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Nephros Receives Notice of Intention to Delist from AMEX
Date:1/14/2009

RIVER EDGE, N.J., Jan. 14 /PRNewswire-FirstCall/ -- Nephros, Inc. (Amex: NEP), a medical device company developing and marketing filtration products for therapeutic applications, infection control, and water purification, today announced that it has received notice from the NYSE Alternext US LLC (formerly, the American Stock Exchange or "AMEX" or the "Exchange"), regarding AMEX's intention to delist the Company's common stock due to noncompliance with certain continued listing standards.

The Company previously received a letter from AMEX dated September 12, 2008 notifying it of noncompliance with certain continued listing standards. In response to that letter, the Company submitted a plan of compliance to the AMEX on October 13, 2008 advising AMEX of the actions the Company has taken, or will take, that would bring it into compliance with the continued listing standard identified above by April 30, 2009.

On January 8, 2009, the Company received a letter from AMEX notifying the Company that it was rejecting the plan. The letter further notified the Company that it is in noncompliance with the Exchange's Company Guide Section 1003(a)(iii), which states AMEX will normally consider suspending dealings in, or removing from the list, securities of an issuer which has stockholders' equity of less than $6,000,000 if such issuer has sustained net losses in its five most recent fiscal years. The letter also said that the Company was in noncompliance with Company Guide Section 1003(a)(ii), which states AMEX will normally consider suspending dealings in, or removing from the list, securities of an issuer which has stockholders' equity of less than $4,000,000 if such issuer has sustained net losses in its three of its four most recent fiscal years. Finally, the letter also said that the Company was in noncompliance with Company
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