Health & Fitness
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Published in Health and Fitness on Wednesday, April 15th 2009 at 13:09 GMT, Last Modified on 2009-04-15 13:10:50 by Market Wire
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 15, 2009) - Forbes Medi-Tech Inc. (TSX:FMI)(NASDAQ:FMTI) ("Forbes" or the "Company") announced that the Company received a Nasdaq Staff Deficiency Letter dated April 14, 2009 indicating that the Company currently does not meet the minimum requirements regarding stockholders' equity for continued listing on the Nasdaq Capital Market as required by Listing Rule 5550(b)(1).
In order to regain compliance, the Company must demonstrate a minimum of USD$2,500,000 in stockholders' equity. Nasdaq has provided Forbes with 15 calendar days to submit a plan to regain compliance. If the Company's plan is accepted, then Nasdaq can grant an exception of up to 105 calendar days (or until July 28, 2009) to evidence compliance.
The Company will be preparing a submission to Nasdaq to demonstrate its plan to meet compliance with the requirements. The Company will provide further updates as required.
About Forbes Medi-Tech
Forbes Medi-Tech Inc. (TSX:FMI)(NASDAQ:FMTI) is a life sciences company focused on evidence-based nutritional solutions. A leader in nutraceutical technology, Forbes is a provider of value-added products and cholesterol-lowering ingredients for use in functional foods and dietary supplements. Forbes successfully developed and commercialized its ReducolTM plant sterol blend, which has undergone clinical trials in various matrices and has been shown to lower "LDL" cholesterol levels safely and naturally. Building upon established partnerships with leading retailers and manufacturers across the globe, Forbes helps its customers to develop private label and branded products. For more information about Forbes Medi-Tech, please visit [ www.forbesmedi.com ].
Forward Looking Statements
This News Release contains forward-looking statements and forward-looking information, within the meaning of applicable securities laws (collectively, "forward-looking statements"), regarding the Company's continued listing on Nasdaq. Forward-looking statements can be identified by forward-looking terminology such as "if", "will", "can", "up to", "July 18, 2009", and similar expressions or variations thereon. Forward-looking statements are inherently uncertain, and actual results may differ materially from the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, uncertainty whether any plan to regain compliance submitted to Nasdaq will be accepted or if accepted, whether the Company will regain compliance with the minimum stockholders equity rule within the timelines required by Nasdaq, failing which, the Company's securities will be delisted by Nasdaq; uncertainty whether the Company would appeal any delisting notice or whether any such appeal would be successful, failing which, the Company's securities will be delisted by Nasdaq; the risk that delisting of the Company's securities may have a material adverse effect on the Company's share liquidity and trading price and on the Company's ability to obtain financing and continue its business; and the risk of changes in business strategy or plans. For a further discussion of these and other known risks and uncertainties affecting the Company and its business, please see our latest Annual Information Form / Form 20-F, and other documents filed by us with Canadian and U.S. securities regulatory authorities at [ www.sedar.com ] and [ www.sec.gov ]. Forward-looking statements are based on the beliefs, assumptions, and expectations of the Company's management at the time they are made, and the Company does not assume any obligation, except as required by law, to update its forward-looking statements if those beliefs, assumptions, or expectations or other circumstances should change.
