*****CTI Issues Update of Nasdaq Listing Status*****
LAYTON, Utah, Nov. 16 /PRNewswire/ -- Computerized Thermal Imaging Inc. (CTI -OTC Bulletin Board: COII) announced today an update of its Nasdaq listing status.
On June 26, 2000, CTI was informed that its securities had been approved for trading on the Nasdaq Stock Market. However, shortly thereafter, and prior to the commencement of trading on the Nasdaq Stock Market, the Staff of Nasdaq informed the Company that the commencement of trading would be placed on hold pending further review. Since that time, CTI has retained Deloitte + Touche as its independent accountants and Wilmer, Cutler & Pickering as its national securities counsel, transitioned management of the Company from David Johnston to Richard Secord as previously announced by the Company, terminated its consulting agreement with Manhattan Financial Group, entered into voting agreements with David Johnston and Daron Dillia (d/b/a Manhattan Financial Group), terminated its contractual relationship with CTII de Mexico and provided additional information about that contract and its termination. Many of these actions are described in further detail in the Company's prior press releases and SEC filings.
``CTI has worked very hard over the last few months to address Nasdaq's concerns. The Company believes it has addressed those issues satisfactorily and that it now meets all of the applicable Nasdaq listing standards, except the minimum bid price,'' stated David Packer, President of CTI. ``Barring any unforeseen circumstances, CTI believes that its stock will be approved to commence trading on Nasdaq if the Company's bid price meets the Nasdaq standards in the near future.'' |
