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| | Wed Aug 20, 2003
Forbes Medi-Tech Receives Approval for Nasdaq National Market Listing
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| | Vancouver, Canada -- Forbes Medi Tech Inc. (TSE:FMI; NASDAQ:FMTI) today announced that it has received a letter from the Nasdaq Stock Market confirming that Forbes' securities will be transferred to the Nasdaq National Market at the opening of business on August 21, 2003.
In July 2002, Nasdaq notified Forbes that it may be eligible to transfer back to the Nasdaq National Market without paying the initial listing fees if the Company maintained compliance with the continued listing requirements for the National Market and met the minimum bid price requirement for thirty consecutive trading days. As Forbes' securities have been trading above the minimum bid price requirement of US$1.00 for more than thirty days, the Company received approval to transfer its common stock back to the National Market without paying the initial listing fees.
About Forbes Medi-Tech Inc.
Forbes Medi-Tech Inc. is a biopharmaceutical company dedicated to the research, development and commercialization of innovative prescription pharmaceutical and nutraceutical products for the prevention and treatment of cardiovascular and related diseases. Forbes' scientific platform is based on core sterol technology. By extracting plant sterols from by-products of the forestry industry, Forbes has developed cholesterol-lowering agents for use in pharmaceutical compounds, functional foods and dietary supplements.
For more information, please contact:
Darren Seed
Manager, 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 concerning the Company's Nasdaq listing, which statements can be identified by the use of forward-looking terminology such as "will be", "may be", "if", "continued", or the negative thereof or any other variations thereon or comparable terminology referring to future events, dates, or results. Forward-looking statements are statements about the future and are inherently uncertain, and the Company's actual results could differ materially from those anticipated in those forward-looking statements as a result of numerous factors, including without limitation, the risk that the bid price of the Company's shares listed on Nasdaq cannot maintain the continued inclusion requirements of the Nasdaq National Market and which, if not met, may result in the Company's shares being transferred to the Nasdaq SmallCap Market or delisted from Nasdaq; uncertainty as to the Company's ability to generate projected sales volumes and product prices; joint venture/strategic partner risks; marketing and manufacturing risks; the need to control costs and the possibility of unanticipated expenses; uncertainty as to whether the plant can be expanded in a cost-effective and timely manner; the need for clinical trials, the occurrence and success of which cannot be assured; intellectual property risks; marketing/manufacturing and partnership/strategic alliance risks; product liability risks; the effect of competition; uncertainty of the size and existence of a market opportunity for the Company's products; the Company's need for additional future capital, which may not be available in a timely manner or at all; the risk that financing cannot be completed on acceptable terms or at all; exchange rate fluctuations; government regulation; as well as a description of other risks and uncertainties affecting the Company and its business, as contained in news releases and filings with the United States Securities and Exchange Commission and Canadian Securities Regulatory Authorities, 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 its forward-looking statement if those beliefs, opinions or expectations, or other circumstances should change. |
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