BOULDER, Colo., Oct. 4 /PRNewswire-FirstCall/ -- On October 3, 2007, Encision Inc. (Amex: ECI) ("Encision" or the "Company") received a letter from the American Stock Exchange ("AMEX") stating that AMEX has accepted the Company's plan to regain compliance with AMEX's continued listing standards, and granted the Company an extension until January 16, 2009 to regain compliance with the continued listing standards.
As previously disclosed, on July 16, 2007, the Company received a letter from AMEX stating that the Company was not in compliance with Section 1003(a)(ii) of the Amex Company Guide due to stockholders' equity of less than $4,000,000 and losses from continuing operations and/or net losses in three out of four of its most recent fiscal years. On August 15, 2007, the Company provided AMEX with information regarding its plan of compliance and financial projections. Based on a review of this information and conversations between AMEX Staff and the Company's representatives, AMEX has agreed to extend the period by which the Company must regain compliance with its listing standards until January 16, 2009.
The Company will be subject to periodic review by the AMEX Staff regarding its compliance plan during the extension period. Failure to make progress consistent with the plan could result in commencement of immediate delisting proceedings by AMEX.
Encision Inc. designs, develops, manufactures and markets innovative surgical devices that allow surgeons to optimize technique and patient safety during a broad range of surgical procedures. Based in Boulder, Colorado, the Company pioneered the development of patented AEM(R) Laparoscopic Instruments to improve electrosurgery and reduce the chance for patient injury in minimally invasive surgery.
In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that statements in this press release and elsewhere that look forward in time, which include everything other than historical information, involve risks and uncertainties that may cause actual results to differ materially from those indicated by the forward- looking statements. Factors that could cause the Company's actual results to differ materially include, among others, its ability to increase net sales through the Company's distribution channels, insufficient quantity of new account conversions, insufficient cash to fund operations, scale up production to meet delivery obligations, delay in developing new products and receiving FDA approval for such new products and other factors discussed in the Company's filings with the Securities and Exchange Commission.
CONTACT: Marcia McHaffie
|SOURCE Encision Inc.|
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