HATBORO, Pa., March 15 /PRNewswire-FirstCall/ -- InfoLogix,
Inc. (Nasdaq: IFLG), a leading technology provider of enterprise
mobility solutions for the healthcare and commercial industries,
today announced that it received a letter, dated March 9, 2010, from the Nasdaq Stock Market
notifying it that InfoLogix is not in compliance with NASDAQ's
audit committee requirements under Listing Rule 5605. As a
result of Wayne Hoch's resignation
from the Company's Board of Directors and the audit committee of
the Board of Directors on February 17,
2010, the audit committee has only two members rather than
the required three and the Company cannot certify that the audit
committee has at least one member with the requisite level of
financial sophistication.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20090618/NE35135LOGO
)
NASDAQ has provided InfoLogix with a cure period in order to
regain compliance as follows: (i) until the earlier of InfoLogix's
next annual stockholders' meeting or February 17, 2011, or (ii) if the next annual
stockholders' meeting is held before August
16, 2010, then InfoLogix must evidence compliance no later
than August 16, 2010.
InfoLogix currently expects to regain compliance within the
available cure period.
About InfoLogix, Inc.
InfoLogix is a leading provider of enterprise mobility solutions
for the healthcare and commercial industries. InfoLogix uses the
industry's most advanced technologies to increase the efficiency,
accuracy, and transparency of complex business and clinical
processes. With 19 issued patents, InfoLogix provides mobile
managed solutions, on-demand software applications, mobile
infrastructure products, and strategic consulting services to over
2,000 clients in North America
including Kraft Foods, Merck and Company, General Electric, Kaiser
Permanente, MultiCare Health System and Stanford School of
Medicine. InfoLogix is a publicly-traded company (Nasdaq:
IFLG).
Safe Harbor
InfoLogix makes forward-looking statements in this press release
which represent our expectations or beliefs about future events and
financial performance. Forward-looking statements are
identifiable by words such as "believe," "anticipate," "expect,"
"intend," "plan," "will," "may" and other similar expressions.
In addition, any statements that refer to expectations,
projections or other characterizations of future events or
circumstances are forward-looking statements. Forward-looking
statements are subject to known and unknown risks and
uncertainties, including the risks described in our Annual Report
on Form 10-K for the period ended December
31, 2008, our Quarterly Report on Form 10-Q for the period
ended September 30, 2009 and other
filings we make with the Securities and Exchange Commission.
In addition, actual results could differ materially from
those suggested by the forward-looking statements, and therefore
you should not place undue reliance on the forward-looking
statements. We do not make any commitment to revise or update
any forward-looking statements to reflect events or circumstances
occurring or existing after the date of any forward-looking
statement is made.
Contact:
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John A. Roberts
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Chief Financial Officer
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215-604-0691 x1102
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SOURCE InfoLogix, Inc.