Health & Fitness
Health and Fitness
Health and Fitness
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Wed, July 15, 2009 Forbes Medi-Tech Inc.: Forbes Medi-Tech Provides Update on Stock Exchange Listings
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 15, 2009) - Forbes Medi-Tech Inc. (TSX:FMI)(NASDAQ:FMTI) ("Forbes" or "Company") announced that the Company received a letter from The Nasdaq Stock Market ("NASDAQ") stating that NASDAQ has again decided to extend its suspension of its bid price minimum listing requirement. As a result of this additional extension, the Company's compliance deadline is now January 4, 2010.
Forbes can regain compliance with the suspended rule, to be reinstated on August 3, 2009, by achieving a US$1 closing bid price for a minimum of 10 consecutive trading days by January 4, 2010, failing which, its common shares will be delisted in accordance with NASDAQ procedures.
The Company also continues to be under a delisting review by the Toronto Stock Exchange (the "TSX"), as originally announced on January 14, 2009. Pursuant to the TSX's Remedial Review Process, Forbes has until August 12, 2009 to regain compliance with the TSX's minimum $3,000,000 market capitalization threshold, failing which, its common shares will be delisted in accordance with TSX procedures.
The Company continues to monitor its market capitalization, however, based on recent share trading prices and volumes, and assuming this trading pattern continues, the Company does not anticipate regaining compliance with the TSX continued listing requirements by August 12, 2009 at which time the TSX may commence the delisting process.
The Company has determined that if its shares are delisted from the TSX, it will not be seeking an alternative stock exchange listing in Canada at this time.
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 statement and risks
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 and its stock exchange listings. Forward-looking statements can be identified by forward-looking terminology such as "will", "can", "August 12, 2009", "January 4, 2010", 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 the Company will regain compliance with the minimum continued listing requirements of the Toronto Stock Exchange ("TSX") by August 12, 2009, failing which, the Company's securities will be delisted by the TSX; uncertainty whether the Company will regain compliance with the minimum continued listing requirements of NASDAQ by January 4, 2010, failing which, the Company's securities will be delisted by NASDAQ; and the risk that delisting of the Company's securities from either TSX or NASDAQ or both 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. 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.
ReducolTM is a trademark of Forbes Medi-Tech Inc.
