CyberCare Inc. Receives and Appeals NASDAQ Notification; Shares Will Trade on the NASD Bulletin Board
BOYNTON BEACH, Fla.--(BUSINESS WIRE)--Nov. 1, 2002--CyberCare, Inc. (Nasdaq:CYBR) announced today it has received notification from Nasdaq that effective with the opening of trading on November 1, 2002, the Company's securities will be delisted from Nasdaq.
The Company's securities will now be listed on the NASD Bulletin Board and will continue to trade under the current symbol of CYBR. The reason stated for the delisting was "the Panel was of the opinion that the Company failed to present a definitive plan that will enable it to evidence compliance with all requirements for continued listing on The Nasdaq SmallCap Market within a reasonable period of time and to sustain compliance with those requirements over the long term. In particular, the Panel was of the view that the company's plan to regain compliance with the $2,500,000 shareholders' equity requirement is not yet definitive in nature and will likely require significant additional time to implement."
The Company disagrees with the Nasdaq decision and has filed an appeal.
During the October 3, 2002 appeal hearing, the company presented a plan of action to be taken to regain compliance and asked the panel for a milestone based extension of 90 days. Prior to the appeal hearing, the Company had complied with the listing of additional shares form requirements Nasdaq Marketplace Rule 4310 (c) (17). Counsel to the Company is in the process of providing Nasdaq with supporting documentation for the Company's compliance with regard to the number of independent directors and audit committee composition according to Nasdaq Market Rules 4350(c) and 4350 (d) (2) respectively.
Additionally, during the October 3, 2002 appeal, the Company presented board minutes dated August 12, 2002 approving a reverse of the Company stock to regain compliance with the minimum bid price requirement per Nasdaq Marketplace Rule 4310 (c) (4). The Company also acknowledged the delay in satisfying Nasdaq fee requirements pursuant to Nasdaq Market Rule 4310 (c) (13). The Company presented a timetable to remedy the outstanding balance and is fully prepared to honor that commitment.
Regarding net tangible assets/shareholder's equity/market value of listed securities/net income per Nasdaq Marketplace Rule 4310 (c) (4), the company presented a plan to eliminate a minimum of $2,000,000 of liabilities including a judgment against the company. In addition, the Company presented a tentative agreement to convert approximately $3,750,000 of current debt obligations. This combined $5,750,000 makes significant progress in improving the Company's compliance in this area. The Company has met each of these planned commitments.
Additional discussions regarding a shareholders meeting by year end 2002 was also held during the October 3rd appeal hearing. The Company stated that a proxy statement was being prepared and would be sent out as the Company finalized details on its' path forward and recapitalization plans and received definitive documents on the above referenced debt conversion and other issues related to addressing Nasdaq Marketplace Rule 4310 (c)(4). These issues would be included in the proxy statement as they require shareholder approval. The Company continues to plan to have a shareholders meeting prior to the end of the calendar year 2002.
The Company believes it is performing exactly to the milestone plan presented to the Nasdaq Panel at the October 3, 2002 appeal hearing. Based upon this, and the progress made to date, the Company immediately filed an appeal for reconsideration and to be relisted on the Nasdaq SmallCap.
About CyberCare, Inc.
CyberCare, Inc. is a holding company, which is primarily composed of a services business comprising both a physical therapy and rehabilitation business and a pharmacy business, and a healthcare technology solutions business. Our overall goal is to improve the delivery and quality of healthcare for patients while adding incremental value to our customers' clinical and business processes. Our physical therapy and rehabilitation business operates clinics throughout the State of Florida. Its caring staff of clinicians and therapists compliment traditional primary care, orthopedic and neurological physician services and serves a wide range of patients requiring physical and occupational therapy and other rehabilitation services. Our pharmacy business supports patients and residents in assisted living and other long-term care facilities located in Florida. It also is licensed for mail order distribution across all fifty states.
Our healthcare technology business utilizes its intellectual property, including patented technology, to deliver tele-health solutions addressing the entire continuum of care. It's Electronic HouseCall(R) (EHC(TM)) hardware and software technology focuses on the chronically ill, wellness management, compliance and wound care. The EHC(TM) family of products and services permit enhanced physician supervision and oversight and enable remote medical and wellness monitoring and real-time interactive communications between patients and caregivers. This is made possible through various monitoring devices, hardware and software applications and our ability to establish an interactive network across the health care continuum and among a community of users and providers. In combination with our customers' clinical and business processes, the Electronic HouseCall(R) system allows for effective and efficient data collection, integration and security, while successfully supporting case management and promoting personal participation and interaction. CyberCare, Inc. is headquartered in Boynton Beach, Fla. Visit our website at www.cybercare.net.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties, including, but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, product acceptance and effectiveness, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
CONTACT:
CyberCare, Inc., Boynton Beach
Alan Adelson, 561/742-5000
SOURCE: CyberCare, Inc.
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11/01/2002 03:01 EASTERN |
