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| | Mon Jan 5, 2009
Forbes Medi-Tech Receives Extension to Compliance Deadline ~NASDAQ Extends Its Suspension of the Bid Price Requirement~
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| | VANCOUVER, BC -- Forbes Medi-Tech Inc. (TSX:FMI; NASDAQ:FMTI) ("Forbes" or "Company") announced that the Company received a letter from The Nasdaq Stock Market ("NASDAQ") stating that NASDAQ has decided to extend its suspension of the bid price and market value of publicly held shares requirements. As a result of this extension, the Company's compliance deadline is now September 21, 2009.
Forbes can regain compliance with the suspended rules, to be reinstated on April 20, 2009, by achieving a US$1 closing bid price for a minimum of 10 consecutive trading days by September 21, 2009.
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 "will", "can", "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 by September 21, 2009, failing which, the Company's securities will be delisted by Nasdaq; and 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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