WAYNE, Pa., Oct. 22 /PRNewswire-FirstCall/ -- Encorium Group, Inc. (Nasdaq: ENCO), (the "Company"), a full service multinational clinical research organization (CRO) conducting studies in over 30 countries for many of the world's leading pharmaceutical and biotechnology companies, today announced that, on October 20, 2010, it received notification that a NASDAQ Listing Qualifications Panel (the "Panel") has determined to delist the Company's securities from The NASDAQ Stock Market, effective with the open of business on October 22, 2010, as a result of the Company's non-compliance with the minimum $2.5 million stockholders' equity requirement.
The Company has been advised by Pink OTC Markets Inc., which operates an electronic quotation service for securities traded over-the-counter ("OTC"), that its securities are immediately eligible for quotation on the OTCQB. The OTCQB is a market tier for OTC traded companies that are registered and reporting with the Securities and Exchange Commission. The Company has also been advised that its shares will continue to trade under the symbol ENCO. Investors can now view real time stock quotes for ENCO at http://www.otcmarkets.com.
Board of Director Changes
In addition, on October 15, 2010, Sari Laitinen and Petri Maninnen resigned from the Board of Directors with immediate effect. With these changes the Board of Directors currently consist of three directors, namely Shahab Fatheazam, Chairman, David Morra and Kai Lindevall, and remains composed of a majority of independent directors.
About Pink OTC Markets Inc.
Pink OTC Markets Inc. is a financial information and technology services company that operates an inter-dealer electronic quotation and trading system in the Over-the-Counter, or OTC, securities market. It is not registered with the Securities and Exchange Commission as a stock exchange or a broker-
|SOURCE Encorium Group, Inc.|
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