ORCHARD PARK, N.Y., Feb. 6 /PRNewswire-FirstCall/ -- MINRAD International,
Inc. (Amex: BUF) -- On February 2, 2009, the Company received a notice from
NYSE Alternext US LLC (the 'Exchange') stating that the Exchange intends to
strike the common stock of the Company from the Exchange by filing a delisting
application with the Securities and Exchange Commission pursuant to Section
1009(d) of the NYSE Alternext US Company Guide. By letter dated December 11,
2008, the Exchange had advised the Company that the Company was not in
compliance with certain provision of the Exchange's Company Guide (the
'Company Guide'), namely Section 1003(a)(i), with stockholders' equity of less
than $2,000,000 and losses from continuing operations and net losses in two
out of its three most recent fiscal years; 1003(a)(ii), with stockholders'
equity of less than $4,000,000 and losses from continuing operations and net
losses in three out of its four most recent fiscal years; 1003(a)(iii), with
stockholders' equity of less than $6,000,000 and losses from continuing
operations and net losses in its five most recent fiscal years; and
1003(a)(iv) in that it has sustained losses which are so substantial in
relation to its overall operations or its existing financial resources, or its
financial condition has become so impaired that it appears questionable, in
the opinion of the Exchange, as to whether it will be able to continue
operations and/or meet its obligations as they mature.
By letter dated December 26, 2008 the Company notified the staff it had
entered into a definitive merger agreement with Piramal Healthcare, Inc.,
Piramal Healthcare Limited and Mayflower Acquisition Corp. for the acquisition
of the Company and requested that the Exchange continue to list the Company's
stock until consummation of that merger, at which time the Company would
voluntarily delist. The Exchange has advised the Company that this response
did not constitute a plan of how it intends to regain compliance with the
Exchanges listing standards and that therefore, there is no basis for the
Exchange to provide a listing extension. It advised the Company it is
therefore subject to immediate delisting proceedings. The Company intends to
exercise its right to request an oral hearing to review with the Exchange its
determination. There can be no assurance that the Company's request for
continued listing will be granted.
About the Company
The Company is an interventional pain management company with three focus
areas: (1) anesthesia and analgesia, (2) real-time image guidance, and (3)
conscious sedation. The Company's products are sold throughout the world.
