American Stock Exchange Accepts Encision's Plan to Regain Compliance
04 Ottobre 2007 - 1:00PM
PR Newswire (US)
BOULDER, Colo., Oct. 4 /PRNewswire-FirstCall/ -- On October 3,
2007, Encision Inc. (AMEX:ECI) ("Encision" or the "Company")
received a letter from the American Stock Exchange ("AMEX") stating
that AMEX has accepted the Company's plan to regain compliance with
AMEX's continued listing standards, and granted the Company an
extension until January 16, 2009 to regain compliance with the
continued listing standards. As previously disclosed, on July 16,
2007, the Company received a letter from AMEX stating that the
Company was not in compliance with Section 1003(a)(ii) of the Amex
Company Guide due to stockholders' equity of less than $4,000,000
and losses from continuing operations and/or net losses in three
out of four of its most recent fiscal years. On August 15, 2007,
the Company provided AMEX with information regarding its plan of
compliance and financial projections. Based on a review of this
information and conversations between AMEX Staff and the Company's
representatives, AMEX has agreed to extend the period by which the
Company must regain compliance with its listing standards until
January 16, 2009. The Company will be subject to periodic review by
the AMEX Staff regarding its compliance plan during the extension
period. Failure to make progress consistent with the plan could
result in commencement of immediate delisting proceedings by AMEX.
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 net sales 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, Web site: http://www.encision.com/
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