Encision Receives Notice Letter from Amex Relating to Continued Listing
20 Luglio 2007 - 1:00PM
PR Newswire (US)
BOULDER, Colo., July 20 /PRNewswire-FirstCall/ -- Encision Inc.
(AMEX:ECI) ("Encision," or the "Company"), a medical device company
owning patented surgical technology that is emerging as a standard
of care in minimally-invasive surgery, announced that on July 16,
2007, it received a notice letter from the American Stock Exchange
(the "Amex") that Encision did not satisfy a rule for continued
listing on the Amex. The Company anticipated the notice letter, is
preparing to submit a Plan (the "Plan") to the Amex, and is taking
measures to timely resolve the situation with the Amex. The Company
believes that a one-time expense and stock-based compensation
expense primarily created the loss in Fiscal Year 2007. The notice
letter asserts that the Company must submit the Plan to the Amex by
August 15, 2007 advising the Amex of the action that it has taken,
or that it will take, to bring the Company into compliance with all
of the continued listing standards of the Amex Guide by January 9,
2009. The notice letter serves as a warning letter and asserts that
the Company failed to comply with the requirements of Section
1003(a)(ii) of the Amex Company Guide (the "Amex Guide"), which
failure could jeopardize the Company's continued listing on the
Amex. Section 1003(a)(ii) of the Amex Guide requires, among other
things, that an issuer have stockholders' equity of not less than
$4,000,000 if such issuer has sustained losses from continuing
operations and/or net losses in three out of its four most recent
fiscal years. Encision Inc. designs, develops, manufactures and
markets innovative surgical devices that allow surgeons to optimize
technique and patient safety during a broad range of surgical
procedures. Based in Boulder, Colorado, the Company pioneered the
development of patented AEM(R) Laparoscopic Instruments to improve
electrosurgery and reduce the chance for patient injury in
minimally invasive surgery. In accordance with the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
the Company notes that statements in this press release and
elsewhere that look forward in time, which include everything other
than historical information, involve risks and uncertainties that
may cause actual results to differ materially from those indicated
by the forward- looking statements. Factors that could cause the
Company's actual results to differ materially include, among
others, its ability to increase revenues through the Company's
distribution channels, insufficient quantity of new account
conversions, insufficient cash to fund operations, scale up
production to meet delivery obligations, delay in developing new
products and receiving FDA approval for such new products and other
factors discussed in the Company's filings with the Securities and
Exchange Commission. CONTACT: Marcia McHaffie, Encision Inc.,
303-444-2600, DATASOURCE: Encision Inc. CONTACT: Marcia McHaffie of
Encision Inc., +1-303-444-2600,
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