AMDL Notified by AMEX of the Need to Satisfy Continued Listing Standards
May 03 2006 - 1:08AM
PR Newswire (US)
TUSTIN, Calif., May 2 /PRNewswire-FirstCall/ -- AMDL, Inc.
(AMEX:ADL), developer and marketer of tests for the early detection
of cancer and other serious diseases, today reported that on April
26, 2006 it received a letter from the American Stock Exchange
(AMEX) that said based on a review of Registrant's Form 10-KSB for
the year ended December 31, 2005, the Registrant did not meet
certain of the AMEX's continued listing standards as set forth in
Part 10 of the AMEX Company Guide. Specifically, AMDL did not meet
the requirement of shareholders' equity of $4,000,000 and AMDL had
losses from continuing operations in three out of its four most
recent fiscal years. In the letter, AMEX gave AMDL until May 26,
2006 to submit a plan of action that would bring AMDL into
compliance with the AMEX Company Continued Listing Standards. AMDL
said it intends to submit a plan that the Company anticipates will
bring AMDL in compliance with the AMEX standards. "Our plan is
expected to increase shareholder equity through the completion of
prospective acquisitions, to further our efforts on gaining U.S.
regulatory clearance to market DR-70 in the United States and the
potential for raising additional capital," said Gary Dreher, AMDL
CEO. During the period of implementation of the plan, AMDL will
continue to be listed on the AMEX. Mr. Dreher added that "AMDL will
strive to meet or exceed these elevated standards on a timely
basis." About AMDL AMDL, Inc. (AMEX:ADL), headquartered in Tustin,
California, is a theranostics company, involved in the detection
and treatment of the same disease, cancer. AMDL is the inventor,
developer and worldwide marketer through exclusive distribution
agreements of the DR-70(R) non-invasive cancer blood test, which
has demonstrated its ability to detect the presence in humans of up
to 13 cancers 84 percent of the time overall. In a study published
in the Journal of Immunoassay (1998, vol. 19, pp 63-72) DR-70(R)
was shown to detect at least 13 different types of cancer (lung,
breast, stomach, liver, colon, rectal, ovarian, esophageal,
cervical, trophoblastic, thyroid, malignant lymphoma, pancreatic)
although the sample size for 9 of the cancers was not statistically
significant. Clinical trials of DR-70(R) have been conducted in
Canada, China, Germany, Taiwan and Turkey. DR-70(R) can detect many
kinds of cancer using a single tube of blood, eliminating the need
for costly, multiple tests. AMDL also owns a combination immunogene
therapy technology that is a possible treatment for those already
diagnosed with cancer and could eventually be used as a vaccine to
protect patients known to be at risk because of a family history
for certain types of cancer. The combination therapy both builds
the body's immune system and destroys cancer cells. More
information about AMDL and its additional products can be obtained
at http://www.amdl.com/. Forward-Looking Statements Statements in
this press release may constitute forward-looking statements and
are subject to numerous risks and uncertainties, including the
failure to complete successfully the development of new or enhanced
products, the Company's future capital needs, the lack of market
demand for any new or enhanced products the Company may develop,
any actions by the Company's partners that may be adverse to the
Company, the success of competitive products, other economic
factors affecting the Company and its markets, and other risks
detailed from time to time in the Company's filings with the
Securities and Exchange Commission. The actual results may differ
materially from those contained in this press release. The Company
disclaims any obligation to update any statements in this press
release. Contact: AMDL, Inc. Gary L. Dreher President & CEO
(714) 505-4460 DATASOURCE: AMDL, Inc. CONTACT: Gary L. Dreher,
President & CEO of AMDL, Inc., +1-714-505-4460 Web site:
http://www.amdl.com/
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