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GREENVILLE, S.C., Jan. 14 /PRNewswire-FirstCall/ -- On January 7, 2008, The American Stock Exchange ("AMEX") issued a deficiency letter to Signalife pursuant to which it advised Signalife that it would need to comply with the $6 million stockholders' equity threshold required for continued listing under AMEX Rules 1003(a)(iii). This notification was triggered by the recent decline of Signalife's market capitalization to less than $50 million, which previously exempted Signalife from meeting the minimum stockholders' equity requirement. Pursuant to the letter, Signalife will be required to submit to AMEX by February 6, 2008 for its review and acceptance a plan to bring the company into compliance with the aforesaid stockholders' equity requirement within a sixteen month period or by such earlier date as AMEX may deem reasonable. Signalife is presently preparing a plan to submit to AMEX to address the stockholders' equity matter.
The deficiency letter is the second instance in which AMEX noted the decline in Signalife's market price to below the $50 million level. Signalife received the earlier deficiency letter from AMEX in June 2007, pursuant to which Signalife provided a plan to AMEX which was not rejected by AMEX and which Signalife will amend and resubmit in response to this latest notice. This earlier deficiency was cured in October 2007 as a result of the return of Signalife's market capitalization to above $50 million.
No guarantee can be given that AMEX will accept the plan or that
Signalife will be able to so increase its stockholders' equity to the $6
million threshold within the period stipulated by AMEX, either of which
would lead to a delisting of Signalife's common shares from the AMEX
market. If Signalife's market capitalization were to again return to levels
above $50 million, and were maintained at that level, and if the Company
was otherwise in compliance with all AMEX rules, then the new plan to be
submitted will not need to be
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| SOURCE Signalife, Inc. Copyright©2008 PR Newswire. All rights reserved |
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