BOULDER, Colo., Sept. 30 /PRNewswire-FirstCall/ -- Encision Inc.
('Encision' or the 'Company'), a medical device company owning patented
surgical technology that is emerging as a standard of care in
minimally-invasive surgery, today announced that the Company received notice
from the American Stock Exchange (the 'Amex') indicating that, due to
Encision's continued failure to comply with certain of the Amex's continued
listing standards, the Amex intends to immediately file a delisting
application with the Securities and Exchange Commission to strike Encision's
common stock from the Amex.
On July 16, 2007, the Company received notice from the Amex that it 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 net losses in three out of four of its most recent fiscal
years. The Company submitted a plan of compliance on August 15, 2007 advising
the Amex of action that the Company would take to regain compliance by January
16, 2009.
The Amex's recent notice indicates that, based on a review of the
Company's Form 10-KSB for the year ended March 31, 2008, Form 10-Q for the
period ended June 30, 2008 and information provided by the Company, the Amex
has determined that the Company has not made progress consistent with its plan
of compliance and that there is no basis for the Amex to conclude that the
Company could regain compliance by the January 16, 2009 deadline.
Accordingly, the Amex has determined that delisting procedures pursuant to
Section 1009(e) of the Amex Company Guide are warranted. The Company does not
intend to appeal the delisting.
Upon the Company's delisting of common stock from the Amex, the Company
believes that its securities are eligible to trade on the Over-the-Counter
Bulletin Board. The Company intends to continue to comply with its Securities
and Exchange Commission filing obligations.
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, Encision Inc., 303-444-2600,
mmchaffie@encision.com
SOURCE Encision Inc.
