September 30, 2008
Encision Receives Delisting Notification From AMEX
Boulder, Colorado, September 30, 2008 -- 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® 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 |