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| | Fri Sep 19, 2008
Forbes Medi-Tech Provides Update on Nasdaq Listing Status
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| | VANCOUVER, BC -- Forbes Medi-Tech Inc. (TSX:FMI; NASDAQ:FMTI) ("Forbes" or "Company") announced that the Company received a Nasdaq Staff Deficiency Letter dated September 19, 2008 indicating that the bid price for its common stock has closed below the minimum of U.S. $1.00 per share for the last 30 consecutive trading days, as required by Marketplace Rule 4320(e)(2)(E)(ii).
Nasdaq has provided Forbes with 180 calendar days, or until March 18, 2009, to regain compliance with this rule. If at any time before March 18, 2009, the bid price of the Company's common stock closes at U.S. $1.00 per share or more for a minimum of 10 consecutive business days, the Company will regain compliance with the minimum bid price rule. If compliance with this Rule cannot be demonstrated by March 18, 2009, Nasdaq Staff will determine whether the Company meets The Nasdaq Capital Market initial listing criteria as set forth in Marketplace Rule 4320(e), except for the bid price requirement. If it meets the initial listing criteria, the Nasdaq Staff will notify the Company that it has been granted an additional 180 calendar day compliance period.
If the Company is not eligible for an additional compliance period, Nasdaq Staff will provide written notification that the Company's securities will be delisted. At that time, the Company may appeal the determination to delist its securities to a Listing Qualifications Panel.
About Forbes Medi-Tech
Forbes Medi-Tech Inc. (TSX:FMI; NASDAQ:FMTI) is a life sciences company focused on evidence-based nutritional solutions. A leader in nutraceutical technology, Forbes is a provider of value-added products and cholesterol-lowering ingredients for use in functional foods and dietary supplements. Forbes successfully developed and commercialized its Reducol(tm) plant sterol blend, which has undergone clinical trials in various matrices and has been shown to lower "LDL" cholesterol levels safely and naturally. Building upon established partnerships with leading retailers and manufacturers across the globe, Forbes helps its customers to develop private label and branded products. For more information about Forbes Medi-Tech, please visit www.forbesmedi.com.
This News Release contains forward-looking statements and forward-looking information, within the meaning of applicable securities laws (collectively, "forward-looking statements"), regarding the Company's continued listing on Nasdaq. Forward-looking statements can be identified by forward-looking terminology such as "if", "will", "can be", "2009", and similar expressions or variations thereon. Forward-looking statements are inherently uncertain, and actual results may differ materially from the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, uncertainty whether the Company will regain compliance with the minimum bid price rule within the timelines required by Nasdaq, failing which, the Company's securities will be delisted by Nasdaq; uncertainty whether the Company would appeal any delisting notice or whether any such appeal would be successful, failing which, the Company's securities will be delisted by Nasdaq; the risk that delisting of the Company's securities may have a material adverse effect on the Company's share liquidity and trading price and on the Company's ability to obtain financing and continue its business. For a further discussion of these and other known risks and uncertainties affecting the Company and its business, please see our latest Annual Information Form / Form 20-F, and other documents filed by us with Canadian and U.S. securities regulatory authorities at www.sedar.com and www.sec.gov. Forward-looking statements are based on the beliefs, assumptions, and expectations of the Company's management at the time they are made, and the Company does not assume any obligation, except as required by law, to update its forward-looking statements if those beliefs, assumptions, or expectations or other circumstances should change.
Reducol(tm) is a trademark of Forbes Medi-Tech Inc.
Contact:
Jodi Regts
Director, Investor Relations and Communications
Phone: (604) 681-8976
E-mail: jregts@forbesmedi.com |
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| | You can view the Next News Releases item: Thu Oct 9, 2008, Forbes Medi-Tech Showcases Frozen Fudge Bar Containing Its Cholesterol-Lowering Reducol(tm) Ingredient at the 2008 National Frozen & Refrigerated Foods Convention
You can view the Previous News Releases item: Thu Sep 18, 2008, Forbes Medi-Tech Announces Reducol(tm) Expansion in South America with New Yogurt Drink Launched in Uruguay
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