PETACH TIKVA, Israel, December 13 /PRNewswire-FirstCall/ -- Healthcare Technologies, Ltd. (NASDAQ: HCTL) announced that on December 10, 2007, it received a notice from the Nasdaq Stock Market indicating that the Company is not in compliance with Nasdaq Marketplace rule 4320(e)(2)(E)(i) (the "Bid Price Rule") because the closing bid price per share for its ordinary shares has been below $1.00 per share for 30 consecutive trading days. In accordance with Nasdaq Marketplace Rules, the Company will be provided 180 calendar days, or until June 9, 2008, to regain compliance with the Bid Price Rule. This notification has no affect on the listing of its ordinary shares at this time.
To regain compliance with the Bid Price Rule, the closing bid price of the Company's ordinary shares must remain at $1.00 per share or more for a minimum of ten consecutive trading days. If the Company does not regain compliance with the Bid Price Rule by June 9, 2008, Nasdaq will determine whether it meets The Nasdaq Capital Market initial listing criteria set forth in Marketplace Rule 4320(e), except for the bid price requirement. If it meets the initial listing criteria, Nasdaq will notify the Company that it has been granted an additional 180 calendar day compliance period. If it is not eligible for an additional compliance period, Nasdaq will provide the Company written notification that its ordinary shares will be delisted. At that time, the Company may appeal Nasdaq's determination to delist its ordinary shares to a Listings Qualifications Panel. If the Company's ordinary shares are delisted, the Company anticipates that its ordinary shares would be eligible for trading on the Over the Counter Bulletin Board.
About Healthcare Technologies
Healthcare Technologies through it subsidiaries and affiliate, Gamidor Diagnostics (1984) Ltd., Danyel Biotech Ltd. and Savyon Diagnostics Ltd., specializes in development, manufacturing and marketing of clinical diagnostic test kits and provides services and tools to diagnostic and biotech research professionals in laboratory and point of care sites worldwide.
This press release contains certain forward looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward looking statement made by or on behalf of Healthcare Technologies Ltd. Many factors could cause the actual results, performance or achievements of Healthcare or the above described transaction to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking.
Contact: Eran Rotem, CFO, +972-3-9277232/3
|SOURCE Healthcare Technologies Ltd|
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