OAKLAND, N.J., -- Media Sciences International, Inc. (Nasdaq: MSII) announced that its common stock will be delisted from the NASDAQ Stock Market and trading of the Company's common stock will be suspended from the NASDAQ Capital Market effective July 22, 2010. The Company's stock is being delisted because the stock's bid price is trading under the $1.00 per share minimum bid price requirement set forth in NASDAQ Marketplace Rule 5550(a)(2). On May 10, 2010, the Company, after meeting with the NASDAQ's Listing Rules Committee, was granted a temporary extension of time to comply with the $1.00 per share minimum bid price requirement. To have met the NASDAQ trading requirement the Company could have accomplished a reverse stock split increasing the price in excess of the $1.00 minimum, but determined that it is in the best interests of the Company not to effect a reverse split.
The Company expects that its common stock will be quoted on the OTC Bulletin Board and/or the Pink Sheets, but cannot give assurance that its common stock will be immediately available to be quoted on one or both quotation services upon suspension of trading on the NASDAQ Capital Market.
Michael W. Levin, Media Sciences International's President and CEO stated, "We are disappointed that we are being delisted from the NASDAQ Stock Market. Our focus continues to be on growing our business and while this might appear to be a set-back, I am very optimistic that the initiatives we have in place and the upcoming closing of our China acquisition will greatly enhance our business. We will continue to be accessible and keep shareholders and potential investors informed of our progress. We are currently in the process of closing the fiscal year and preparing our annual 10-K and fiscal 2010 financial press release. We anticipate announcing our 2010 fiscal results and hosting our conference call in the second half of September."
About the Company:
Media Sciences International, Inc. is the leading independent manufacturer of new build solid ink and color toner cartridges for office color printers. As the premium quality color toner and solid ink alternative to the printer manufacturer's brand, Media Sciences' 100% newly manufactured color toner and solid ink products for use in Dell�, Konica Minolta�, OKI�, Ricoh�, Samsung�, and Xerox� and many other color printers deliver significant savings when compared to the printer manufacturers' brand.
Brand names are used for descriptive purposes only and are the property of their respective owners.
No comments:
Post a Comment