NTERNATIONAL ABSORBENTS DELISTED FROM NASDAQ SMALLCAP MARKET
BELLINGHAM, WA, May 1, 1997...International Absorbents Inc. (NASDAQ: IABSF), announced today that following the close of business on Wednesday, April 30, it had received notice from Nasdaq that they are delisting the Company's securities from the Nasdaq SmallCap Market, effective today. Nasdaq originally cited the Company when its net tangible assets fell below the minimum requirement for securities trading below $1.00. The Company had called a special shareholders meeting to authorize a 1:5 stock consolidation that would effectively satisfy this issue. Nasdaq has now expressed a concern regarding the Company's ability to maintain the minimum capital and surplus requirement of $1,000,000 and accordingly delisted the
securities.
The Company expects to request a review from the Nasdaq Listing and
Hearing Review Committee regarding this decision. Concurrently, pursuant to SEC File No. TP 92-143, an exemption from Rule 15c2-11 has been granted so that the Company's shares can now trade on the OTC Bulletin Board. The trading symbol for the securities will remain IABSF.
International Absorbents Inc. is a holding company that through its
wholly-owned subsidiary, Absorption Corp., develops, manufactures and
markets patented and proprietary, cost-effective sorbent products derived from waste wood fiber. These environmentally safe products outperform conventional products used in a broad range of industrial and consumer applications, including oil and hazardous liquid spill cleanup and control, oil/water filtration, packaging and commercial/retail animal bedding and
litter.
Further information about International Absorbents is available at
www.absorbent.com.
Contact:
Charles (Chuck) Tait Lisa Quinn
International Absorbents Inc. Rothschild & Banks, Inc.
(604) 681-6181 (908) 901-1111
This press release contains forward-looking statements with respect to the
operations and business of the Company that involves risks and
uncertainties. These risks and uncertainties are detailed from time to
time in the Company's filings with the Securities and Exchange Commission.
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