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| | Mon Jul 16, 2007
Nasdaq Approves Forbes Medi-Tech Transfer to Nasdaq Capital Market
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| | Vancouver, Canada. Forbes Medi-Tech Inc.'s (TSX:FMI and NASDAQ:FMTI) application has been approved to transfer its listing from the Nasdaq Global market to the Nasdaq Capital Market effective the opening of business July 23, 2007. The Nasdaq trading symbol for the Company's common stock, "FMTI," will not change.
As reported on January 25, 2007, the Company received a letter from Nasdaq indicating that the bid price for its common stock had closed below the minimum of U.S. $1.00 per share for the previous 30 consecutive trading days, as required for continued inclusion on The Nasdaq Global Market by Marketplace Rule 4450(a)(5). Nasdaq provided Forbes with 180 calendar days, or until July 23, 2007, to regain compliance with this rule. While the Company has not regained compliance with the minimum bid price requirement, it has been afforded the transfer from the Nasdaq Global Market to the Nasdaq Capital market in order to extend the time to regain compliance.
About Forbes Medi-Tech Inc.
Forbes Medi-Tech Inc. is a life sciences company dedicated to the research, development and commercialization of innovative products for the prevention and treatment of life-threatening disease. Our strategy and vision is to develop and market a portfolio of products for the benefit of all consumers, from the healthy person desiring consumer lifestyle products that can help reduce the risk of future disease, to medical patients needing therapeutic prescription products for the treatment of an established ailment. Additional information on Forbes Medi-Tech can be found at www.forbesmedi.com
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For more information, please contact:
Darren Seed
Director, Investor Relations
Telephone: (604) 681-8976
E-mail: dseed@forbesmedi.com
NASDAQ and the Toronto Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of the content of this News Release. This News Release contains forward-looking statements regarding the Company's continued listing on Nasdaq, and the Company's strategy and vision, which statements can be identified by the use of forward-looking terminology such as "will", "may", "strategy", "vision", "to develop" or comparable terminology referring to future events or results. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous factors, including uncertainty whether the Company will regain compliance with the minimum bid price rule and will otherwise continue to be listed on any Nasdaq market; research and development risks; intellectual property risks; manufacturing, marketing and supply risks; product liability and insurance risks; uncertainty as to future sales volumes and pricing; the effect of competition; the need for regulatory approvals, which are uncertain; changes in business strategy or development plans; the Company's need for future funding which may not be available on acceptable terms or at all; the need to control costs and the possibility of unanticipated expenses; as well as a description of other risks and uncertainties affecting the Company and its business, as contained in the Company's latest Annual Information Form, Form 20-F MD&A and other news releases and filings with Securities Regulatory Authorities in Canada and the U.S., any of which could cause actual results to vary materially from current results or the Company's anticipated future results. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update any statement should those beliefs, opinions or expectations, or other circumstances change. |
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