FRANKLIN, Mass., Oct. 17 /PRNewswire-FirstCall/ -- PLC Systems Inc. (AMEX: PLC) today announced that it has not submitted a plan to the American Stock Exchange that would demonstrate its ability to regain compliance with the Exchange's listing standards. Accordingly, the company anticipates that its common stock will be delisted from the American Stock Exchange in the next several weeks, and begin to trade on the over-the-counter bulletin board.
As previously announced, PLC received a notice of failure to meet listing qualifications dated September 17, 2008 from the Listing Qualifications Department staff at the American Stock Exchange. The notice stated that the Company was not in compliance with Section 1003(a)(ii) of the AMEX Company Guide because the Company's shareholders' equity was less than $4,000,000 as of June 30, 2008, and it incurred losses from continuing operations and net losses in three out of its four most recent fiscal years.
About PLC Systems Inc.
PLC Systems Inc. is a medical technology company specializing in innovative technologies for the cardiac and vascular markets.
PLC's newest product, RenalGuard(TM), is approved for sale in the EU as a general fluid balancing device. The RenalGuard System(TM) consists of a unique, proprietary, closed loop, software-controlled console and accompanying single-use sets that can be used by physicians and nurses to balance patient fluid levels during a variety of medical procedures. The RenalGuard System, with its matched fluid replacement capability, is intended to minimize the risk of over- or under-hydration during medical procedures where creating and maintaining high urine outputs is deemed beneficial to patients.
Headquartered in Franklin, Mas
|SOURCE PLC Systems Inc.|
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