NASDAQ
Marketplace Rules to grant an extension beyond September 18,
2008.
The Company intends to request that the NASDAQ Listing and
Hearing Review Council (the "Listing Council") to review the
Panel's determination in this matter and grant the Company the time
necessary to regain compliance with all applicable listing
requirements, including the time to hold the Annual and Special
Meeting of Stockholders on September 30, 2008. However, there can
be no assurance that the Listing Council will grant the Company's
request.
In view of the Panel's determination, OccuLogix will also take
steps to facilitate the transfer of the trading of its common stock
on the Over-the-Counter Bulletin Board (the "OTCBB"), which is
maintained by the Financial Industry Regulatory Authority (also
known as FINRA), on or prior to September 18, 2008. The Company
plans to make a further announcement regarding the timing of any
quotation of its securities on the OTCBB, when and if applicable.
In the interim and through September 17, 2008, OccuLogix's common
stock will continue to trade on The NASDAQ Capital Market. The
Panel's determination has no impact on the Company's listing on the
Toronto Stock Exchange.
About OccuLogix, Inc.
OccuLogix (www.occulogix.com) is a healthcare company focused on
ophthalmic devices for the diagnosis and treatment of age-related
eye diseases.
Forward-Looking Statements
This press release may contain forward-looking statements. These
statements relate to future events and are subject to risks,
uncertainties and assumptions about the Company. These statements
are only predictions based on our current expectations and
projections about future events. You should not place undue
reliance on these statements. Actual events or results may differ
materially. Many factors may cause our actual results to differ
materially from any forward-looking statement, including the
factors detailed in our filings with the Securities and Exchange
Commission and Canadian securities regulatory authorities,
including but not limited to our Forms 10-K and 10-Q. We do not
undertake to update any forward-looking statements.
Contacts: OccuLogix, Inc. William G. Dumencu (905) 602-0887,
ext. 3910 Email: bill.dumencu@occulogix.com Website:
www.occulogix.com
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