Encorium Announces Receipt of Letter from Nasdaq Regarding its 2008 Form 1... ( Additional impairment charge anticipa...)

Encorium Announces Receipt of Letter from Nasdaq Regarding its 2008 Form 10-K Filing

Date:4/24/2009

Additional impairment charge anticipated in the fourth quarter of 2008

WAYNE, Pa., April 24 /PRNewswire-FirstCall/ -- Encorium Group, Inc. (Nasdaq: ENCO), a full service multinational contract research organization (CRO) that provides design, development, and management capabilities for clinical trials and patient registries to many of the world's leading pharmaceutical companies, today announced that on April 20, 2009 it received a letter from Nasdaq stating that since it had not yet filed its 10-K for the fiscal year ended December 31, 2008 as of the date of the letter, it was no longer in compliance with the rules for continued listing according to Listing Rule 5250(c)(1).

The Nasdaq letter advised that Encorium had 60 calendar days from the date of the letter to submit a plan to regain compliance. Encorium currently anticipates regaining compliance with the filing requirement by filing its Annual Report on Form 10-K prior to the period provided and intends to submit a compliance plan to Nasdaq if it is unable do so. Following a review of any such submission, Nasdaq staff can grant Encorium an exception, up to 180 calendar days from the due date of the 10-K, to regain compliance.

As announced on March 31, 2009, Encorium filed a Form 12b-25 with the Securities and Exchange Commission for an extension for filing its Annual Report on Form 10-K. Additional time was required to determine whether a non-cash charge to earnings will need to be reflected on the Company's consolidated statement of operations and consolidated balance sheet for the year ended December 31, 2008 relating to goodwill and certain of its intangible assets acquired in connection with acquisition of Remedium Oy on November 1, 2006.

The Company has determined an additional impairment charge of approximately $12.5 mil
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SOURCE Encorium Group, Inc.
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