OAKLAND, Calif., May 12 /PRNewswire-FirstCall/ -- (Nasdaq: WHRT, TSX: WHT) World Heart Corporation ("WorldHeart" or the "Corporation") announced that the Toronto Stock Exchange ("TSX") issued a Bulletin today advising it is reviewing the eligibility for continued listing on the TSX of the common shares of WorldHeart under sections 709 and 710(a) of the TSX Company Manual. This review relates to the Company's financial condition and operating results, more specifically whether the Company can continue as a going concern. Further to the TSX's Remedial Review Process, WorldHeart has been granted 30 days in which to demonstrate compliance with these requirements. The Company is also permitted to make submissions regarding this matter at a hearing scheduled to be held on June 5, 2008. If the Company cannot demonstrate that it meets all TSX requirements on or before June 11, 2008, the Company's common shares will be delisted 30 days from such date.
The notice also states that if at anytime, TSX becomes aware of additional negative developments such that the continued trading or listing of a Company's securities is contrary to public interest, an expedited review will be initiated.
On the same day, WorldHeart received a notice from the TSX that the Company improperly disseminated material information by failing to issue a news release immediately. The news release was circulated on May 9, 2008, when it should have been circulated on May 8, 2008 at the same time the Company filed its public disclosure with the US and Canadian securities commissions. The Company's management has made policy changes to ensure timely disclosure of material events, as required under section 4(b) of the TSX Company Manual.
About World Heart Corporation
WorldHeart is a developer of mechanical circulatory support systems. The Company is headquartered in Oakland, California, USA with additional facilities in Salt Lake City, Utah and Herkenbosch, Netherlands. WorldHeart's registered office is Ottawa, Ontario, Canada.
Any forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include any statements regarding the Company's ability to regain compliance with the NASDAQ Capital Market listing requirements, as well as other statements that can be identified by the use of forward-looking language, such as "believes," "feels," "expects," "may," "will," "should," "seeks," "plans," "anticipates," or "intends" or the negative of those terms, or by discussions of strategy or intentions. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including without limitation: the Company's immediate need for additional capital, risks in product development and market acceptance of and demand for the Company's products; delisting from the NASDAQ Stock Market if compliance with the listing standards, including the Minimum Bid Price Rule and other minimum standards, is not regained; and other risks detailed in the Corporation's filings with the U.S. Securities and Exchange Commission, including without limitation its Annual Report on Form 10-KSB for the year ended December 31, 2007.
|SOURCE World Heart Corporation|
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