LOS ANGELES, Aug. 8 /PRNewswire-FirstCall/ -- Signalife, Inc. (Amex: SGN) announced that it has provided notification to the American Stock Exchange ("AMEX") of its intent to voluntarily withdraw its common stock from listing and trading on AMEX under AMEX Rule 18 and Section 1010 of the AMEX Company Guide. An application to quote and trade Signalife's common stock has been or will be shortly filed with the OTCBB, on which medium the shares traded prior to listing with AMEX, and the company intends to file a Form 25 with the Securities and Exchange Commission to formally withdraw from AMEX upon receipt of preliminary approval from the OTCBB for trading subject to SEC rules requiring a ten day waiting period before filing such form. Delisting from AMEX will automatically occur ten days after filing the form 25. As soon as information becomes available the company will announce the symbol it will trade under on the OTCBB as well as the estimated date of the start of trading. Signalife will continue in any event to file periodic reports with the SEC. Withdrawal from AMEX will not impact the pending merger with Heart One Global Research, and indeed Heart One Global Research concurred with and sought the same result of Signalife.
The principal reason for the withdrawal is the determination by Signalife that the trading of its common shares, the support of its price, and protection from publicly disclosed naked short-selling activities would be better effected on an automated quotation system with a wider array of market makers, than through the use of a limited number of specialists as on the AMEX market. Subsidiary reasons are to preserve working capital in lieu of paying substantial fees for annual listing as well as the registration of additional shares from time-to-time, as well as uncertainties resulting from the prospective acquisition of AMEX by the Euronext exchange.
Signalife's CEO Rowland Perkins, and Dr. Stanley Shepherd, founder of
|SOURCE Signalife, Inc.|
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