Encision Receives Delisting Notification From AMEX
September 30 2008 - 6:52AM
PR Newswire (US)
BOULDER, Colo., Sept. 30 /PRNewswire-FirstCall/ -- Encision Inc.
("Encision" or the "Company"), a medical device company owning
patented surgical technology that is emerging as a standard of care
in minimally-invasive surgery, today announced that the Company
received notice from the American Stock Exchange (the "Amex")
indicating that, due to Encision's continued failure to comply with
certain of the Amex's continued listing standards, the Amex intends
to immediately file a delisting application with the Securities and
Exchange Commission to strike Encision's common stock from the
Amex. On July 16, 2007, the Company received notice from the Amex
that it 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 net losses in three out
of four of its most recent fiscal years. The Company submitted a
plan of compliance on August 15, 2007 advising the Amex of action
that the Company would take to regain compliance by January 16,
2009. The Amex's recent notice indicates that, based on a review of
the Company's Form 10-KSB for the year ended March 31, 2008, Form
10-Q for the period ended June 30, 2008 and information provided by
the Company, the Amex has determined that the Company has not made
progress consistent with its plan of compliance and that there is
no basis for the Amex to conclude that the Company could regain
compliance by the January 16, 2009 deadline. Accordingly, the Amex
has determined that delisting procedures pursuant to Section
1009(e) of the Amex Company Guide are warranted. The Company does
not intend to appeal the delisting. Upon the Company's delisting of
common stock from the Amex, the Company believes that its
securities are eligible to trade on the Over-the-Counter Bulletin
Board. The Company intends to continue to comply with its
Securities and Exchange Commission filing obligations. 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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