HATBORO, Pa., July 13 /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 from NASDAQ on
July 8, 2010, stating that a NASDAQ
Hearings Panel (the "Panel") granted the Company's request for an
extension of time, as permitted under NASDAQ's Listing Rules, to
regain compliance with the $2.5
million minimum stockholders' equity requirement for
continued listing on the NASDAQ Stock Market. As previously
disclosed, NASDAQ notified the Company on April 20, 2010 that it had not regained
compliance with the minimum stockholders' equity requirement and
that the Company's common stock was subject to delisting unless the
Company requested a hearing. The Company timely requested a hearing
and appeared before the Panel on June 10,
2010.
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The extension granted by the Panel requires, among other things,
the occurrence of certain events by August
15, 2010 and the Company's ability to regain compliance with
all the requirements for continued listing on NASDAQ by
October 18, 2010. Under
NASDAQ's Listing Rules, this date represents the maximum length of
time that a Panel may grant to regain compliance. While the
Company is diligently taking steps to comply with the Panel
decision, there can be no assurances that the Company will be able
to do so.
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). For more information visit
www.infologix.com.
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 Amendment No. 1 to our Annual Report on Form
10-K for the year ended December 31,
2009, our Quarterly Report on Form 10-Q for the quarter
ended March 31, 2010, 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.