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Neovasc Inc. Postpones Plans for U.S. Listing to Focus Funds on Commercializing Its Reducer Device for Refractory Angina
Date:6/25/2009 

          - Company files to deregister Common Stock with the SEC -
       - Canadian public listing on TSX Venture Exchange unaffected by
                   postponement of plans for U.S. listing -

    TSX Venture Exchange: NVC

VANCOUVER, June 25 /PRNewswire-FirstCall/ - Neovasc Inc. (TSXV: NVC), today announced that it has voluntarily filed a Form 15 with the U.S. Securities and Exchange Commission ("SEC") in order to deregister its common stock under the United States Securities Exchange Act of 1934. As a result, effective immediately, Neovasc's obligation to file annual reports and furnish other information under the Exchange Act is suspended. The company's decision to deregister its Exchange Act registration is part of its larger plan to reduce discretionary expenses and allocate the cost savings to the further development and commercialization of its highest potential products. Neovasc will continue to undertake all activities required to maintain its Canadian public listing on the TSX Venture Exchange.

The company's decision to postpone its plans for a U.S. listing is based upon the additional financial and administrative costs and burdens associated with being a publicly traded company in the U.S. and therefore subject to the additional reporting regulations promulgated under the Exchange Act. Neovasc estimates the costs savings from suspending its planned listing to be approximately $200,000 annually. The company intends to redirect these funds to its program to commercialize the Neovasc Reducer(TM) for the treatment of refractory angina and to further expansion of the company's custom tissue business.

The SEC has 90 days to review the company's Form 15 for compliance with the decertification requirements. However, effective immediately, as a result of the filing of the Form 15, the company is no longer required to file annual reports under the Exchange Act on Form 20-F, or to furnish quarterly or other r
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SOURCE Neovasc Inc.
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