Swissray International, Inc. Reports NASDAQ Delisting
NEW YORK--(BUSINESS WIRE)--October 27, 1998--SWISSRAY INTERNATIONAL, INC. (NASDAQ: SRMIE - news) today announced that on October 26, 1998 it was advised that NASDAQ determined to delist its securities from the NASDAQ Stock Market effective with the close of business October 26, 1998. Such advise indicated in pertinent part that (a) the bid price of SRMIE's common stock had fallen below $1.00 per share on October 26, 1998 despite the Company having demonstrated ''...a closing bid price in excess of $1.00 for a period of 17 consecutive trading days'' and (b) the Company's 15 day extension within which to timely file its Form 10-K for fiscal year ended June 30, 1998 had expired October 15, 1998 and, accordingly, ''the Company is now deficient in filing its 10-K for the fiscal year ended June 30, 1998''.
The NASDAQ Listing and Hearing Review Council (''Review Counsel'') may, on its own motion, determine to review any Panel decision within 45 calendar days after issuance of a written decision and if the Review Counsel determines to review a decision it may affirm, modify, reverse, dismiss, or remand the decision to the Panel. The Company may also request the Review Council to review its decision and such request must be made within 15 days of the date of this decision. The institution of a review, whether by way of any request, or on the initiative of the Review Council, does not operate as a stay of NASDAQ's October 26, 1998 delisting decision.
Management intends to formally request review of NASDAQ's decision within 15 days from the date of such decision and in the interim intends to continue to act in as expeditious a manner as is possible so as to see to it that its Form 10-K is filed as soon as practicable.
Josef Laupper, SRMIE's Secretary, indicated that it is his understanding that SRMIE's auditors (PricewaterhouseCoopers) are in the final stages of preparation and internal review of the audited statements and further indicated that he felt that a significant reason for the delay is that this is the first time that such auditors have audited SRMIE's financial statements and that such firm (in addition to conducting its audit for fiscal year ended June 30, 1998) was reviewing audited financial statements for prior years as well.
Josef Laupper further indicated that once the audit is concluded it will accurately reflect SRMIE's operations, will be immediately included in the Company's Form 10-K so that same may be filed and that SRMIE would use its best efforts to see to it that such delays will not reoccur; SRMIE having been current with respect to all prior reporting requirements for a significant period of time.
As an innovative developer and manufacturer of x-ray technology and systems, Swissray International Inc. is a pioneer of direct digital Radiography (ddR) technology. Swissray is, with its unique product line, the leader in direct digital radiographic systems and provides a comprehensive package of medical imaging informatics.
For more information about the company and its AddOn-Multi-System visit the Swissray web site at www.swissray.com.
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the company's control which may cause actual results, performance achievements of the company to be materially different from the results, performance or expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the company's periodic filings with the Securities and Exchange Commission.
L.G. Zangani, LLC provides financial public relations service to Swissray International, Inc. As such L.G. Zangani, LLC and/or its officers, agents and employees, receives remuneration for public relations and or other services in the form of moneys, capital stock in the Company, warrants or options to purchase capital in the Company.
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Contact:
Swissray International, Inc.
JOSEF LAUPPER, Swissray Secretary
011 4141 914 1210
or
LEONARDO G. ZANGANI, Investor Relations
(908) 788-9660
or
JEANNE FERRARI, Investor Relations
(908) 788-9660 |
